Document:

Exhibit 10.2

 

 

 

CONSULTING
AGREEMENT

 

THIS AGREEMENT
made as of the 1st of October 2021 the “Effective Date”) and amended on 17th of February 2022 the “Amended
Date”. 

 

BETWEEN:SILVER
BULL RESOURCES, INC.

 

(the
"Corporation" or “Silver Bull”)

 

OF THE FIRST PART

 

		AND:	WESTCOTT MANAGEMENT LTD.

 

(the "Consultant")

 

OF THE SECOND
PART

 

WHEREAS:

 

		A.	The Corporation wishes to engage the Consultant to provide management
consulting services to the Corporation in connection with the mineral exploration and management activities of the Corporation on its
current and future mineral properties in which the Corporation has an ownership or optioned interest (the “Properties”); and

 

		B.	The Corporation and the Consultant wish to specify the terms of
the engagement herein.

 

NOW THEREFORE,
IN CONSIDERATION OF the covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

		1.	Relationship and Duties

		1.1	Subject always to the general control and direction of the Corporation, the Consultant shall act and be
retained to act, during the term of this Agreement, as a consultant to the Corporation or any subsidiary or subsidiaries of the Corporation,
pursuant to the terms and conditions contained herein and as further particularized in this Section 1.

		1.2	The Consultant agrees that (a) it shall act as President and perform the Services of such a position for
Corporation (as described in Schedule A); (b) it shall cause the Consultant’s Representative to devote his best efforts, skills
and attention to the performance of his duties and responsibilities in respect of the offices of the Corporation or any of its subsidiaries
to which he is appointed; and (c) any business that the Consultant or the Consultant’s representative propose to undertake outside
of the consultancy contemplated which could potentially overlap with Silver Bull’s work with particular focus in Mexico shall require
pre-approval of the Board of Directors of the Corporation.

		1.3	The Consultant acknowledges that the Consultant’s Representative shall be appointed by the Corporation
as President of the Corporation and to hold such other offices as the Corporation and Consultant deem appropriate.

 

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		1.4	The Consultant's duties will generally be to provide the Corporation with managerial services and assistance
in its mineral exploration activities and to perform duties and responsibilities assigned to it from time to time by the CEO & Board
of Directors of the Corporation and to cause the Consultant’s Representative to discharge such duties as are commensurate with the
Consultant’s Representative’s position with the Corporation (collectively, the "Services").

		1.5	The Consultant shall (and shall cause the Consultant’s Representative to) perform the Services to
the best of its ability and in a responsible, professional manner commensurate with its experience, expertise and within acceptable industry
standards and shall devote as much time and resources to its performance of the Services as is required to achieve such standards which
are envisioned to be non-exclusive. The Corporation understands that Westcott Management Ltd. may have other clients (including Arras
Minerals Corp.) as is consistent with a consultant rather than an employee. The Consultant shall promote the interest and goodwill of
the Corporation.

		1.6	The Consultant shall provide the Services as an independent contractor. The Consultant and the Consultant’s
Representative shall not be deemed to be, or represent themselves as, a representative or agent of the Corporation, except as expressly
provided in writing by the Corporation and is consistent with the title of the position(s) held.

		1.7	The Consultant shall comply with all applicable statutes and regulations and the lawful requirements and
directions of any governmental authority having jurisdiction with respect to the Services it provides including the obtaining of all necessary
permits and licences.

		1.8	The Consultant shall refer to the CEO & Board of Directors of the Corporation all matters and transactions
in which a real or perceived conflict of interest between the Consultant and the Corporation or any of its subsidiaries may arise. The
Consultant shall not proceed with any such matter objected to by the CEO or Board of Directors of the Corporation.

		1.9	For the purposes of this Agreement the “Consultant’s Representative” is Darren Klinck.

		2.	Term of Agreement

		2.1	The term of this Agreement shall be effective from October 1, 2021 (the “Effective Date”)
and shall continue until this Agreement is terminated in accordance with Section 3 of this Agreement.

		3.	Termination

		3.1	The Consultant may terminate their engagement with the Corporation by giving not less than ninety (90) days written notice to the
Corporation. At the time the Consultant provides the Corporation with notice to terminate the engagement, or at any time thereafter, the
Corporation shall have the right to elect to terminate the Consultant’s engagement at any time prior to the effective date of the
Consultant’s last day, and upon such election, shall provide to the Consultant a lump sum payment equal to the pro-rata Annual Fee
then in effect for the number of days that remain outstanding to the effective date of the Consultant’s last day of service.

 

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		3.2	Termination by Corporation Without Cause. The Consultant may at any time terminate its agreement
with the Corporation for “Good Reason”, and the Corporation may at any time terminate the Consultant’s agreement without
Cause and without any advance notice, and upon such cessations of the engagement (but excluding any Change of Control Terminations as
set out in Section 3.3 of the Agreement), the Corporation may terminate this Agreement without Cause at any time by providing the Consultant
with written notice of termination and a lump sum payment equal to:

		(A)	Six (6) months of the Monthly Fee if the Consultant’s engagement agreement is terminated within
the first year from the Effective Date; or

		(B)	After one (1) year from the Effective Date, twelve (12) months of the Monthly Fee, plus one (1) month’s
monthly fee for each additional year of engagement from the Effective Date, up to a maximum of twenty-four (24) month’s Monthly
Fee plus a pro-rata cash bonus using the annual performance bonus as outlined in Section 4.2.

		(C)	If the Corporation terminates this Agreement without Cause within three (3) months of a Change of Control
of the Corporation, the Corporation must pay the Consultant twenty-four (24) months of Monthly fee plus a lump sum payment equal to two
(2) annual cash bonuses calculated utilizing the annual performance bonus outlined in Section 4.2 at the time of termination.

		(D)	If Termination falls under Section 3.2(a),(b),(c) or 3.3 then the Corporation will continue the benefits
provided under any insured standard benefit plan provided by the Corporation for twelve (12) months from the date of the termination,
provided the Corporation is able to do so under the terms of the plan (with any continuation of benefits being subject to the terms and
conditions of the plan provider);

		3.3	Termination By Consultant Following a Change of Control. With Good Reason, the Consultant
may elect, within six (6) months of a Change of Control of the Corporation to terminate their engagement and this Agreement upon providing
written notice of termination to the Corporation. Upon receipt of such notice of termination in accordance with this, the Corporation
must pay the Consultant twenty-four (24) months of the Monthly Fee plus a lump sum payment equal to two (2) annual cash performance bonuses
outlined in Section 4.2 at the time of termination..

		3.4	Termination by the Corporation for Fundamental Breach. Notwithstanding any other provision
of this Agreement, the Corporation may on written notice to the Consultant immediately terminate this Agreement with the Corporation at
any time for Fundamental Breach, without notice or pay in lieu of notice or any other form of compensation, severance pay or damages resulting
from, without limitation, fraud, dishonesty, illegality, breach of statute or regulation, gross incompetence or misuse of alcohol or drugs.

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		3.5	Directorship and Offices. Upon the termination of the Agreement between the Consultant and the Corporation, the Consultant
shall immediately resign any directorship or office held in the Corporation or any respective parent, subsidiary or affiliated companies
of the Corporation and, except as provided in this Agreement, the Consultant shall not be entitled to receive any written notice of termination
or payment in lieu of notice, or to receive any severance pay, damages or compensation for loss of office or otherwise, by reason of the
resignation or resignations referred to in this Section 3.

		3.6	Annual Bonus Upon Termination. The Consultant’s participation in any and all annual
bonus plans shall cease immediately on the date the Consultant receives or gives notice of termination of this Agreement and the Consultant
shall only be entitled to receive any Annual Bonus pro-rated to the date the Consultant receives notice of termination without cause.

		3.7	No Additional Payments. The Consultant acknowledges and agrees that unless otherwise expressly
agreed in writing between the Consultant and the Corporation, the Consultant shall not be entitled, by reason of the Consultant’s
relationship with the Corporation or by reason of any termination of their agreement by the Corporation, for any reason, to any remuneration,
compensation or other benefits other than those expressly provided for in this Agreement. The Consultant further acknowledges and agrees
that any amounts paid to the Consultant pursuant to this Section 3 are inclusive of any amounts that may be payable under any statute
of Canada in respect of compensation for length of service, notice of termination or severance pay.

		4.	Consultant's Fees and Benefits

		4.1	Subject to Section 1.1 and any adjustments on an annual review, the Consultant shall be remunerated for
providing the Services during the term of this Agreement by payment of a “Monthly Fee” of C$5,000 plus GST equalling C$60,000
per year (the “Annual Fee”) + GST.

		4.2	In addition to the Annual Fee, the consultant shall be eligible to participate in the Corporation’s
annual performance bonus (the “Bonus”) of up to fifty (50) percent of the Annual Fee, or a target amount as determined by
the Board of Directors. The amount of the Bonus shall be determined by the Board of Directors, in its sole discretion, based on certain
financial and operating goals and individual performance objectives as defined by the Board of Directors in its sole discretion. The Consultant
acknowledges that there is no assurance that any Bonus will be paid in any given year, that the Bonus arrangements will remain unchanged
or that the Bonus will be of the same amount in any future year as in any past year. Subject to the requirements of Section 3 of
this Agreement, in the event the Consultant gives or receives notice of termination of engagement, all entitlement to receive a Bonus
shall cease (except for: Bonuses that have already been paid to the Consultant by the Corporation; any Bonuses that have been awarded
to the Consultant by the Corporation in respect of an already completed financial year of the Corporation but which have not yet been
paid by the Corporation to the Consultant; and Bonuses that have been earned by the Consultant but not paid to the Consultant by the Corporation
however, in this latter instance, the Bonus shall be paid on a pro rata basis, up to but not beyond the termination date, based on the
financial and operating goals and individual performance objectives that had been set by the Board of Directors).

 

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		4.3	Retention Bonus. The Consultant will be
eligible to receive C$500,000 (all funds hereafter are C$) when and if the Corporation’s market capitalization reaches at least
$250,000,000 for 5 consecutive trading days being 0.2% of such market capitalization. For the purposes of this section, “market
capitalization” shall be calculated using the prevailing share price multiplied by the shares outstanding.

		(a)	In addition, the Corporation agrees to pay the Consultant a cash bonus
of $500,000 when and if the Corporation’s market capitalization reaches at least $500,000,000 for 5 consecutive trading days being
0.2% of the Corporation’s market capitalization appreciation from $250,000,000.

		(b)	In addition, the Corporation agrees to pay the Consultant a cash bonus
of $1,000,000 when and if the Corporation’s market capitalization reaches at least $1,000,000,000 for 5 consecutive trading days
being 0.2% of the Corporation’s market capitalization appreciation from $500,000,000.

		(c)	In the event that the Corporation is the subject of a “Change
of Control”, the 0.2% Retention Bonus shall be paid if the market capitalization of the Corporation is equal to or greater than
$250,000,000 at any point prior to the closing of the transaction and be equal to 0.2% of the bid price less any 0.2% Retention Bonus
that may have been previously paid. 

		(d)	The market capitalization targets (or successful takeover bid target)
are to be achieved by April 15, 2027, in order for the Consultant to earn any of the bonus payments in the Section 4.3. Thereafter, no
such bonuses will be payable.

		(e)	Any Retention Bonus will be cancelled if and when this Agreement is
terminated prior to the Retention Bonus becoming payable.

		(f)	At the sole discretion of the Board of Directors, the Corporation shall
not be obligated to pay a Retention Bonus in cash if it lacks funds at the time. In lieu of cash, the Board of Directors may choose to
settle any bonus debt by issuing and delivering shares of the Corporation for such debt valued at the 5-day trading VWAP for the Corporation’s
shares on the market calculated up to the day before the issue of the shares.

		4.4	The Corporation shall pay for (or reimburse) the insurance plan premiums (including major medical, dental,
term life, liability, and disability).

		4.5	The Consultant will be responsible for submitting to the necessary tax offices any Goods and Services
Tax (“GST”), Harmonized Sales Tax (“HST”), income or other taxes which may be applicable to the fees or benefits
payable or deemed paid pursuant to this Section 4, including the Annual Fee.

		4.6	The Corporation will provide general liability protection and directors and officers liability protection
and ensure that the Articles of Incorporation also provide general liability protection and indemnification for directors and officers
as approved by the Board of Directors of the Corporation.

		5.	Reimbursement of Expenses

		5.1	The Consultant shall be reimbursed for all direct out-of-pocket expenses actually, reasonably and properly
incurred by it in connection with its provision of the Services and for the benefit of the business of the Corporation or its subsidiaries,
provided such expenses are appropriately documented and reasonable.

 

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		6.	Confidential Information

		6.1	The Consultant acknowledges that, by reason of this Agreement, the Consultant will have access to Confidential
Information of the Corporation that the Corporation has spent time, effort and money to develop and acquire. For the purposes of this
Agreement any reference to the “Corporation” shall mean the Corporation, and such respective affiliates and subsidiaries
as may exist from time to time.

		6.2	The Consultant acknowledges that the Confidential Information is a valuable and unique asset of the Corporation
and that the Confidential Information is and will remain the exclusive property of the Corporation.

		6.3	The Consultant agrees to and will ensure that the Client’s Representative will maintain securely
and hold in strict confidence all Confidential Information received, acquired or developed by the Consultant or disclosed to the Consultant
as a result of or in connection with the Management Consulting Agreement with the Corporation. The Consultant agrees that, both during
its tenure with the Corporation and after the termination of the agreement, neither the Consultant nor the Consultant’s Representative
will, directly or indirectly, divulge, communicate, use, copy or disclose or permit others to use, copy or disclose, any Confidential
Information to any person, except as such disclosure or use is required to perform his duties hereunder or as may be consented to by prior
written authorization of the Corporation.

		6.4	The obligation of confidentiality imposed by this Agreement shall not apply to information that appears
in issued patents or printed publications, that otherwise becomes generally known in the industry through no act of the Consultant in
breach of this Agreement, or that is required to be disclosed by court order or applicable law.

		6.5	The Consultant understands that the Corporation has from time to time in its possession information belonging
to third parties or which is claimed by third parties to be confidential or proprietary and which the Corporation has agreed to keep confidential.
The Consultant agrees that all such information shall be Confidential Information for the purposes of this Agreement.

		6.6	The Consultant agrees that documents, copies, records and other property or materials made or received
by the Consultant that pertain to the business and affairs of the Corporation, including all Confidential Information which is in the
Consultant’s possession or under the Consultant’s control are the property of the Corporation and that the Consultant will
return same and any copies of same to the Corporation immediately upon termination of the Consultant’s employment or at any time
upon the request of the Corporation.

		7.	Restricted Activities

		7.1	Restriction on Competition. The Consultant covenants and agrees with the Corporation that
neither the Consultant nor the Consultant’s Representative will, without the prior written consent of the Corporation, at any time
during his employment or for a period of three (3) months following the termination of the Consultant’s engagement, for any reason,
either individually or in partnership or in conjunction with any person, whether as principal, agent, shareholder, director, officer,
employee, investor, or in any other manner whatsoever, directly or indirectly, advise, manage, carry on, be engaged in, own or lend money
to, or permit the Consultant’s name or any part thereof to be used or employed by any person managing, carrying on or engaged in
a business anywhere in the province of Coahuila, Mexico or other jurisdiction in which the Corporation is carrying on the business of
mineral exploration which is in direct competition with the business of the Corporation. The restrictions set forth in this Section 7.1
shall terminate and shall not apply to the Consultant where the Management Consulting Agreement is terminated by the Corporation following
a Change of Control.

 

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		7.2	Restriction on Solicitation. The Consultant shall not, at any time during their engagement
or for a period of six (6) months after the termination of the Consultant’s engagement, for any reason, without the prior written
consent of the Corporation, for his account or jointly with another, either directly or indirectly, for or on behalf of himself or any
individual, partnership, corporation or other legal entity, as principal, agent, employee or otherwise, solicit, influence, entice or
induce, attempt to solicit, influence, entice or induce:

		(A)	any person who is employed by the Corporation to leave such employment; or

		(B)	any person, firm or corporation whatsoever, who is or was, at any time in the last twelve (12) months
of the Consultant’s engagement with the Corporation, a customer or supplier of the Corporation or any affiliate or subsidiary of
the Corporation, to cease its relationship with the Corporation or any affiliate or subsidiary of the Corporation.

		7.3	Corporate Opportunities. During the term of this Agreement, the Consultant will offer to
the Corporation any investment or other opportunity generally in the geographic area (in the province of Coahuila, Mexico, and the business
in which the Corporation operates, of which he may become aware.  If after 10 working days the Board of Directors of the Corporation
refuses the opportunity to participate in the investment or venture, the Consultant is free to seek other alternatives only during his
private time.

		7.4	Restriction on Investments. The Consultant or the Consultant’s Representative may
make passive investments in public companies involved in industries in which the Corporation operates, provided any such investment does
not exceed a 10% equity interest, unless the Consultant obtains consent to acquire an equity interest exceeding 10% by consent of the
Chief Executive Officer of the Corporation.

		8.	Enforcement

		8.1	The Consultant acknowledges and agrees that the covenants and obligations under Sections 6 and 7 are reasonable,
necessary and fundamental to the protection of the Corporation’s business interests, and the Consultant acknowledges and agrees
that any breach of these Sections by the Consultant would result in irreparable harm to the Corporation and loss and damage to the Corporation
for which the Corporation could not be adequately compensated by an award of monetary damages. Accordingly, the Consultant agrees that,
in the event the Consultant violates any of the restrictions referred to in Sections 6 or 7, this shall be considered grounds for termination
with no severance and the Corporation shall suffer irreparable harm and shall be entitled to preliminary and permanent injunctive relief
and any other remedies in law or in equity which the court deems fit.

		9.	Severability

		9.1	The invalidity or unenforceability of any provision of this Agreement will not affect the validity or
enforceability of any other provision or part hereof, and any invalid provision will be severable from this Agreement in whole or in part.

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		10.	Notice

		10.1	Any notice required or permitted to be given hereunder, shall be given by registered mail or by personal
delivery or telecopy to the party for whom it is intended, addressed as indicated on the first page hereof or at such other address as
the recipient party shall provide in writing to the delivering party. Any notice delivered personally or by telecopy to the party to whom
it is addressed, shall be deemed to have been given and received on the day it is so delivered or, if such day is not a business day,
then on the next business day following any such day. Any notice mailed shall be deemed to have been given and received on the fifth business
day following the date of mailing.

		11.	Confidentiality of Agreement

		11.1	The parties agree that this Agreement is confidential and shall remain so after its termination and that
it or its contents shall not be divulged by any party without the consent in writing of the other party, with the exception of disclosure
to personal advisors and any disclosure required by the laws of any jurisdiction in which the business of the Corporation or its subsidiaries
is conducted or may be conducted in future or by the laws of any jurisdiction to which the Corporation or any of its associated or affiliated
corporations are subject.

		12.	Indemnity

		12.1	The Corporation will indemnify the Consultant and save him harmless from and against:

		(A)	any and all demands, costs, payments, assessments, claims or damages payable to any person for suits or
claims or other actions made against the Corporation or the Consultant in connection with the Services rendered by the Consultant to the
Corporation,

		(B)	any and all demands, costs, payments, assessments, claims or damages claims arising from loss or damage
to property, or injury to, or death of, any person or persons, and

		(C)	such other liability of any nature or kind to which the Consultant may be subject, arising from or in
any way out of the provision of Services by the Consultant under this Agreement. Such indemnity shall cover any and all liability of the
Consultant, including all expenses, costs and legal fees incurred in connection therewith. Notwithstanding the foregoing, the foregoing
indemnity shall not apply where a court of competent jurisdiction, in a final judgment that has become non-appealable, has determined
that:

 

		(ii)	the Consultant, in the course of performing the Services, has been negligent or dishonest, has engaged
in willful misconduct, or has acted in bad faith or committed any fraudulent act; and

 

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		(iii)	the expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, were directly
caused by such negligence, dishonesty, willful misconduct, bad faith or fraud.

		12.2	With respect to all demands, costs, payments, assessments, claims or damages payable to any authority
for source deductions, goods and services tax, harmonized sales tax, and any other remittance obligations arising with respect to payment
to the Consultant hereunder or on account of loss or damage to property, or injury to, or death of, any person or persons arising from
or out of the provision of Services by the Consultant under this Agreement, the Consultant shall indemnify and save the Corporation harmless
from and against any and all liability for such demands, costs, payments, assessments, loss, damage, injury or death, including any expenses,
costs and legal fees incurred in connection therewith, expect for liability on account of loss or damage to property, or injury to, or
death of, any person as may arise solely out of the Corporation’s negligence.

		13.	Further Assurances

		13.1	The parties hereto undertake to do, sign, execute and deliver such other things, deeds or documents accessory
or useful for the purpose of giving full effect to this Agreement with signatures on the signature page.

		14.	Governing Law

		14.1	This Agreement is governed by and is to be construed, interpreted and enforced in accordance with the
laws of the Province of British Columbia, and the laws of Canada applicable therein.

		15.	Enurement

		15.1	This Agreement enures to the benefit of and is binding upon the parties and their respective successors
or assigns.

		16.	Entire Agreement

		16.1	As of its date of execution, this Agreement constitutes the entire agreement between the parties and supersedes
all prior agreements between the parties. The parties agree that there are no other collateral agreements or understandings between them
except as provided in this Agreement.

		17.	Assignment

		17.1	The Consultant may not assign this Agreement or provide the services of any individual or Corporation
other than that stated above without the written consent of the Corporation.

		18.	Amendment

		18.1	This Agreement may be amended only in writing by the parties hereto.

		19.	Interpretation

		19.1	In this Agreement, a “business day” means a day other than Saturday, Sunday or a statutory
holiday in the relevant jurisdiction.

 

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		19.2	All headings in this Agreement are for convenience only and shall not be used in the interpretation of
this Agreement.

		20.	Survival

		20.1	Sections 7.2, 10 and 11 shall survive the termination of this Agreement and shall continue in full force
and effect according to their terms. Counterparts and Delivery by Facsimile

		20.2	This Agreement may be executed in any number of counterparts, each of which when executed and delivered
is an original but all of which taken together will constitute one and the same instrument. Any party hereto may deliver an executed copy
of this Agreement by facsimile

 

IN WITNESS WHEREOF
the parties hereto have duly executed this Agreement as of the date first above written.

 

	SILVER BULL RESOURCES, INC.	)	 
	 	)	c/s
	Per:	)	 
	 	)	 
	/s/ Timothy Barry	)	 
	Authorized Signatory	)	 
		 	 
	WESTCOTT MANAGEMENT LTD.	)	 
	 	)	c/s
	Per:	)	 
	 	)	 
	/s/ Darren Klinck	)	 
	Authorized Signatory	)	 
	 	 	 

 

  

 

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SCHEDULE “A”

SERVICES

Working closely with the CEO, the President shall
have responsibility for providing strategic leadership and vision to the Corporation and for establishing, implementing and over-seeing
the long-range goals, strategies, plans and policies of the Corporation. The President supports the CEO in creating value for the Corporation’s
shareholders over the long term while ensuring that the Corporation’s critical short term performance goals are met and are met
in a way that optimizes the Corporation’s ability to create value over the long term.

 

Responsibilities

 

The President will report to and work closely with
the CEO on all facets of the Corporation’s business, including:

		·	Assisting and backing up the CEO in the discharge of the responsibilities
of the CEO.

		·	Setting company objectives and creating the strategic plan; establishing
both annual and long-term operation and capital plans with the design to create shareholder value.

		·	Direct the implementation of the Corporation’s strategic plan, with
routine review as required through:

		o	Active promotion of the Corporation’s strategic vision throughout
the organization;

		o	Implementing robust strategic and operational planning and reporting processes;

		o	Continuously evaluating industry trends and events that may affect strategy;

		o	Creating a corporate structure designed to best implement strategic action
plan; and

		o	Managing and integrating business units as appropriate.

		·	Act as a senior spokesperson for the Corporation; creating and maintaining
positive relationships between the Corporation and its employees, shareholders, regulatory officials and community stakeholders.

		·	Build effective relationships with key executives and operational staff;
and provide oversight of day-to-day activities of the business as required; ensuring operational and financial milestones are met, with
the requisite controls and audits in place to safeguard performance, and with the ability to amend where required, with the objective
of maximizing profitability and growth.

		·	Ensure that resources and processes are implemented and maintained, and
are effective in providing accurate and comprehensive evaluative information, including the development of operating protocols, sustainability
practices and community engagement, while respecting and adhering to all local customs, laws, rules and regulations.

		·	Act as a primary lead for all company marketing efforts; playing an active
role in marketing for new shareholders, as well as communicating with existing investors, analysts and investment banks, raising the corporate
profile and capital, if required.

		·	Ensure that appropriate key performance metrics and assessments are established
for the senior leadership team and employees, and monitor performance against those objectives.

		·	Together with the Chief Financial Officer and other senior management, as
appropriate, establish, maintain and ensure the implementation of the Corporation’s disclosure controls and procedures, internal
controls over financial reporting, and processes for the certification of the public disclosure documents required under applicable legislation,
regulatory requirements and policies.

		·	Set the tone for the organization; leading by example and acting beyond
reproach, so that all employees, consultants and contractors enact the same. Work to create a positive company culture where all employees
are engaged and committed to creating a safe, efficient, thoughtful and profitable business.

		·	Maintain a visible presence within the mining and minerals sector to ensure that the Corporation may
capitalize on future prospective opportunities.

 

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SCHEDULE “B”

DEFINITIONS

The following terms shall
have the following definitions:

		(a)	“Annual Fee” means equal to twelve (12) Monthly Fees

		(b)	“Total Annual Compensation” means an Annual amount that
is the combination of:

		(i)	the Annual Fee as of the date the cessation of the Consultant’s engagement with the Corporation;
and

		(ii)	an amount equal to the annual average of Bonuses actually paid to the Consultant by the Corporation during
the Consultant’s three (3) most recent years of engagement with the Corporation, or, if the Consultant has not been engaged for
three (3) years with the Corporation since the Effective Date, an amount equal to the greater of the following amounts:

		(A)	the annual average of Bonuses, if any, actually paid to the Consultant by the Corporation since the Effective
Date; or

(B)       50%
of the Annual Fee in effect at the time of the Consultant’s cessation of engagement with the Corporation.

 

		(c)	“Board” means the Board of Directors of the Corporation;

		(d)	“Change of Control” means the occurrence of one or more
of the following events after the Effective Date of this Agreement:

		(i)	a sale, lease or other disposition of all or substantially all of the assets
of the Corporation, 

		(ii)	a consolidation or merger of the Corporation with or into any other corporation
or other entity or person (or any other corporate reorganization) in which the shareholders of the Corporation immediately prior to such
consolidation, merger or reorganization, own less than fifty percent (50%) of the outstanding voting power of the surviving entity (or
its parent) following the consolidation, merger or reorganization; or 

		(iii)	a transaction or series or related transactions pursuant to which any person,
entity or group within the meaning of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934 (“1934 Act”),
or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Corporation
or an affiliate) acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act, or comparable successor
rule) of securities of the Corporation representing at least fifty percent (50%) of the combined voting power entitled to vote in the
election of directors; or

		(iv)	a transaction or series of transactions pursuant to which (A) (i) any person,
entity or group within the meaning of Section 13(d) or 14(d) of the 1934 Act, or any comparable successor provisions (excluding any employee
benefit plan, or related trust, sponsored or maintained by the Corporation or an affiliate) acquires beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the 1934 Act, or comparable successor rule) of securities of the Corporation representing at least
twenty percent (20%) of the combined voting power entitled to vote in the election of directors or securities of the Corporation that,
upon conversion or exchange of such securities, would represent at least twenty percent (20%) of the combined voting power entitled to
vote in the election of directors, or (ii) a consolidation or merger of the Corporation with or into any other corporation or other entity
or person (or any other corporate reorganization) in which the shareholders of the Corporation immediately prior to such consolidation,
merger or reorganization, own less than eighty percent (80%) of the outstanding voting power of the surviving entity (or its parent) following
the consolidation, merger or reorganization and (B) in connection with or as a result of such transaction or series of transactions,
either (i) one-half (or more) of the members of the Board of Directors of the Corporation resign or are replaced with nominees designated
by such person, entity or group or (ii) the Chief Executive Officer of the Corporation resigns or is terminated as a result of such transaction
or series of transactions.

 

    	12  

    	 

    

		(e)	“Confidential Information” means all trade secrets, proprietary
information and other data or information (and any tangible evidence, record or representation thereof), whether prepared, conceived or
developed by an employee of the Corporation (including the Consultant) or received by the Corporation from an outside source which is
maintained in confidence by the Corporation or any of its employees, contractors or customers including, without limitation: 

		(i)	any ideas, drawings, maps, improvements, know-how, research, geological
records, drill logs, inventions, innovations, products, services, sales, scientific or other formulae, core samples, processes, methods,
machines, procedures, tests, treatments, developments, technical data, designs, devices, patterns, concepts, computer programs or software,
records, data, training or service manuals, plans for new or revised services or products or other plans, items or strategy methods on
compilation of information, or works in process, or any inventions or parts thereof, and any and all revisions and improvements relating
to any of the foregoing (in each case whether or not reduced to tangible form) that relate to the business or affairs of the Corporation
or that result from its marketing, research and/or development activities;

		(ii)	any information relating to the relationship of the Corporation with any
personnel, suppliers, principals, investors, contacts or prospects of the Corporation and any information relating to the requirements,
specifications, proposals, orders, contracts or transactions of or with any such persons; 

		(iii)	any marketing material, plan or survey, business plan, opportunity or strategy,
development plan or specification or business proposal;

		(iv)	financial information, including the Corporation’s costs, financing
or debt arrangements, income, profits, salaries or wages; and

		(v)	any information relating to the present or proposed business of the Corporation.

		(f)	“Fundamental Breach” means any material breach of a fundamental
term or condition of this Agreement and, without limiting the foregoing, includes any of the following acts or omissions:

		(a)	the Consultant’s gross default or misconduct during the Consultant’s
engagement in connection with or effecting the business of the Corporation;

		(b)	the Consultant’s continued refusal or willful misconduct to carry
out the duties of his employment after receiving written notice from the Corporation of the failure to do so and having had an opportunity
to correct same within a reasonable period of time from the date of receipt of such notice;

    	13  

    	 

    

 

		(c)	theft, fraud, dishonesty, misconduct, or misuse of alcohol or drugs of the
Consultant involving the property, business or affairs of the Corporation or in the carrying out of the duties of his employment; or

		(d)	any material breach of this Agreement including any breach Sections 6,7
or 8 of this Agreement;

 

		(g)	“Good Reason” means any of the following conduct by the
Corporation:

		(i)	a unilateral reduction to the Annual Fee; 

		(ii)	a unilateral reduction to the aggregate value of the Consultant’s
remuneration and benefits other than Annual Fee; 

		(iii)	a unilateral material adverse change to the Consultant’s position,
title, authority or responsibilities; 

		(iv)	a unilateral requirement that the Consultant relocate outside of the Metro
Vancouver region of British Columbia (excluding occasional business travel); or

		(v)	any reason which would be considered to amount to constructive dismissal
pursuant to the common law.

		(h)	“Person” means an individual, partnership, association,
Corporation, body corporate, trustee, executor, administrator, legal representative and any national, provincial, state or municipal government;

 

 

14Exhibit 10.3

 

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

This AGREEMENT
made as of the 17th day of February, 2022.

BETWEEN:

SILVER
BULL RESOURCES, INC.

Suite 1610 –
777 Dunsmuir Street

Vancouver, BC,
V7Y 1K4

(the “Company”)

AND:

ARRAS MINERALS
CORP.

Suite 1610 –
777 Dunsmuir Street

Vancouver, BC,
V7Y 1K4

(“Arras”)

AND:

CHRISTOPHER
RICHARDS

918 West 13th
Avenue

Vancouver, BC,
V5Z 1P3

(the “Executive”)

WHEREAS:

A.        The Company and the Executive entered into an Employment Agreement dated September 23, 2020 (the “Employment
Agreement”) pursuant to which the parties agreed to the terms and conditions of employment of the Executive.

B.        The Company and the Executive wish to amend and restate the Employment Agreement.

         NOW
THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the forgoing recitals and of the mutual covenants, agreements and
representations contained herein and other valuable consideration given by each party hereto to the other, the receipt and
sufficiency of which are hereby acknowledged by each of the parties, the parties hereby agree as follows:

1.       
DEFINITIONS

1.1      Unless otherwise defined in the body of this Agreement, defined terms have the meanings ascribed to them in Schedule “A”
of this Agreement.

2.        EMPLOYMENT

2.1     Position. The Company and Arras agree to employ the Executive as the Chief Financial Officer, reporting to the Chief
Executive Officer. The Executive shall perform, observe and conform to such duties and instructions as from time to time are lawfully
assigned or communicated to the Executive on behalf of the Company and Arras and on behalf of such affiliated companies designated by
the Company as requiring the services of the Executive and as are consistent with his position.

    	1  

    	 

    

2.2    Service. During the term the Executive shall:

(a)   well
and faithfully serve the Company and Arras and use his best efforts to promote the best interests of the Company;

(b)   unless
prevented by ill health or injury, devote the whole of his working time and attention to the business of the Company and Arras;

(c)   comply
in all material respects with any Company and Arras’ policies that may apply to the Executive from time to time; and

(d)   not,
without the prior written consent of the Company or Arras, which consent may be reasonably withheld in the sole discretion of the Company
or Arras, engage in any other business, profession or occupation, or become an officer, director, employee, contractor for service, agent
or representative of any other corporation, partnership, firm, person, organization or enterprise.

2.3     Term.
The term of this Agreement shall be effective from January 1, 2022 (the “Effective Date”) and shall continue
until this Agreement and the Executive’s employment are terminated in accordance with Section 4 of this Agreement.

3.      
COMPENSATION AND BENEFITS 

3.1    Salary.
The Company shall pay to the Executive $240,000 CDN (the “Total Base Salary”) per annum for all hours worked
discharging the duties of his employment, payable in accordance with the Company’s regular payroll practices or on such other basis
as mutually agreed between the Company and the Executive. 

(a) 
The Total Base Salary consists of the Silver Bull Base Salary in the amount of $60,000 CDN per annum, and the Arras Base Salary
in the amount of $180,000 CDN per annum. The Silver Bull Base Salary may be increased from time to time in the sole discretion of the
Board of Directors of the Company and the Arras Base Salary may be increased from time to time in the sole discretion of the Board of
Directors of Arras.

3.2     Annual
Bonus. The Executive will be eligible to receive an annual bonus based upon attaining the performance criteria set by the Boards
of Directors:

(a) 
 For the Company, the terms and conditions of any bonus plan implemented by the Company are subject to modification from year
to year by the Board of Directors of the Company in the Company’s sole discretion (the “Silver Bull Annual Bonus”).
Whether the Executive has achieved the performance criteria in any year shall be determined by the Board of Directors of the Company,
acting reasonably.

(b) 
For Arras, the Executive is eligible to participate in the Arras’ annual performance bonus plan with a target of up to fifty
(50) percent of the Arras Annual Base Salary (the “Arras Annual Bonus”). The amount of the Arras Annual Bonus shall
be determined by the Arras Board of Directors, in its sole discretion, based on certain financial and operating goals and individual
performance objectives as defined by the Board of Directors in its sole discretion. The Executive acknowledges that there is no assurance
that any Arras Annual Bonus will be paid in any given year, that the Arras Annual Bonus arrangements will remain unchanged or that the
Arras Annual Bonus will be of the same amount in any future year as in any past year. Subject to the requirements of Section 4 of this
Agreement, in the event the Executive gives or receives notice of termination of engagement, all entitlement to receive an Arras Annual
Bonus shall cease (except for: Arras Annual Bonuses that have already been paid to the Executive by the Corporation; any Bonuses that
have been awarded to the Executive by the Corporation in respect of an already completed financial year of the Corporation but which
have not yet been paid by the Corporation to the Executive; and Arras Annual Bonuses that have been earned by the Executive but not paid
to the Executive by the Corporation however, in this latter instance, the Arras Annual Bonus shall be paid on a pro rata basis, up to
but not beyond the termination date, based on the financial and operating goals and individual performance objectives that had been set
by the Board of Directors).

    	2  

    	 

    

3.3     Stock Options. The Executive will be eligible to participate in the Company and Arras’s Stock Option Plan
and Equity Incentive Plan, respectively. Any grants under these plans will be at the sole discretion of the Board of Directors of the
Company and Arras.

3.4    Group
Benefits. The Executive will be eligible to participate in the Company’s employee benefit plans, provided that such
participation will be subject to all terms and conditions of such plans (including, without limitation, all waiting periods,
eligibility requirements, contributions, exclusions or other similar conditions and limitations). The introduction and
administration of the employee benefit plans is within the Company’s sole discretion, and the Executive agrees that the
introduction, deletion or amendment of any of the benefits shall not constitute a breach of this Agreement. 

3.5     Vacation. The Executive shall be entitled to take four (4) weeks of paid vacation per year. The timing of vacation
will be subject to the Company and Arras’ business needs at the time. 

3.6     Expenses.
The Executive shall be reimbursed by the Company and Arras for all reasonable expenses incurred in connection with the Executive’s
employment within a reasonable time after receipt of the appropriate invoice or other documentation related to such expenses. 

3.7     Other
Perquisites. The Company and Arras agree to pay all reasonable costs associated with annual professional development fees and
membership dues incurred by the Executive related to the Executive’s employment and to provide the Executive with reasonable time
off of work to attend certified accountant professional development courses.

3.8     Statutory
Deductions. The Company shall have the right to deduct and withhold from the Executive’s compensation any amounts required
to be deducted and remitted under the applicable provincial laws or federal laws of Canada.

4.       TERMINATION
OF AGREEMENT AND EMPLOYMENT

4.1     Termination by Executive. The Executive may terminate his employment with the Company and/or Arras by giving not
less than ninety (90) days written notice of resignation to the Company and/or Arras. At the time the Executive provides the Company
and/or Arras with notice of resignation, or at any time thereafter, the Company and/or Arras shall have the right to elect to terminate
the Executive’s employment at any time prior to the effective date of the Executive’s resignation, and upon such election,
shall provide to the Executive a lump sum payment equal to the Silver Bull Base Salary and/or Arras Base Salary then in effect for the
number of days that remain outstanding to the effective date of the Executive’s resignation.

    	3  

    	 

    

 

4.2    Termination by Company Without Cause. The Executive may at any time terminate his agreement with the Company for
“Good Reason”, and the Company may terminate this Agreement without Cause at any time by providing the Executive with written
notice of termination and a lump sum payment equal to:

(a)  twelve
(12) months of Silver Bull Base Salary and a pro-rata payment of the Silver Bull Annual Bonus.

(b)  If the Company terminates this Agreement without Cause within three (3) months of a Change of Control of the Company, the Company
must pay the Executive twenty-four (24) months of Silver Bull Base Salary plus a lump sum payment equal to two (2) Silver Bull Annual
Bonuses, based upon the average of the past two previous year’s bonuses paid to the Executive.

4.3 
  Termination by Arras Without Cause. The Executive may at any time terminate his agreement with the Company for “Good
Reason”, and Arras may terminate this Agreement without Cause at any time by providing the Executive with written notice of termination
and a lump sum payment equal to:

(a)  twelve
(12) months of Arras Base Salary and a pro-rata payment of the Arras Annual Bonus.

(b)  If Arras terminates this Agreement without Cause within three (3) months of a Change of Control of the Company, Arras must pay
the Executive twenty-four (24) months of Arras Base Salary plus a lump sum payment equal to two (2) Arras Annual Bonuses, based upon
the average of the two previous years’ bonuses paid to the Executive.

4.4   
Termination By Executive Following a Change of Control. With Good Reason, the Executive may elect, within six (6)
months of a Change of Control of the Company and/or Arras to terminate his employment and this Agreement upon providing written notice
of termination to the Company and/or Arras. Upon receipt of such notice of termination in accordance with this, the Company and/or Arras
must pay the Executive twenty-four (24) months of Base Salary plus a lump sum payment equal to two (2) Annual Bonuses, based upon the
average of the two previous years’ bonuses paid to the Executive.

4.5
    Termination by the Company
and/or Arras for Just Cause. Notwithstanding any other provision of this Agreement, the Company and/or Arras may, on written
notice to the Executive, immediately terminate this Agreement and the Executive’s employment with the Company and/or Arras at
any time for Cause, without notice or pay in lieu of notice or any other form of compensation, severance pay or damages.

4.6    Directorship and Offices. Upon the termination of his employment with the Company or Arras, the Executive shall
immediately resign any directorship or office held in the Company or Arras, or any respective parent, subsidiary or affiliated companies
of the Company or Arras, and, except as provided in this Agreement, the Executive shall not be entitled to receive any written notice
of termination or payment in lieu of notice, or to receive any severance pay, damages or compensation for loss of office or otherwise,
by reason of the resignation or resignations referred to in this Sections 4.2, 4.3 or 4.4.

4.7
   Annual Bonus Upon
Termination. The Executive’s participation in any and all annual bonus plans shall cease immediately on the date the
Executive receives or gives notice of termination of this Agreement and the Executive shall only be entitled to receive any Annual
Bonus prorated to the date the Executive receives or gives notice of termination.

4.8  
  Stock Options on Termination. The vesting and exercise of any stock options granted to the Executive in the event the Executive’s
employment with the Company and Arras, or this Agreement is terminated, for any reason, shall be governed by the terms of the Stock Option
Plan and any applicable stock option agreement in effect between the Company, Arras and the Executive at the time of termination.

4.9    No Additional Payments. The Executive acknowledges and agrees that unless otherwise expressly agreed in writing
between the Executive, the Company and/or Arras, the Executive shall not be entitled, by reason of the Executive’s relationship
with the Company and Arras or by reason of any termination of his employment by the Company and/or Arras, for any reason, to any remuneration,
compensation or other benefits other than those expressly provided for in this Agreement. The Executive further acknowledges and agrees
that any amounts paid to the Executive pursuant to this Section 4 are inclusive of any amounts that may be payable under any statute
of Canada in respect of compensation for length of service, notice of termination or severance pay.

    	4  

    	 

    

 

5.       CONFIDENTIAL
INFORMATION

5.1    
The Executive acknowledges that, by reason of the Executive’s employment by the Company and Arras, the Executive will have
access to Confidential Information of the Company and Arras that the Company and Arras have spent time, effort and money to develop and
acquire. For the purposes of this Agreement any reference to the “Company” shall mean the Company, and such respective
affiliates and subsidiaries as may exist from time to time. Furthermore, for the purposes of this Agreement any reference to “Arras”
shall mean Arras, and such respective affiliates and subsidiaries as may exist from time to time.

5.2     The Executive acknowledges that the Confidential Information is a valuable and unique asset of the Company and Arras and that
the Confidential Information is and will remain the exclusive property of the Company and Arras, respectively.

5.3     The
Executive agrees to maintain securely and hold in strict confidence all Confidential Information received, acquired or developed by the
Executive or disclosed to the Executive as a result of or in connection with the Executive’s employment. The Executive agrees that,
both during his employment and after the termination of his employment with the Company and/or Arras, the Executive will not, directly
or indirectly, divulge, communicate, use, copy or disclose or permit others to use, copy or disclose, any Confidential Information to
any person, except as such disclosure or use is required to perform his duties hereunder or as may be consented to by prior written authorization
of the Company and/or Arras, respectively.

5.4    The obligation of confidentiality imposed by this Agreement shall not apply to information that appears in issued patents or printed
publications, that otherwise becomes generally known in the industry through no act of the Executive in breach of this Agreement, or
that is required to be disclosed by court order or applicable law.

5.5    The Executive understands that the Company and Arras have from time to time in its possession information belonging to third parties
or which is claimed by third parties to be confidential or proprietary and which the Company and Arras have agreed to keep confidential.
The Executive agrees that all such information shall be Confidential Information for the purposes of this Agreement.

5.6     The Executive agrees that documents, copies, records and other property or materials made or received by the Executive that pertain
to the business and affairs of the Company and Arras, including all Confidential Information which is in the Executive’s possession
or under the Executive’s control are the property of the Company and Arras, and that the Executive will return same and any copies
of same to the Company and/or Arras immediately upon termination of the Executive’s employment or at any time upon the request
of the Company and/or Arras.

6.     
  RESTRICTED ACTIVITIES

6.1     Restriction
on Competition. The Executive covenants and agrees with the Company that the Executive will not, without the prior written
consent of the Company, at any time during his employment or for a period of six (6) months following the termination of the
Executive’s employment, for any reason, either individually or in partnership or in conjunction with any person, whether as
principal, agent, shareholder, director, officer, employee, investor, or in any other manner whatsoever, directly or indirectly,
advise, manage, carry on, be engaged in, own or lend money to, or permit the Executive’s name or any part thereof to be used
or employed by any person managing, carrying on or engaged in a business anywhere in Kazakhstan or the province of Coahuila, Mexico
or other jurisdiction in which Arras and the Company are carrying on the business of mineral exploration which is in direct
competition with the business of the Company. The restrictions set forth in this Section 6.1 shall terminate and shall not apply to
the Executive where the Executive’s employment is terminated by the Company and/or Arras following a Change of
Control.

6.2     Restriction on Solicitation. The Executive shall not, at any time during his employment or for a period of six (6)
months after the termination of the Executive’s employment, for any reason, without the prior written consent of the Company and/or
Arras, for his account or jointly with another, either directly or indirectly, for or on behalf of himself or any individual, partnership,
corporation or other legal entity, as principal, agent, employee or otherwise, solicit, influence, entice or induce, attempt to solicit,
influence, entice or induce:

    	5  

    	 

    

 

(a)   any
person who is employed by the Company and Arras to leave such employment; or

(b)  
any person, firm or corporation whatsoever, who is or was at any time in the last twelve (12) months of the Executive’s
employment a customer or supplier of the Company and Arras or any affiliate or subsidiary, to cease its relationship with the Company,
Arras or any their affiliates or subsidiaries.

6.3    Corporate Opportunities. During the term of this Agreement, the Executive will offer to the Company any investment
or other opportunity generally in the geographic area of the province of Coahuila, Mexico, and to Arras any investment or other opportunity
generally in the country of Kazakhstan and any other geographic region in which the Company and Arras operate, of which he may become
aware.  If after 10 working days the Board of Directors of either the Company or Arras, as applicable, refuses the opportunity to
participate in the investment or venture, the Executive is free to seek other alternatives only during his private time.

6.4    Restriction on Investments. The Executive may make passive investments in companies involved in industries in which
the Company and Arras operate, provided any such investment does not exceed a 10% equity interest, unless Executive obtains consent to
acquire an equity interest exceeding 10% by consent of the Chief Executive Officer and the Chairman of the Company and Arras.

7.     
ENFORCEMENT

7.1    The Executive acknowledges and agrees that the covenants and obligations under Sections 5 and 6 are reasonable, necessary and
fundamental to the protection of the Company and Arras’ business interests, and the Executive acknowledges and agrees that any
breach of these Sections by the Executive would result in irreparable harm to the Company and Arras, and loss and damage to the Company
and Arras, for which the Company and/or Arras could not be adequately compensated by an award of monetary damages. Accordingly, the Executive
agrees that, in the event the Executive violates any of the restrictions referred to in Sections 5 or 6, the Company and/or Arras shall
suffer irreparable harm and shall be entitled to preliminary and permanent injunctive relief and any other remedies in law or in equity
which the court deems fit.

8.      GENERAL
PROVISIONS

8.1   
Cooperation and Assistance. The Executive agrees that he shall, both during the term of this Agreement and thereafter,
fully co-operate with and assist the Company and Arras in the resolution of complaints, claims or disputes against the Company and/or
Arras, including without limitation civil, criminal or regulatory proceedings.

8.2   
Use of Likeness. The Executive hereby grants to the Company, Arras, their parent, subsidiary and affiliated companies,
during the term of the Executive’s employment, and for a period of one (1) year after the termination of that employment for any
reason, the right to use the Executive’s name, likeness and biography in connection with the advertising, sale and/or marketing
of the Company and Arras’, or their parent or affiliated company’s, products or services.

8.3
  Severability. If any provision of this Agreement is declared unenforceable or invalid for any reason whatsoever, such unenforceability
or invalidity shall not affect the enforceability or validity of any remaining portion of this Agreement, which remaining portion shall
remain in full force and effect with such unenforceable or invalid provisions shall be severed from the remainder of this Agreement.

8.4    Survival. The Company, Arras and the Executive expressly acknowledge and agree that the provisions of this Agreement,
which by their express or implied terms extend beyond the termination of the Executive’s employment hereunder, or beyond the termination
of this Agreement, shall continue in full force and effect notwithstanding the termination of the Executive’s employment or the
termination of this Agreement for any reason.

    	6  

    	 

    

 

8.5   
Entire Agreement. The provisions of this Agreement constitute the entire agreement between the parties and, except
as specifically provided in any incentive plans that may be implemented from time to time after the Effective Date of this Agreement,
supersede and cancel all previous communications, representations and agreements, whether oral or written, between the parties with respect
to the Executive’s employment. 

8.6    
Amendment. This Agreement may not be amended or modified except by written instrument signed by the Company, Arras
and the Executive.

8.7    
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the province of
British Columbia and the federal laws of Canada applicable therein, which shall be deemed to be the proper law hereof. The parties hereby
attorn to and submit to the jurisdiction of the courts of British Columbia.

8.8    
Enurement. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, administrators, successors, personal representatives and permitted assigns.

8.9    
Assignment of Rights. The Company and Arras shall have the right to assign this Agreement to another party as a
successor employer, provided that any such successor or assignee expressly assumes in writing the Company’s obligations under this
Agreement. The Executive shall not assign his rights under this Agreement or delegate to others any of his functions and duties under
this Agreement without the express written consent of the Company and Arras which may be withheld in its sole discretion.

8.10
  Affiliated Corporations. The Executive acknowledges and agrees that all of the Executive’s covenants and obligations
to the Company and Arras, as well as the rights of the Company and Arras under this Agreement, shall run in favour of and shall be enforceable
by the parent, subsidiary and affiliated companies of the Company and Arras. The Executive acknowledges that notwithstanding references
in this Agreement to affiliated companies of the Company, this Agreement is between the Executive, the Company and Arras. The Executive
shall have no right to enforce this Agreement against any party other than the Company and Arras unless this Agreement is assigned to
any entity in accordance with Section 8.9 of this Agreement.

8.11   Legal
Advice. The Executive acknowledges this Agreement has been prepared by the Company and that the Executive has had sufficient
time to review these documents thoroughly, including enough time to obtain independent legal advice concerning the interpretation and
effect of these documents prior to their execution. By signing these documents, the Executive represents and warrants that he has read
and understood these documents and that he executes them of his own free will and act.

          IN WITNESS WHEREOF the
parties hereto have duly executed this agreement as of the day and year first above written.

	 	SILVER BULL RESOURCES, INC. 
	 	 
	 	 
	Per:   	/s/ Timothy Barry
	 	Authorized Signatory

 

	 	ARRAS MINERALS CORP.
	 	 
	 	 
	Per:   	/s/ Timothy Barry
	 	Authorized Signatory

	 	 
	 	 
	Per:   	/s/ Christopher Richards
	 	CHRSITOPHER RICHARDS

 

 

    	7  

    	 

    

SCHEDULE “A”

DEFINITIONS

The
following terms shall have the following definitions:

		(a)	“Board”
                                            means the Board of Directors of the Company;

		(b)	“Cause”
                                            has the meaning commonly ascribed to the phrase “cause” or “just cause
                                            for termination” at common law and, without limiting the foregoing, includes any of
                                            the following acts or omissions:

(a)                
the Executive’s gross default or misconduct during the Executive’s employment in connection with or effecting the
business of the Company and/or Arras;

(b)               
the Executive’s continued refusal or willful misconduct to carry out the duties of his employment after receiving written
notice from the Company and/or Arras of the failure to do so and having had an opportunity to correct same within a reasonable period
of time from the date of receipt of such notice;

(c)                
theft, fraud, dishonesty or misconduct of the Executive involving the property, business or affairs of the Company and/or Arras,
or in the carrying out of the duties of his employment; or

(d)               
any material breach of this Agreement including any breach Sections 5, 6 or 7 of this Agreement;

		(c)	“Change
                                            of Control” means the occurrence of one or more of the following events after the
                                            Effective Date of this Agreement:

		(i)	a sale,
                                            lease or other disposition of all or substantially all of the assets of the Company or Arras,
                                            

		(ii)	a consolidation
                                            or merger of the Company or Arras with or into any other corporation or other entity or person
                                            (or any other corporate reorganization) in which the shareholders of the Company or Arras
                                            immediately prior to such consolidation, merger or reorganization, own less than fifty percent
                                            (50%) of the outstanding voting power of the surviving entity (or its parent) following the
                                            consolidation, merger or reorganization; or 

		(iii)	a transaction
                                            or series or related transactions pursuant to which any person, entity or group within the
                                            meaning of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934 (“1934
                                            Act”), or any comparable successor provisions (excluding any employee benefit plan,
                                            or related trust, sponsored or maintained by the Company, Arras, or an affiliate) acquires
                                            beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act, or
                                            comparable successor rule) of securities of the Company or Arras representing at least fifty
                                            percent (50%) of the combined voting power entitled to vote in the election of directors;
                                            or

		(iv)	a transaction
                                            or series of transactions pursuant to which (A) (i) any person, entity or group within the
                                            meaning of Section 13(d) or 14(d) of the 1934 Act, or any comparable successor provisions
                                            (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company,
                                            Arras or an affiliate) acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated
                                            under the 1934 Act, or comparable successor rule) of securities of the Company or Arras representing
                                            at least twenty percent (20%) of the combined voting power entitled to vote in the election
                                            of directors or securities of the Company that, upon conversion or exchange of such securities,
                                            would represent at least twenty percent (20%) of the combined voting power entitled to vote
                                            in the election of directors, or (ii) a consolidation or merger of the Company with or into
                                            any other corporation or other entity or person (or any other corporate reorganization) in
                                            which the shareholders of the Company immediately prior to such consolidation, merger or
                                            reorganization, own less than eighty percent (80%) of the outstanding voting power of the
                                            surviving entity (or its parent) following the consolidation, merger or reorganization and (B)
                                            in connection with or as a result of such transaction or series of transactions, either (i)
                                            one-half (or more) of the members of the Board of Directors of the Company resign or are
                                            replaced with nominees designated by such person, entity or group or (ii) the chief executive
                                            officer of the Company resigns or is terminated as a result of such transaction or series
                                            of transactions.

 

    	8  

    	 

    

		(d)	“Confidential
                                            Information” means all trade secrets, proprietary information and other data or
                                            information (and any tangible evidence, record or representation thereof), whether prepared,
                                            conceived or developed by an employee of the Company or Arras (including the Executive) or
                                            received by the Company or Arras from an outside source which is maintained in confidence
                                            by the Company, Arras or any of its employees, contractors or customers including, without
                                            limitation: 

		(i)	any ideas,
                                            drawings, maps, improvements, know-how, research, geological records, drill logs, inventions,
                                            innovations, products, services, sales, scientific or other formulae, core samples, processes,
                                            methods, machines, procedures, tests, treatments, developments, technical data, designs,
                                            devices, patterns, concepts, computer programs or software, records, data, training or service
                                            manuals, plans for new or revised services or products or other plans, items or strategy
                                            methods on compilation of information, or works in process, or any inventions or parts thereof,
                                            and any and all revisions and improvements relating to any of the foregoing (in each case
                                            whether or not reduced to tangible form) that relate to the business or affairs of the Company
                                            or Arras, or that result from its marketing, research and/or development activities;

		(ii)	any information
                                            relating to the relationship of the Company and/or Arras with any personnel, suppliers, principals,
                                            investors, contacts or prospects of the Company and/or Arras and any information relating
                                            to the requirements, specifications, proposals, orders, contracts or transactions of or with
                                            any such persons; 

		(iii)	any marketing
                                            material, plan or survey, business plan, opportunity or strategy, development plan or specification
                                            or business proposal;

		(iv)	financial
                                            information, including the Company and/or Arras’ costs, financing or debt arrangements,
                                            income, profits, salaries or wages; and

		(v)	any information
                                            relating to the present or proposed business of the Company and Arras.

 

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		(e)	“Good
                                            Reason” means any of the following conduct by the Company and/or Arras:

		(i)	a unilateral
                                            reduction to the Silver Bull Annual Salary or Arras Annual Salary; 

		(ii)	a unilateral
                                            reduction to the aggregate value of the Executive’s remuneration and benefits, other
                                            than Annual Salary; 

		(iii)	a unilateral
                                            material adverse change to the Executive’s position, title, authority or responsibilities;
                                            

		(iv)	a unilateral
                                            requirement that the Executive relocate outside of the Metro Vancouver region of British
                                            Columbia (excluding occasional business travel); or

		(v)	any reason
                                            which would be considered to amount to constructive dismissal pursuant to the common law.

		(f)	“Person”
                                            means an individual, partnership, association, company, body corporate, trustee, executor,
                                            administrator, legal representative and any national, provincial, state or municipal government;
                                            and

		(g)	“Stock
                                            Option Plan” means the 2019 Stock Option and Stock Bonus Plan for Silver Bull Resources,
                                            Inc. as amended from time to time.

		(h)	“Equity
                                            Incentive Plan” means the 2021 Equity Incentive Plan for Arras Minerals Corp. as
                                            amended from time to time.

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