Document:

Exhibit 10.1

 

 

SILVER
BULL RESOURCES, INC.

MANAGEMENT
RETENTION BONUS PLAN

 

This
Agreement is made and dated for reference the 15th day of April, 2021

 

BETWEEN:

 

SILVER
BULL RESOURCES, INC. of Suite 1610, 777 Dunsmuir St., Vancouver BC, Canada (“SB”); and 

 

TIMOTHY
BARRY of Suite 1610, 777 Dunsmuir St., Vancouver, BC, Canada (“Barry”); and

 

BRIAN
EDGAR of Suite 1610, 777 Dunsmuir St., Vancouver, BC, Canada (“Edgar”); and

 

CHRISTOPHER
RICHARDS of Suite 1610, 777 Dunsmuir St., Vancouver, BC, Canada (“Richards”); and

 

DAVID
XUAN of Suite 1610, 777 Dunsmuir St., Vancouver, BC, Canada (“Xuan”).

 

WHEREAS:

 

	SB employs
Barry, Edgar, Richards and Xuan (collectively, “Management”) to manage the day-to-day affairs of SB; and

	Members
of Management have worked very hard for, in some cases over a decade, to advance the exploration project known as Sierra Mojada, during
perhaps the most difficult times for mineral exploration in memory culminating in attracting South 32 to participate in the project through
a joint venture agreement; and

	Members
of Management were instrumental in sourcing and contracting outstanding mineral exploration opportunities in Kazakhstan resulting in
the incorporation of Arras Minerals Corp. (“Arras”) as a subsidiary of SB solely focussed on exploring and developing all
acquired assets in Kazakhstan; and

	Members
of Management have for over a decade taken only modest cash compensation and have never been able to materially capitalize on stock option
appreciation; and

	Members
of Management have made significant investments in SB in the past, at $4.00/share (post 1-for-8 share consolidation) and higher resulting
in material paper losses; and

	Going
forward, Management needs not only to continue to manage Sierra Mojada but to manage and finance Arras; and

	SB and
Arras have concluded that Management is best equipped to manage SB’s and Arras’ affairs into the future and desires to implement
this bonus plan to provide part of the compensation package designed to motivate and retain Management.

 

    	  

    	 

    

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and other good and valuable consideration the receipt and sufficiency
whereof is hereby acknowledged by the Parties, the Parties hereby agree as follows:

 

1.       SB
hereby established its Management Retention Bonus Plan (the “Plan”) under the following terms.

 

2.       SB
agrees to pay Management a cash bonus of $2,500,000 CDN (all funds herein are $CDN) when and if SB’s market capitalization reaches
at least $250,000,000 for 5 consecutive trading days being 1% of such market capitalization.

 

3.       In
addition, SB agrees to pay Management a cash bonus of $2,500,000 when and if SB’s market capitalization reaches at least $500,000,000
for 5 consecutive trading days being 1% of SB’s market capitalization appreciation from $250,000,000.

 

4.       In
addition, SB agrees to pay Management a cash bonus of $5,000,000 when and if SB’s market capitalization reaches at least $1,000,000,000
for 5 consecutive trading days being 1% of SB’s market capitalization appreciation from $500,000,000.

 

5.       In
the event that SB is the subject of a successful takeover bid, the 1% bonus shall be paid if the bid exceeds $250,000,000 and be equal
to 1% of the bid price less any 1% bonus that may have been previously paid.

 

6.       Management
shall share the above bonuses as follows:

	a.)	Barry	45%
	b.)	Edgar	30%
	c.)	Richards	15%
	d.)	Xuan	10%

 

7.
       This Agreement has a term of 6 years and in order for Management to earn bonus payments, the
market capitalization minimums (or takeover bid) described above must be achieved within 6 years of the date hereof.  Thereafter,
no bonus will be payable.

 

8.
       The Plan is in addition to any other compensation that may be offered to Management in the
future by either SB or Arras.

 

9.
       As stated above a key goal of creating the Plan is retention and any bonus payable in the future
to a Party will be cancelled (subject to the discretion of the Board) if a Party is not employed directly or indirectly by SB when a
bonus is earned and becomes payable.

 

10.
       SB shall not be obligated to pay a bonus under this agreement if it lacks funds at the time. 
In such case, interest at 5% per annum compounded shall accrue until the bonus plus interest is fully paid.  A member of SB may
elect to settle any bonus debt by issuing and delivering shares of SB for such debt valued at the 20 trading day VWAP for SB’s
shares on the market calculated up to the day before the issue of the shares, less 5%.

 

11.       Time
shall be the essence of this agreement.

 

    	  

    	 

    

 

12.       All
notices to be given by the Parties shall be hand delivered to the above address or delivered by email to a Party’s SB or Arras
email address.  Any such notice shall be deemed delivered the day after delivery.  A Party may change his address by notice
to the other Parties.

 

13.       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.

 

14.       This
agreement may not be assigned.

 

IN
WITNESS WHEREOF the Parties have executed this Agreement as of the date and year first above written.

 

SILVER
BULL RESOURCES, INC.

 

Per:
/s/ John McClintick

John
McClintock 

 

SIGNED,
SEALED AND DELIVERED:

 

 

Timothy
Barry/s/ Timothy Barry 

 

Witness:
/s/ Christopher Richards

 

 

Brian
Edgar/s/ Brian Edgar   

 

Witness:
/s/ Christopher Richards

 

 

Christopher
Richards/s/ Christopher Richards  

 

Witness:
/s/ David Xuan

 

 

David
Xuan/s/ David Xuan   

 

Witness:
/s/ Christopher RichardsExhibit 10.2

 

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE
IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS
BEEN REDACTED.

 

ARRAS MINERALS CORP.

MANAGEMENT RETENTION BONUS PLAN

 

 

This Agreement is made and dated for reference the
15th day of April,  2021

 

BETWEEN:

 

 

ARRAS MINERALS CORP. of Suite 1610, 777 Dunsmuir St., Vancouver
BC, Canada (“Arras” or the “Company”); and

 

TIMOTHY BARRY of Suite 1610, 777 Dunsmuir St., Vancouver,
BC, Canada (“Barry”); and

 

BRIAN EDGAR of Suite 1610, 777 Dunsmuir St., Vancouver,
BC, Canada (“Edgar”); and

 

CHRISTOPHER RICHARDS of Suite 1610, 777 Dunsmuir St., Vancouver,
BC, Canada (“Richards”); and

 

DAVID XUAN of Suite 1610, 777 Dunsmuir St., Vancouver,
BC, Canada (“Xuan”).

 

WHEREAS:

 

	Silver Bull Resources, Inc. (“SB”) employs
Barry, Edgar, Richards and Xuan (collectively, “Management”) to manage the day-to-day affairs of Arras, with the intention
that Arras will employ Management in due course independently of SB; and

	Members of Management have worked very hard for, in some
cases over a decade, to advance the exploration project known as Sierra Mojada, during perhaps the most difficult times for mineral exploration
in memory culminating in attracting South 32 to participate in the project through a joint venture agreement; and

	Members of Management were instrumental in sourcing and
contracting outstanding mineral exploration opportunities in Kazakhstan resulting in the incorporation of Arras as a subsidiary of SB
solely focussed on exploring and developing all acquired assets in Kazakhstan; and

	Members of Management have for over a decade taken only
modest cash compensation and have never been able to materially capitalize on stock option appreciation; and

	Members of Management have made significant investments
in SB in the past, at $4.00/share (post 1-for-8 share consolidation) and higher resulting in material paper losses; and

	Going forward, Management needs not only to continue to
manage Sierra Mojada but to manage and finance Arras; and

	SB and Arras have concluded that Management is best equipped
to manage SB’s and Arras’ affairs into the future and desires to implement this bonus plan to provide part of the compensation
package designed to motivate and retain Management.

 

    	  

    	 

    

 

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration
of the premises and other good and valuable consideration the receipt and sufficiency whereof is hereby acknowledged by the Parties, the
Parties hereby agree as follows:

 

1.       Arras hereby established its
Management Retention Bonus Plan (the “Plan”) under the following terms.

 

2.       [***], and Arras
agrees to pay Management a cash bonus of $2,500,000 CDN (all funds herein are $CDN) when and if Arras’ market capitalization reaches
at least $250,000,000 for 5 consecutive trading days being 1% of such market capitalization.

 

3.       In addition, Arras agrees to
pay Management a cash bonus of $2,500,000 when and if Arras’ market capitalization reaches at least $500,000,000 for
5 consecutive trading days being 1% of Arras’ market capitalization appreciation from $250,000,000.

 

4.       In addition, Arras agrees to
pay Management a cash bonus of $5,000,000 when and if Arras’ market capitalization reaches at least $1,000,000,000 for 5 consecutive
trading days being 1% of Arras’ market capitalization appreciation from $500,000,000.

 

5.       In the event that Arras is
the subject of a successful takeover bid, the 1% bonus shall be paid if the bid exceeds $250,000,000 and be equal to 1% of the bid price
less any 1% bonus that may have been previously paid.

 

6.       Management shall share the
above bonuses as follows:

	a.)	Barry	45%
	b.)	Edgar	30%
	c.)	Richards	15%
	d.)	Xuan	10%

 

7.        This Agreement has a term
of 6 years and in order for Management to earn bonus payments, the market capitalization minimums (or takeover bid) described above must
be achieved within 6 years of the date hereof.  Thereafter, no bonus will be payable.

 

8.        The Plan is in addition to
any other compensation that may be offered to Management in the future by either SB or Arras.

 

9.        As stated above a key goal
of creating the Plan is retention and any bonus payable in the future to a Party will be cancelled (subject to the discretion of the Board)
if a Party is not employed directly or indirectly by Arras when a bonus is earned and becomes payable.

 

10.        Arras shall not be obligated
to pay a bonus under this agreement if it lacks funds at the time.  In such case, interest at 5% per annum compounded shall accrue
until the bonus plus interest is fully paid.  Arras may elect to settle any bonus debt by issuing and delivering shares of Arras
for such debt valued at the 20 trading day VWAP for Arras’ shares on the market calculated up to the day before the issue of the
shares, less 5%.

 

 

[***]
INDICATES THAT INFORMATION HAS BEEN REDACTED

 

 

    	  

    	 

    

 

11.       Time shall be the essence
of this agreement.

 

12.       All notices to be given by
the Parties shall be hand delivered to the above address or delivered by email to a Party’s SB or Arras email address.  Any
such notice shall be deemed delivered the day after delivery.  A Party may change his address by notice to the other Parties.

 

13.       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.

 

14.       This agreement may not be
assigned.

 

IN WITNESS WHEREOF the Parties have executed this Agreement
as of the date and year first above written.

 

 

ARRAS MINERALS CORP.

 

 

Per:
/s/ John McClintick

John
McClintock 

 

SIGNED,
SEALED AND DELIVERED:

 

 

Timothy
Barry/s/ Timothy Barry 

 

Witness:
/s/ Christopher Richards

 

 

Brian
Edgar/s/ Brian Edgar   

 

Witness:
/s/ Christopher Richards

 

 

Christopher
Richards/s/ Christopher Richards  

 

Witness:
/s/ David Xuan

 

 

David
Xuan/s/ David Xuan   

 

Witness:
/s/ Christopher Richards

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