Item 5.07
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Submission of Matters to a Vote of Security Holders.
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Silver Bull Resources, Inc. (the "Company") held its annual general meeting of shareholders (the "Meeting") on April 19, 2017. At the Meeting, four proposals were submitted to the shareholders for approval as set forth in the Company's definitive proxy statement filed with the SEC on February 24, 2017. As of the record date, February 22, 2017, a total of 177,894,967 shares of Silver Bull common stock were outstanding and entitled to vote. In total, 99,341,550 shares of Silver Bull common stock were present in person or represented by proxy at the Meeting, which represented approximately 55.84% of the shares outstanding and entitled to vote as of the record date.
At the Meeting, shareholders approved three of the four proposals that were submitted, electing the slate of four persons to the Company's Board of Directors, ratifying and approving Smythe LLP as the Company's independent registered public accounting firm, and approving, by non-binding advisory vote, the compensation of the Company's named executive officers. For the fourth proposal submitted, shareholders approved, by non-binding advisory vote, an annual vote on executive compensation, rather than a triennial vote. In connection with the election of directors and with the non-binding advisory vote on executive compensation, there were a total of 53,885,592 broker non-votes. The votes on the proposals were cast as set forth below:
1.
Proposal No. 1 – Election of Directors. The shareholders elected the entire slate of directors presented to the shareholders. As a result, the Company's Board of Directors consists of the four persons elected at the Meeting.
Name
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For
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Withheld
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Timothy Barry
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43,500,587
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1,955,371
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Brian Edgar
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43,955,894
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1,500,064
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Daniel Kunz
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43,933,587
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1,522,371
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John McClintock
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43,940,224
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1,515,734
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2.
Proposal No. 2 – Ratification and approval of the appointment of Smythe LLP as the Company's independent registered public accounting firm for the fiscal year ending October 31, 2017.
For
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Against
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Abstain
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94,311,610
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4,047,254
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982,686
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3.
Proposal No. 3 – Approval, on a non-binding advisory basis, of the compensation of the Company's named executive officers.
For
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Against
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Abstain
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41,776,173
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3,312,143
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367,642
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4.
Proposal No. 4 – Approval, on a non-binding advisory basis, of the frequency of future advisory votes on executive compensation.
Three (3) Years
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Two (2) Years
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One (1) Year
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Abstain
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21,198,658
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390,758
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22,889,561
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976,981
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In response to the voting results and other factors, the Company's Board of Directors determined on April 19, 2017, that the Company will hold an advisory vote on named executive officer compensation every year until the Company's Board of Directors decides to hold the next shareholder advisory vote on the frequency of advisory votes, which shall be no later than the Company's annual general meeting of shareholders in 2023.