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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): |
October
13, 2023 |
Silver
bull resources, inc.
(Exact name of registrant
as specified in its charter)
Nevada |
|
001-33125 |
|
91-1766677 |
(State or other jurisdiction of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification Number) |
|
|
|
|
|
777
Dunsmuir Street, Suite
1605
Vancouver BC,
Canada |
|
V7Y
1K4 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: |
604-687-5800 |
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o |
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
| Item 1.01 | Entry into a Material Definitive Agreement. |
On October 13, 2023,
Silver Bull Resources, Inc. (“Silver Bull” or the “Company”) entered into a key persons retention agreement (the
“Retention Agreement”) with certain named executive officers, employees and consultants of the Company (collectively, the
“Key Persons”) in order to encourage their retention.
Upon the
recommendation of the Compensation Committee of the board of directors of the Company (the “Board”), the Retention
Agreement was approved by the disinterested members of the Board. The effectiveness of the Retention Agreement is subject to certain
conditions precedent (collectively, the “Conditions Precedent”), including that the Retention Agreement shall have been
approved by the Toronto Stock Exchange and if required, that the Company shall have obtained the approval of the disinterested
shareholders of the Company. It is expected that the disinterested shareholders of the Company will be asked to vote on the approval
of the Retention Agreement and the transactions contemplated thereby at the Company’s next annual meeting of shareholders that
will be held on a date to be announced. Pursuant to the Retention Agreement, the Company agreed to use commercially reasonable
efforts to complete the Conditions Precedent on or prior to December 31, 2024, but in the event that the Company is not able
to, or otherwise determines that it intends not to, complete such Conditions Precedent prior to such date, the Company will be
entitled to terminate the Retention Agreement immediately and without any further recourse by the Key Persons.
As previously disclosed,
Silver Bull and Minera Metalin S.A. de C.V., a wholly owned subsidiary of the Company (“Minera Metalin” and together with
the Company, the “Claimants”), have initiated arbitration proceedings (the “Arbitration”) under the rules of the
World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) against Mexico pursuant to Annex 14-C
of the United States–Mexico–Canada Agreement (USMCA) to recover economic damages resulting from a blockade of the Company’s
Sierra Mojada property. The Key Persons have agreed to accept below-market salaries from the Company and defer certain of the portions
of such salaries, which deferred salaries will only be paid upon the issuance of a successful award under the Arbitration. The Key Persons’
continued support of the Company will be critical to assist with the Arbitration, which may last for a period of years.
Pursuant to the Retention
Agreement, the Key Persons as a group will be entitled to receive a retention award (collectively, the “Retention Award”)
in the aggregate amount of up to 12.0% of any net proceeds awarded in the Arbitration by ICSID to, and actually collected by, the Company,
after the payment by the Claimants of all direct expenses in the matter, including but not limited to fees, expenses, disbursements and
taxes of the Claimants’ legal counsel and experts, fees, expenses, disbursements and taxes of the arbitration tribunal, ICSID administrative
fees, translation and interpretation costs, travel and accommodation costs of the Claimants and their experts and witnesses incurred in
respect of arbitration preparation and attendance at hearings, and any other costs, fees, expenses, disbursements and taxes reasonably
incurred by any party due and payable by the Claimants in connection with the Arbitration as may be determined by the Board in its sole
and absolute discretion. Subject to certain conditions, the following named executive officers of Silver Bull will be entitled to receive
the percentage of any net proceeds awarded in the Arbitration by ICSID to, and actually collected by, the Company set forth in the following
table:
Name
and principal position |
|
Percentage of any net proceeds awarded in the Arbitration |
Timothy T. Barry Chief Executive Officer |
|
| 4.0% | |
Christopher Richards Chief Financial Officer |
|
| 2.0% | |
Each Key Person will be
entitled to receive the percentage of any net proceeds awarded in the Arbitration specified in the Retention Agreement. However, if during
the term of the Arbitration, the Board acting in good faith and in its sole and absolute discretion determines that any Key Person has
failed to continuously and promptly provide all necessary support and/or assistance to the Company in connection with the Arbitration,
the Board will be entitled to reduce or eliminate any portion of the Retention Award due and payable to any Key Person at any time. Unless
otherwise determined by the Board, in the event any Key Person ceases to be engaged or retained by the Company on or before October 13,
2024, such Key Person’s entitlement to any portion of the Retention Award will immediately terminate. Unless otherwise determined
by the Board, in the event any Key Person ceases to be engaged or retained by the Company at any time following October 13, 2024
but prior to the issuance of a final award pursuant to the Arbitration, such Key Person’s entitlement to any portion of the Retention
Award will be reduced by 50% (or such greater or lesser amount as may be determined by the Board).
1
In the event that the Company
has not received a cash award pursuant to the Arbitration on or prior to October 13, 2029, or such later date as may be determined
in writing by the Board, the Retention Agreement, together with all obligations of the Company and the Key Persons thereunder, including
the obligations of the Company to pay any Retention Award, will immediately terminate without recourse.
The foregoing description
of the Retention Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Retention
Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers. |
Reference is made to the
disclosure set forth in Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated by reference into this
Item 5.02.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
+ | | Indicates a management contract or compensatory plan, contract or arrangement. |
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
Silver Bull resources, inc. |
|
|
|
|
|
|
Date: October 18, 2023 |
By: |
/s/ Christopher Richards |
|
Name: |
Christopher Richards |
|
Title: |
Chief Financial Officer |
3
Exhibit 10.1
KEY PERSONS RETENTION AGREEMENT
THIS KEY PERSONS RETENTION AGREEMENT
(the “Agreement”) is dated for reference the 13th day of October, 2023.
BETWEEN:
SILVER BULL RESOURCES, INC., a company
with an address for service at Suite 1605 – 777 Dunsmuir Street, Vancouver, BC, Canada
(the “Company”)
AND:
TIMOTHY BARRY, an individual with
an address for service at 15 Gagarin Street, Ekibastuz, Pavlodar, Kazakhstan, 140000
(“Barry”)
AND:
BRIAN D. EDGAR, an individual with
an address for service at 4645 Langara Avenue, Vancouver, British Columbia, Canada V6R 1E2
(“Edgar”)
AND:
CHRISTOPHER RICHARDS, an individual
with an address for service at 918 West 13th Avenue, Vancouver, British Columbia, Canada V5Z 1P3
(“Richards”)
AND:
JUAN MANUEL LOPEZ RAMIREZ, an individual
with an address for service at Venustiano Carranza Street SN, Ejido La Esmeralda, Coahuila, Mexico
(“Ramirez”)
AND:
DAVID XUAN, an individual with an
address for service at 1019 Eighth Avenue, New Westminster, British Columbia, Canada V3M 2R5
(together with Barry, Edgar, Richards and
Ramirez, the “Key Persons”, and together with the Company, the “Parties”, and each a “Party”)
WHEREAS:
| A. | the Company and its wholly-owned subsidiary, Minera Metalin S.A. de C.V.
(“Minera Metalin”), has, among other things, ownership interests in the Sierra Mojada mining project (the “Sierra
Mojada Project”), located approximately 250 km north of the city of Torreon in Coahuila State, Mexico; |
| B. | the Company and Minera Metalin have initiated arbitration proceedings against
the state of Mexico pursuant to Annex 14-C of the United States-Mexico-Canada Agreement to recover economic damages resulting from an
illegal blockade of the Sierra Mojada Project (the “MA”), with such proceedings to be commenced under the World Bank
International Centre for Settlement of Investment Disputes (the “ICSID”); |
| C. | in connection with the MA, the Company requires the active participation
of the Key Persons throughout the MA process, which is expected to last up to four years, however, does not have sufficient cash on hand
to pay compensation at competitive market rates to the Key Persons; |
| D. | the Key Persons have agreed to accept below market salaries and defer certain
of the portions of such salaries, which such deferred salaries shall only be paid upon the issuance of a successful award under the MA,
in order to allow the Company to conserve capital and to facilitate the MA by the Company, among other things, in consideration for the
covenants of the Company under this Agreement; and |
| E. | the Company wishes to enter into this Agreement with the Key Persons in
order to, among other things, induce the Key Persons to assist with the MA process. |
NOW THEREFORE this Agreement witnesses
that for valuable consideration, the receipt and sufficiency whereof is hereby acknowledged by the Parties, the Parties hereby agree as
follows:
| 1. | As consideration for the acceptance of the below market salaries by the
Key Persons, the deferral of certain salaries by the Key Persons and the participation and support of the Key Persons in the MA, subject
to the receipt of a arbitral award under the MA on or prior to the Outside Date (as defined below), the Company covenants and agrees that
it shall pay to the Key Persons an aggregate of up to 12.0% of the Net Arbitration Proceeds, if any, (as defined in and calculated in
accordance with Schedule “A” hereto) actually received by the Company pursuant to the MA (together, the “Retention
Award”). Any Retention Award shall be paid in accordance with Schedule “A” hereto. |
| 2. | The Retention Award shall be split among the Key Persons as set out in Schedule
“B” hereto. Notwithstanding any other term herein, if, during the term of the MA, the board of directors of the Company (the
“Board”), acting in good faith but in its sole and absolute discretion, determines that any Key Person has failed to
continuously and promptly provide all necessary support and/or assistance to the Company in connection with the MA, the Board shall be
entitled to reduce or eliminate any portion of the Retention Award due and payable to any Key Person at any time. |
| 3. | Unless otherwise determined by the Board, in the event any Key Person ceases
to be engaged or retained by the Company within 12 months of the date hereof, such Key Person’s entitlement to any portion of the
Retention Award shall immediately terminate. |
| 4. | Unless otherwise determined by the Board, in the event any Key Person ceases
to be engaged or retained by the Company at any time following the 12 month anniversary of the date hereof but prior to the issuance of
a final award pursuant to the MA, such Key Person’s entitlement to any portion of the Retention Award shall be reduced by 50% (or
such greater or lesser amount as may be determined by the Board). |
| 5. | In connection with the payment of any Retention Award, each Key Person acknowledges
and agrees that he shall be solely responsible for fulling any tax obligations in connection therewith, including, without limitation,
any income or other taxes. Each Key Person shall defend, indemnify and hold harmless the Company from all losses, claims, damages, actions,
causes of actions, costs, expenses, fines and penalties, including court costs and attorneys’ fees, that the Company may sustain,
incur or suffer arising out of such Key Person’s failure to make any and all tax payments on account of any Retention Award. |
| 6. | Each Key Person acknowledges and agrees that: |
| (a) | he shall use commercially reasonable efforts to facilitate the successful
resolution by the Company of the MA including, without limitation, making himself available during reasonable times as may be required
by the Company and providing any information required by the Company in connection with the MA; |
| (b) | the Company has no obligation to take any action with respect to the MA,
and, without limitation, may elect to modify its position with respect to the MA, negotiate any settlement with respect to the MA, terminate
or abandon the MA or take any other action with respect to the MA in its sole and absolute discretion without notice to the Key Persons
at any time; |
| (c) | among other things, in the event that the Board determines that there exists
any material conflict of interest between the Company and any Key Person in connection with the MA, the Board may terminate such Key Person’s
entitlement pursuant to this Agreement and this Agreement at any time; |
| (d) | there is no assurance with respect to the duration of the MA, the time commitment
that may be required by the Key Person to support the Company during the MA, that the Company will be successful in obtaining a cash award
under the MA, or that such cash award will result in any Net Arbitration Proceeds; and |
| (e) | there is no guarantee than any of them will receive any Retention Award
hereunder and that no Key Person shall have any recourse as against the Company in respect thereof in the event that the Company is unsuccessful
in obtaining a cash award pursuant to the MA or that such cash award does not result in any Net Arbitration Proceeds, and, for avoidance
of doubt, the Company shall never be required to pay any amounts to the Key Persons under this Agreement from any other source of funds
available to the Company. |
| 7. | In the event that the Company has not received a cash award pursuant to
the MA on or prior to the six (6) year anniversary of the date of this Agreement, or such later date as may be determined in writing by
the Board (the “Outside Date”), this Agreement, together with all obligations of the Parties hereunder, including,
without limitation, the obligations of the Company to pay any Retention Award shall immediately terminate without recourse. |
| 8. | It shall be a condition precedent of the obligations of the Company hereunder
that (the “Conditions Precedent”): |
| (a) | this Agreement shall have been approved by the Board; |
| (b) | this Agreement shall have been approved by the Toronto Stock Exchange (the
“TSX”); |
| (c) | if required, the Company shall have obtained the approval of disinterested
shareholders of the Company; and |
| (d) | this Agreement shall be in compliance with all applicable laws and policies,
including the policies of the TSX. |
| 9. | The Company covenants and agrees to use commercially reasonable efforts
to complete the Conditions Precedent on or prior to December 31, 2024, and in the event the Company is not able to, or otherwise determines
that it intends not to, complete such Conditions Precedent prior to such date, the Company shall be entitled to terminate this Agreement
immediately and without any further recourse by the Key Persons. |
| 10. | The Company represents and warrants to the Key Persons that, subject to
the satisfaction of the Conditions Precedent: |
| (a) | it is duly formed, validly existing and in good standing under the laws
of its jurisdiction of existence; |
| (b) | it has the legal power and capacity, has taken all necessary action and
has obtained all necessary approvals to enter into and execute this Agreement and to carry out its obligations hereunder; and |
| (c) | it has duly executed this Agreement and this Agreement constitutes a legal,
valid and binding obligation enforceable against it in accordance with the Agreement’s terms; and |
| (d) | the execution and delivery by the Company of this Agreement and performance
of its obligations under this Agreement complies with applicable laws and do not and will not breach any other agreements to which the
Company is a party. |
| 11. | Each Key Person represents and warrants to the Company that: |
| (a) | he is a natural person who duly serves as a director, officer, employee
or consultant of the Company with an address for service at the address noted for him on the first page of this Agreement; |
| (b) | he has the legal power and capacity and has taken all necessary action and
has obtained all necessary approvals to enter into and execute this Agreement and to carry out his obligations hereunder; |
| (c) | he has sought and received necessary and prudent legal, tax and other professional
advice with respect to the Agreement hereunder and has satisfied himself same; |
| (d) | he has duly executed this Agreement and this Agreement constitutes a legal,
valid and binding obligation enforceable against him in accordance with the Agreement’s terms; and |
| (e) | the execution and delivery by each Key Person of this Agreement and performance
of his obligations under this Agreement complies with applicable laws and do not and will not breach any other agreements to which the
Key Person is a party. |
| 12. | Each Key Person agrees that all business, technical and financial information
developed, learned or obtained by or for or on behalf of itself during the term of this Agreement that relate to the Company, the MA or
the business or demonstrably anticipated business of the Company or that are received by or for the Company in confidence, constitute
“Confidential Information”. |
Each Key Person shall hold the Confidential
Information in a fiduciary capacity and solely for the benefit of the Company and shall not disclose or, except in performing its obligations
hereunder, use any Confidential Information provided that such restrictions will not apply with respect to information such Key Person
can document is or becomes readily publicly available without restriction through no fault of such Key Person.
Upon termination of this Agreement or
as otherwise requested by the Company, each Key Person will promptly provide to the Company all items and copies containing or embodying
Confidential Information.
| 13. | This Agreement constitutes the entire agreement between the Parties pertaining
to the subject matter of this Agreement and supersede all prior agreements, understandings, negotiations and discussions, whether oral,
written or otherwise, of the Parties. There are no representations, warranties, covenants or other agreements between the Parties in connection
with the subject matter of this Agreement except as specifically set forth in this Agreement and any document delivered pursuant to this
Agreement. |
| 14. | No supplement, modification, amendment, waiver or termination of this Agreement
shall be binding unless executed in writing by the Party to be bound thereby. |
| 15. | This Agreement may not be assigned by any Party without the prior written
consent of the other Parties. |
| 16. | All notices to be given by the Parties shall be hand delivered to the above
address or delivered by email to a Party’s email address on record with the Company. Any such notice delivered by hand shall
be deemed delivered when actually delivered to the Parties receiving such notice, and any notice delivered by email shall, in the case
such email is sent during regular business hours on a day other than a Saturday or Sunday on which the principal banks in the City of
Vancouver, British Columbia, Canada are open for business (each a “Business Day”), immediately when sent, or in any
other case, on the next Business Day. A Party may change his address by written notice to the other Parties. |
| 17. | This is a British Columbia, Canada agreement and the laws and courts of
such Province shall have exclusive jurisdiction in settling any disputes concerning this Agreement. |
| 18. | Time shall be the essence of this Agreement. |
| 19. | Except as otherwise expressly set out herein, no waiver of any provision
of this Agreement shall be binding unless it is in writing. No indulgence, forbearance or other accommodation by a Party shall constitute
a waiver of such Party’s right to insist on performance in full and in a timely manner of all covenants in this Agreement or in
any document delivered pursuant to this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter,
or any other provision of this Agreement at any time. |
| 20. | The Parties shall do all such things and provide all such reasonable assurances
as may be required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents
or instruments required by any other Party as may be reasonably necessary or desirable to affect the purpose of this Agreement and carry
out its provisions. |
| 21. | If any provision of this Agreement or portion thereof or the application
thereof to any person or circumstance shall to any extent be illegal, invalid or unenforceable: |
| (a) | the remainder of this Agreement or the application of such provision or
portion thereof to any other person or circumstance shall not be affected thereby; and |
| (b) | the Parties will negotiate in good faith to amend this Agreement to implement
the intentions set forth in this Agreement. |
Each provision of this Agreement shall
be legal, valid and enforceable to the fullest extent permitted by law.
| 22. | The rights and remedies under this Agreement are cumulative and not alternative
and are in addition to, and not in substitution for, any rights, powers, or remedies provided, or hereafter acquired by law or equity
or otherwise. |
| 23. | The Parties acknowledge that they have been afforded the opportunity to
obtain independent legal advice with respect to this Agreement and confirm that they are acting of their own free will and not under duress
or undue influence. |
| 24. | The Parties acknowledge and agree that they have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or disfavouring any
party by virtue of the authorship of any of the provisions of this Agreement. |
| 25. | The signature of any of the Parties hereto may be evidenced by a facsimile,
scanned email or internet transmission copy of this Agreement bearing such signature. |
[Signature Page Follows]
IN WITNESS WHEREOF the Parties have
executed this Agreement as of the date first above written.
SILVER BULL RESOURCES, INC.
|
/s/ Timothy Barry |
by its authorized signatory
Name: Timothy Barry |
Title: CEO |
SIGNED AND DELIVERED in the presence
of: |
)
) |
/s/ Timothy Barry |
|
) |
TIMOTHY BARRY |
/s/ Christopher
Richards |
) |
|
Witness
(print name below and sign on line above) |
)
)
) |
|
Christopher Richards |
) |
|
|
) |
|
Address of Witness: |
) |
|
Suite 1605, 777
Dunsmuir St, |
)
) |
|
Vancouver, BC,
V7Y 1K4 |
)
) |
|
SIGNED AND DELIVERED in the presence
of: |
)
) |
/s/ Brian Edgar |
|
) |
BRIAN D. EDGAR |
/s/ Christopher
Richards |
) |
|
Witness
(print name below and sign on line above) |
)
)
) |
|
Christopher Richards |
) |
|
|
) |
|
Address of Witness: |
) |
|
Suite 1605, 777
Dunsmuir St, |
)
) |
|
Vancouver, BC,
V7Y 1K4 |
)
) |
|
SIGNED AND DELIVERED in the presence
of: |
)
) |
/s/ Christopher Richards |
|
) |
CHRISTOPHER RICHARDS |
/s/ David Xuan |
) |
|
Witness
(print name below and sign on line above) |
)
)
) |
|
David Xuan |
) |
|
|
) |
|
Address of Witness: |
) |
|
Suite 1605, 777
Dunsmuir St, |
)
) |
|
Vancouver, BC,
V7Y 1K4 |
)
) |
|
SIGNED AND DELIVERED in the presence
of: |
)
) |
/s/ David Xuan |
|
) |
DAVID XUAN |
/s/ Christopher
Richards |
) |
|
Witness
(print name below and sign on line above) |
)
)
) |
|
Christopher Richards |
) |
|
|
) |
|
Address of Witness: |
) |
|
Suite 1605, 777
Dunsmuir St, |
)
) |
|
Vancouver, BC,
V7Y 1K4 |
)
) |
|
SIGNED AND DELIVERED in the presence
of: |
)
) |
/s/ Juan Manuel Lopez Ramirez |
|
) |
JUAN MANUEL LOPEZ RAMIREZ |
/s/ Christopher
Richards |
) |
|
Witness
(print name below and sign on line above) |
)
)
) |
|
Christopher Richards |
) |
|
|
) |
|
Address of Witness: |
) |
|
Suite 1605, 777
Dunsmuir St, |
)
) |
|
Vancouver, BC,
V7Y 1K4 |
)
) |
|
Schedule “A”
Total Retention Award Calculation
| · | The final calculation of the total Retention Award amount is at the sole
discretion of the Board, however, the following provides calculation guidance for the full Retention Award. |
| · | The aggregate Retention Award amount shall be equal to 12.0% of the Net
Arbitration Proceeds where the “Net Arbitration Proceeds” is equal to the positive difference, if any, by which A
exceeds B, where: |
A represents: (i)
all cash amounts awarded by ICSID (including awards for damages and reimbursement of expenses) to, and actually collected by, the Company
and/or Minera Metalin (collectively, the “Claimants”); and
B represents the aggregate
direct expenses paid by the Claimants in the matter, including, without limitation:
- fees, expenses, disbursements and
taxes of Claimants’ legal counsel;
- fees, expenses, disbursements and
taxes of Claimants’ experts;
- fees, expenses, disbursements and
taxes of the arbitration tribunal;
- ICSID administrative fees;
- translation and interpretation costs;
- travel and accommodation costs of
the Claimants, their team and experts and witnesses, incurred in respect of arbitration preparation and attendance at hearings;
and
- any other costs, fees, expenses, disbursements
and taxes reasonably incurred by any party due and payable by the Claimants in connection with the MA as may be determined by the Board
in its sole and absolute discretion.
For avoidance of doubt, in the event
B is equal to or exceeds A in the above formula, no Retention Award shall be due or payable at any time.
Upon the issuance of a final award by the ICSID
to the Claimants and actual receipt of all awarded amounts by the Claimants, the Claimants shall use commercially reasonable efforts to
finalize the calculation of the Retention Award payable within 120 days of the receipt of such awarded amounts (the “Calculation
Period”). Once such calculation is determined, the Company shall notify the Key Persons in writing within 10 days of the end
of the Calculation Period with respect to the amount of Retention Award payable to each Key Person and pay such amounts within 30 days
of the end of the Calculation Period. The determination and calculation of any Retention Award payable by the Company and as set out in
the Calculation Notice shall be final and binding on the Key Persons without recourse.
Schedule “B”
Retention Award Allocation |
|
Name |
Role |
| Percentage | |
Timothy Barry |
CEO & Director |
| 4.0 | % |
Brian Edgar |
Chairman of the Board |
| 3.0 | % |
Christopher Richards |
CFO |
| 2.0 | % |
Juan Manuel Lopez Ramirez |
Country Manager, Mexico |
| 2.0 | % |
David Xuan |
Corporate Controller |
| 1.0 | % |
|
|
| | |
Total: |
|
| 12.0 | % |
9
v3.23.3
Cover
|
Oct. 13, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Oct. 13, 2023
|
Entity File Number |
001-33125
|
Entity Registrant Name |
Silver
bull resources, inc.
|
Entity Central Index Key |
0001031093
|
Entity Tax Identification Number |
91-1766677
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
777
Dunsmuir Street
|
Entity Address, Address Line Two |
Suite
1605
|
Entity Address, City or Town |
Vancouver BC
|
Entity Address, State or Province |
NV
|
Entity Address, Country |
CA
|
Entity Address, Postal Zip Code |
V7Y
1K4
|
City Area Code |
604
|
Local Phone Number |
687-5800
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
X |
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