Document:

Sunshine Silver Mines Corporation Long Term Incentive Plan

 Exhibit 10.10 
 SUNSHINE SILVER MINES CORPORATION 
 LONG TERM INCENTIVE PLAN

 1. Purpose. The purpose of the Sunshine Silver Mines Corporation Long Term Incentive Plan (the
“Plan”) is to recognize the contributions made by Employees (as defined below), consultants and Directors (as defined below) of Sunshine Silver Mines Corporation (the “Company”) or a Subsidiary and to provide such
persons with an additional incentive to use maximum efforts for the future success of the Company and any Subsidiary and to enhance the ability of the Company or a Subsidiary to attract, retain and motivate individuals upon whom the Company’s
sustained growth and financial success depend by providing such persons with an opportunity to acquire or increase their proprietary interest in the Company through receipt of rights to acquire Awards (as defined below). 

2. Definitions. As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

 “Authorized Officer” means the Chairman of the Board, the Chief Executive Officer of the
Company or the senior human resources officer of the Company (or any other senior officer of the Company to whom any of such individuals shall delegate the authority to execute any Award Agreement). 

“Award” means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which
may be structured as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions, and limitations as the Committee may establish in accordance with the objectives of the
Plan. 
 “Award Agreement” means the document (in written or electronic form) communicating the
terms, conditions and limitations applicable to an Award. The Committee may, in its discretion, require that the Participant execute such Award Agreement, or may provide for procedures through which Award Agreements are made available but not
executed. Any Participant who is granted an Award and who does not affirmatively reject the applicable Award Agreement shall be deemed to have accepted the terms of Award as embodied in the Award Agreement. 

“Board” or “Board of Directors” means the Board of Directors of the Company duly elected
by the shareholders of the Company. 
 “Cash Award” means an Award denominated in cash.

  
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 “Change of Control” means (i) any merger or
consolidation of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less
than a controlling interest in the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions in which control of the Company is acquired by a person or group of
persons acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto; or (iii) a sale or other disposition of all or substantially all of the assets of the
Company; provided that in no event will a Change of Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any transaction or
series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any successor or indebtedness or equity securities of the Company are cancelled or converted or a combination thereof,
including, without limitation, an initial public offering or other offering of the Company’s capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, controls, is controlled by, or is
under common control with, the Company; or (D) any transaction where control of the Company, the surviving parent entity or the entity to which all or substantially all of the Company’s assets are transferred in the transaction or series
of transactions is controlled directly or indirectly by one or more Kaplan Parties. 
 “Code”
means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the Board of
Directors, or a committee of the Board of Directors appointed in accordance with Section 3 of the Plan, when acting in connection with the administration of the Plan. 

“Common Stock” means the common stock, par value $.001 per share, of the Company. 

“Company” means Sunshine Silver Mines Corporation, a Delaware corporation. 

“Continuous Service” means that the Participant’s service with the Company or a Subsidiary, whether
as an Employee, consultant or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the
Company or a Subsidiary as an Employee or Director or a transfers between locations of the Company or between the Company, its, Subsidiaries, or their respective successors, provided that there is no interruption or termination of the
Participant’s service. For example, a change in status from an Employee of the Company to a Director will not constitute an interruption of Continuous Service. Notwithstanding the foregoing, a Participant’s Continuous Service shall be
deemed to have terminated with respect to all Incentive Stock Options granted to such Participant on such date as such Participant’s Continuous Service as an Employee terminates. To the extent permitted by law and any leave of absence policy of
the Company, the Committee in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any 

  
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leave of absence approved by that party, including sick leave, military leave or any other personal leave; provided, however, a Participant’s Continuous Service shall not be deemed to
have been terminated because of an approved leave of absence from active service with the Company or a Subsidiary on account of temporary illness, authorized vacation, or granted for reasons of professional advancement, education, health, or
government service, or during military leave for any period that is required by the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended (“USERRA”) (if the Participant returns to active service with the Company or
a Subsidiary within the period required by USERRA after termination of military leave), or during any period required to be treated as a leave of absence by virtue of any applicable and binding statute (such as the Family and Medical Leave Act of
1993, as amended), personnel policy, or employment agreement. Whether an authorized leave of absence constitutes termination of Continuous Service hereunder shall be determined by the Committee. The Committee shall determine whether any corporate
transaction, such as a sale or spin-off of a division or business unit, or a joint venture, shall be deemed to result in a termination of Continuous Service. 
 “Control” (including its correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) means, with respect to any person,
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the beneficial ownership of voting securities, by contract or otherwise. 

“Covered Employee” means any Employee who is or may be a “covered employee,” as defined in Code
Section 162(m). 
 “Director” means each member of the Board of Directors of the Company.

 “Disability” means (i) in the case of a Participant who receives an Award and whose
employment arrangement with the Company or a Subsidiary is subject to the terms of an employment agreement between such Participant and the Company or Subsidiary, which employment agreement includes a definition of “Disability,” the
meaning set forth in such agreement for “Disability” during the period that agreement remains in effect; and (ii) in all other cases, the term “Disability” as used in the Plan or any Award Agreement shall have the meaning
set forth in Section 22(e)(3) of the Code; provided, however, that as to any award under the Plan that consists of deferred compensation subject to Section 409A of the Code, the definition of “Disability” shall be deemed
modified to the extent necessary to comply with Section 409A of the Code. 
 “Dividend
Equivalents” means, in the case of Restricted Stock Units, an amount equal to all dividends and other distributions (or the economic equivalent thereof) that are payable to shareholders of record during the vesting period, as applicable, on
a like number of Shares. 
 “Effective Date” means May 10, 2011. 

  
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 “Employee” means any person, including officers, employed
by the Company or a Subsidiary. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be considered an “Employee” for purposes of the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exercise Price” means the price at which a Participant may exercise his right to receive cash or Common
Stock, as applicable, under the terms of an Award. 
 “Fair Market Value” means, as of a
particular date, the value of the Common Stock determined as follows: (i) if the Common Stock is traded in a public market, then the Fair Market Value per share shall be, (A) if the Common Stock is listed on a national securities exchange,
the last reported sale price thereof on the relevant date (or if no Shares of Common Stock were traded on such date, the next preceding date on which the Common Stock was traded), or (B) if the Common Stock is not so listed or included, the
average of the last reported “bid” and “asked” prices thereof on the relevant date (or if no Shares of Common Stock were traded on such date, the next preceding date on which the Common Stock was traded) as reported on the OTC
Bulletin Board, or the Fair Market Value per share as determined by any other method adopted by the Committee from time to time as the Committee may deem appropriate or as may be required in order to comply with applicable laws and regulations; and
(ii) at any time at which the Common Stock is not traded in a public market, then the Fair Market Value per share shall be determined by the Board, acting in good faith using a reasonable application of a reasonable method taking into
consideration the provisions of the Treasury Regulations promulgated under Section 409A of the Code, and such determination shall be final and binding for all purposes of the Plan. 

“Grant Date” means the date an Award is granted to a Participant pursuant to the Plan. 

“Incentive Stock Option” or “ISO” means an Option that is intended to qualify as an
“incentive stock option” within the meaning of Section 422 of the Code. 
 “Kaplan
Party” means (A) Thomas S. Kaplan or Dafna Recanati Kaplan; (B) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (A) above; (C) any trust created for the
benefit of any of the persons described in clauses (A) or (B) above or any trust for the benefit of such trust; or (D) any person controlled by one or more of the persons referred to in clauses (a), (B) or (C) above.

 “Non-Employee Director” means a Director who either (i) is not a current Employee or
officer of the Company or a Subsidiary and does not receive compensation directly or indirectly from the Company or a Subsidiary for services rendered as a consultant or in any capacity other than as a Director, or (ii) is otherwise considered
a “non-employee director” for purposes of Rule 16b-3 promulgated under the Exchange Act. 

  
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 “Nonqualified Stock Option” means an Option that is not
intended to qualify, or otherwise does not qualify, as an “incentive stock option” within the meaning of Section 422 of the Code. 
 “Option” means either an ISO or a Nonqualified Stock Option granted under the Plan. 
 “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award. 

“Performance Award” means an Award made pursuant to the Plan to a Participant which is subject to the
attainment of one or more Performance Goals. 
 “Performance Goal” means one or more standards
established by the Committee to determine in whole or in part whether a Performance Award shall be earned. 

“Qualified Performance Awards” means awards described in Section 7E(b). 

“Restricted Stock” means a share of Common Stock that is restricted or subject to forfeiture provisions.

 “Restricted Stock Award” means an Award in the form of Restricted Stock. 

“Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share
of Common Stock or equivalent value in cash that is restricted or subject to forfeiture provisions. 

“Restricted Stock Unit Award” means an Award in the form of Restricted Stock Units. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means the shares of Common Stock of the Company that are the subject of Awards. 

“Stock Appreciation Right” or “SAR” means a right to receive a payment, in cash or
Common Stock, equal to the excess of the Fair Market Value of a specified number of shares of Common Stock on the date the right is exercised over a specified Exercise Price. 

“Stock Award” means an Award in the form of shares of Common Stock, including a Restricted Stock Award
and a Restricted Stock Unit Award that may be settled in shares of Common Stock, and excluding Options and SARs. 

“Subsidiary” means a corporation that is a subsidiary corporation with respect to the Company within the
meaning of Section 424(f) of the Code. 

  
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 “Ten Percent Shareholder” means an Employee who owns (or is
deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a Subsidiary. 

3. Administration of the Plan. The Plan shall be administered by the Board; however, the Board may designate a
committee composed of two or more Non-Employee Directors to administer the Plan in its stead. Any such committee so designated by the Board to administer the Plan shall be constituted as necessary to comply with the legal requirements, if any,
relating to the administration of the types of Awards granted under the Plan imposed by applicable corporate and securities laws, the Code and any stock exchange or national market system upon which the Common Stock is then listed or traded.
Notwithstanding anything to the contrary contained in this Section 3, the Board shall constitute the Committee and administer the Plan with respect to Awards granted to Non-Employee Directors. 

(a) Meetings. The Committee may hold meetings at such times and places as it may determine. Acts approved at a
meeting by a majority of the members of the Committee or acts approved in writing by the unanimous consent of the members of the Committee shall be the valid acts of the Committee. 

(b) Powers of Committee. The Committee shall have the power, subject to the express provisions of the Plan:

 (i) To determine from time to time which of the eligible persons under the Plan shall be granted Awards; when
and how each Award shall be granted; what type or combinations of types of Awards shall be granted; the provisions of each Award granted, which need not be identical. 

(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and
regulations for its administration. The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement in a manner and to the extent it shall deem necessary or expedient to make the
Plan fully effective. 
 (iii) Generally, to exercise such other powers and perform such acts as the Committee
deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or any Awards. 
 (c) Exculpation. No member of the Committee shall be personally liable for monetary damages for any action taken or any failure to take any action in connection with the administration of the Plan
or the granting of Awards under the Plan, provided that this Subsection 3(c) shall not apply to: (i) any breach of such member’s duty of loyalty to the Company or its shareholders; (ii) acts or omissions not in good faith or
involving intentional misconduct or a knowing violation of law; and (iii) any transaction from which the member derived an improper personal benefit. 

  
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 (d) Indemnification. Service on the Committee shall constitute
service as a member of the Board of the Company. Each member of the Committee shall be entitled without further action on such person’s part to indemnity from the Company to the fullest extent provided by applicable law and the Company’s
Certificate of Incorporation and/or Bylaws in connection with or arising out of any action, suit or proceeding with respect to the administration of the Plan or the granting of Awards thereunder in which such person may be involved by reason of such
person’s being or having been a member of the Committee, whether or not such person continues to be a member of the Committee at the time of the action, suit or proceeding. 

(e) Effect of Committee Action. The Committee’s determinations under the Plan (including, without limitation,
determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing same) shall be made in its discretion and need not be uniform and may be made by
it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. All determinations and interpretations made by the Committee shall be final, binding and conclusive on
all persons, including without limitation, all Participants and persons claiming rights from or through a Participant. 
 (f) Delegation. The Committee may delegate any of its authority to grant Awards to Employees who are not subject to Section 16(b) of the Exchange Act, subject to Section 3(b) above, to
the Board or to any other committee of the Board, provided such delegation is made in writing and specifically sets forth such delegated authority. The Committee may also delegate to an Authorized Officer authority to execute on behalf of the
Company any Award Agreement. The Committee and the Board, as applicable, may (i) delegate the authority to officers or employees of the Company or a Subsidiary or (ii) engage or authorize the engagement of a third party administrator to
carry out administrative functions under the Plan. Any such delegation hereunder shall only be made to the extent permitted by applicable law. 
 4. Shares Subject to Plan. Subject to adjustment as provided in Section 9, the number of Shares that may be issued pursuant to Awards shall not exceed, in the aggregate,
2,000,000 Shares; provided that the number of shares that may be issued pursuant to Stock Awards shall not exceed, in the aggregate, 2,000,000 Shares and the number of shares that may be issued pursuant to awards of Incentive Stock Options
shall not exceed, in the aggregate, 2,000,000 Shares. The Shares shall be issued from authorized and unissued or reacquired Common Stock, including Shares repurchased by the Company. If an Option or SAR shall for any reason expire or otherwise
terminate without having been exercised in full for any reason, or if all or any portion of the Shares subject to a Stock Award shall be forfeited for any reason, the Shares for which the Option or SAR was not exercised or the Shares so forfeited
shall revert to, and may again become available for the grant of one or more Awards under the Plan. 
 (a)
The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required documents with 

  
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governmental authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance pursuant to Awards. 

(b) Notwithstanding anything to the contrary contained in the Plan, the following limitations shall apply to any
Awards made hereunder, following the time at which the Company is subject to the deduction limitations of Section 162(m) of the Code with respect to amounts payable pursuant to this Plan: 

(i) No Employee may be granted during any calendar year Awards consisting of Options or SARs that are exercisable for more
than 200,000 shares of Common Stock; 
 (ii) No Employee may be granted during any calendar year Stock Awards
covering or relating to more than 200,000 shares of Common Stock (the limitation set forth in this clause (ii), together with the limitation set forth in clause (i) above, being hereinafter collectively referred to as the “Stock-Based
Award Limitations”); and 
 (iii) No Employee may be granted during any calendar year (1) Cash Awards
or (2) Restricted Stock Unit Awards that may be settled solely in cash having a value determined on the Grant Date in excess of $5,000,000. 
 No Awards shall be granted under the Plan following the tenth anniversary of the Effective Date; provided, however, that all Awards granted under the Plan prior to such date shall remain in
effect until: (i) in the case of Options or SARs, such Options or SARs have been exercised or terminated in accordance with the Plan and the terms of such Awards, (ii) in the case of Stock Awards, the Shares subject to such Award are no
longer subject to any restrictions (including, without limitation, any risk of forfeiture) or have been returned to the Company in accordance with the Plan and the terms of the applicable Award Agreement; or (iii) in the cash of Cash Awards,
the amounts subject to such Award have been paid or the Cash Award has been forfeited or terminated, as applicable. 
 5.
Eligibility for Employees. 
 (a) Eligibility for Grant of Awards. Employees shall be
eligible to receive Awards at the sole discretion of the Committee. 
 (b) Ten Percent Shareholders. A Ten
Percent Shareholder shall not be granted an ISO unless the exercise price of such Option is at least 110% of the Fair Market Value of the Common Stock on the date of grant, and the Option is not exercisable after the expiration of five
(5) years from the date of grant. 
 6. Consultants and Non-Employee Director Grants under the Plan.
Notwithstanding any provision of the Plan to the contrary, each Non-Employee Director of the Company and consultants shall be eligible to be granted Awards under the Plan, other than ISOs, at the discretion of the Board. 

  
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 7. Award Agreements and Terms. The Committee shall determine the type
or types of Awards to be made under the Plan and shall designate from time to time the Participants who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and
limitations as shall be determined by the Committee, in its sole discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the Company. Awards may
be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under the Plan or any other plan of the Company or any of its Subsidiaries,
including the plan of any acquired entity; provided, however, that, except as contemplated in Section 9 hereof, no Option or SAR may be issued in exchange for the cancellation of an Option or SAR with a higher Exercise Price nor may the
Exercise Price of any Option or SAR be reduced. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of service by a Participant, any unexercised, unvested or unpaid Awards shall be treated as set
forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant. 

A. Options. Each Option granted under the Plan shall be a Nonqualified Stock Option, unless the Option specifically
shall be designated at the time of grant to be an ISO. If any Option designated as an ISO is determined for any reason not to qualify as an incentive stock option within the meaning of Section 422 of the Code, such Option shall be treated as a
Nonqualified Stock Option for all purposes under the provisions of the Plan. Each Option granted pursuant to the Plan shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve, which Award Agreement shall
comply with and be subject to the following terms and conditions and such other terms and conditions as the Committee shall from time to time require that are not inconsistent with the terms of the Plan. The exercise period for an Option shall
extend no more than 10 years after the Grant Date, except that the exercise period for an ISO that is granted to a Ten Percent Shareholder shall be five years. Options may not include provisions that “reload” the Option upon exercise.

 (a) Exercise Price. Each Award Agreement shall state the Exercise Price applicable to the Option
granted therein. Subject to the provisions of Section 5(b) with respect to a Ten Percent Shareholder granted an ISO, the Exercise Price of any Option, whether a Nonqualified Stock Option or an ISO, shall in no event ever be less than 100% of
the Fair Market Value of the Shares subject to the Option on the Grant Date as determined by the Committee in accordance with this Section 7A(a). Notwithstanding the foregoing, an Option may be granted with an Exercise Price lower than that set
forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. 

(b) Exercise. No Option shall be deemed to have been exercised prior to the receipt by the Company of written
notice of such exercise and of payment in full of the Exercise Price for the Shares to be purchased. Each such notice shall specify the number of Shares to be purchased. 

  
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 (c) Method of Payment. The purchase price of Common Stock acquired
pursuant to the exercise of an Option shall be paid, to the extent permitted by applicable law and as determined by the Committee in its sole discretion, by one or more of the following methods. The Committee shall have authority to grant Options
that do not entitle the Participant to use all methods or that require prior written consent of the Company to use certain of the methods. The methods of payment of the Exercise Price are: 

(i) cash or check payable in clearinghouse funds to the order of the Company; 

(ii) by delivery to the Company of other Shares of Common Stock which, unless otherwise determined by the Committee, have
been held for more than six (6) months; 
 (iii) by a “net exercise” arrangement pursuant to which
the Company will reduce the number of Shares issued upon exercise by the largest whole number of the Shares with a Fair Market Value that does not exceed the Exercise Price; provided, however, that the Company shall accept cash or other payment from
the Participant to the extent of any remaining balance of the aggregate Exercise Price not so satisfied, provided further that the Shares will no longer be outstanding under an Option and will not be exercisable thereafter to the extent so applied
or withheld to satisfy tax withholding obligations pursuant to Section 16 below; or 
 (iv) any other form
of legal consideration that may be acceptable to the Committee. 
 (d) Limitation on ISO Grants. To the
extent that the aggregate Fair Market Value of the Shares of Common Stock (determined at the time the ISO is granted) with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under
all incentive stock option plans of the Company or its Subsidiaries in which such Participant has been granted ISOs exceeds $100,000, the Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be
treated as Nonqualified Stock Options, notwithstanding any contrary provision of the applicable Award Agreement. 
 B.
Stock Appreciation Rights. An Award may be in the form of an SAR. The Exercise Price for an SAR shall not be less than the Fair Market Value of the Common Stock on the Grant Date. The holder of a tandem SAR may elect to exercise either
the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that “reload” the SAR upon exercise. Subject to the foregoing provisions, the
terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested and exercisable, shall be determined by the Committee. 

  
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 C. Stock Awards. An Award may be in the form of a Stock Award. The
terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee, and subject to the applicable requirements described herein. 

D. Cash Awards. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to a
Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee. 
 E.
Performance Awards. Without limiting the type or number of Awards that may be made under the other provisions of the Plan, an Award may be in the form of a Performance Award. The terms, conditions and limitations applicable to an Award
that is a Performance Award shall be determined by the Committee. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they are met, will determine the value and/or amount of Performance Awards that
will be paid out to the Participant and/or the portion of an Award that may be exercised. 
 (a) Nonqualified
Performance Awards. Performance Awards that are not intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be based on achievement of such Performance Goals and be subject to such terms, conditions
and restrictions as the Committee or its delegate shall determine. 
 (b) Qualified Performance Awards.
Performance Awards that are intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be paid, vested or otherwise deliverable solely on account of the attainment of one or more pre-established, objective
Performance Goals established by the Committee prior to the earlier to occur of (1) 90 days after the commencement of the period of service to which the Performance Goal relates and (2) the lapse of 25% of the period of service (as
scheduled in good faith at the time the goal is established), and in any event while the outcome is substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is
met. One or more of such goals may apply to the Participant, one or more business units, divisions or sectors of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies. A Performance
Goal shall include one or more of the following: 
  

	 	•	 	 revenue and income measures (which include various revenue, gross margin, income from operations, net income, net sales, earnings per share, earnings
before interest, taxes, depreciation and amortization (“EBITDA”), earnings before interest and taxes (“EBIT”) and economic value added (“EVA”) measures; 

 

	 	•	 	 expense measures (which include various costs of goods sold, selling, finding and development costs, operating and maintenance expenses, general and
administrative expenses and overhead costs measures); 

  
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	 	•	 	 operating measures (which include various productivity, total costs, operating income, funds from operations, cash from operations, after-tax operating
income, market share, margin, sales volumes, availability, commercial capacity factor and total margin capture factor measures); 

  

	 	•	 	 cash flow measures (which include various net cash flow from operating activities and working capital, adjusted cash flow and free cash flow measures);

  

	 	•	 	 liquidity measures (which include various earnings before or after the effect of certain items such as interest, taxes, depreciation and amortization
measures); 

  

	 	•	 	 leverage measures (which include various debt-to-equity ratio, gross debt and net debt measures); 

 

	 	•	 	 market measures (which include various market share, stock price, growth measure, total shareholder return and market capitalization measures);

  

	 	•	 	 return measures (which include various return on equity, return on assets and return on invested capital measures); 

 

	 	•	 	 corporate value measures (which include various compliance, safety, environmental and personnel measures); and 

 

	 	•	 	 other measures such as those relating to acquisitions, dispositions or customer satisfaction. 

Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business
criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions applicable to Qualified Performance Awards, it is
the intent of the Plan to conform with the standards of Code Section 162(m) and Treasury Regulation § 1.162-27(e)(2)(i), as to grants to Covered Employees and the Committee in establishing such goals and interpreting the Plan shall be
guided by such provisions. Prior to the payment of any compensation based on the achievement of Performance Goals applicable to Qualified Performance Awards, the Committee must certify in writing that applicable Performance Goals and any of the
material terms thereof were, in fact, satisfied. For this purpose, approved minutes of the Committee meeting in which the certification is made shall be treated as such written certification. Subject to the foregoing provisions, the terms,
conditions and limitations applicable to any Qualified Performance Awards made pursuant to the Plan shall be determined by the Committee. The Committee may provide in any such Performance Award that any evaluation of performance may include or
exclude any of the following events that occurs during a performance period: (a) asset write-downs, (b) litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles, or other laws or
provisions affecting reported results, (d) any reorganization and restructuring programs, (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and
analysis of financial condition and results of operations 

  
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appearing in the Company’s annual report to shareholders for the applicable year, (f) acquisitions or divestitures, (g) foreign exchange gains and losses and (h) settlement of
hedging activities. 
 (c) Adjustment of Performance Awards. Awards that are intended to qualify as
Qualified Performance Awards may not be adjusted upward. The Committee may retain the discretion to adjust such Qualified Performance Awards downward, either on a formula or discretionary basis or any combination, as the Committee determines.

 8. Change of Control. 

(a) Options and SARs. Unless otherwise provided in an applicable Award Agreement, upon the consummation of a Change
of Control where Options or SARs are not continued, assumed (or substituted) by the Company (or surviving corporation or ultimate parent corporation in a Change of Control transaction), the Committee may, in its sole discretion, (i) provide for
full or partial vesting of any outstanding Option or SAR, (ii) determine that any or all outstanding Options or SARs granted under the Plan, whether or not exercisable, will be canceled and terminated and that in connection with such
cancellation and termination the holder of such Option or SAR may receive for each share of Common Stock subject to such Option or SAR cash payment (or the delivery of shares of stock, other securities or a combination of cash, stock and securities
equivalent to such cash payment) equal to the difference, if any, between the consideration received by shareholders of the Company in respect of a share of Common Stock in connection with such transaction and the Exercise Price multiplied by the
number of shares of Common Stock subject to such Award; provided that if such product is zero or less or to the extent that the Option or SAR is not then exercisable, the Option or SAR will be canceled and terminated without payment therefor.

 (b) Stock Awards. The Committee shall have the discretion to provide in each Award Agreement relating
to Stock Awards the terms and conditions that relate to the lapse of any restrictions on the Shares subject thereto, including without limitation any risk of forfeiture, in the event of a Change of Control, which terms and conditions may vary in
each such Award Agreement. The Committee may provide for lapse of restrictions on any Shares subject to a Stock Award prior to a Change of Control in the applicable Award Agreement or by unilateral amendment to any such Award Agreement after the
grant of any such award. 
 9. Adjustments. 

(a) The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures,
preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of 

  
 13 

 
the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts
or proceedings enumerated above. 
 (b) In the event of any subdivision or consolidation of outstanding
shares of Common Stock, declaration of a dividend payable in shares of Common Stock or other stock split, then (i) the number of shares of Common Stock reserved under the Plan and the number of shares of Common Stock available for issuance
pursuant to specific types of Awards as described in Section 4, (ii) the number of shares of Common Stock covered by outstanding Awards, (iii) the Exercise Price or other price in respect of such Awards, (iv) the appropriate Fair
Market Value and other price determinations for such Awards, (v) the Stock-Based Award Limitations and (vi) any other limitations contained within the Plan shall each be proportionately adjusted by the Committee as appropriate to reflect
such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the
Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Committee shall make appropriate adjustments to (1) the number of shares of
Common Stock reserved under the Plan and the number of shares of Common Stock available for issuance pursuant to specific types of Awards as described in Section 4, (2) the number of shares of Common Stock covered by outstanding Awards,
(3) the Exercise Price or other price in respect of such Awards, (4) the appropriate Fair Market Value and other price determinations for such Awards, (5) the Stock-Based Award Limitations and (6) any other limitations contained
within the Plan; provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without exceeding, the value of such Awards. 

(c) In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization
or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion, to (i) provide for the substitution of a new Award or other
arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award (and for awards not granted under the Plan), regardless of whether in a transaction to which
Code Section 424(a) applies, (ii) provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the
termination of any portion of the Award that remains unexercised at the time of such transaction, (iii) provide for the acceleration of the vesting and exercisability of an Award and the cancellation thereof in exchange for such payment as the
Committee, in its sole discretion, determines is a reasonable approximation of the value thereof, (iv) cancel any Awards and direct the Company to deliver to the Participants who are the holders of such Awards cash in an amount that the
Committee shall determine in its sole discretion is equal to the Fair Market Value of such Awards as of the date of such event, which, in the case of any Option, shall be the amount equal to the excess of the Fair Market Value of a share as of such
date over the Exercise Price for such Option or SAR (for the avoidance 

  
 14 

 
of doubt, if such exercise price is less than such Fair Market Value, the Option or SAR may be canceled for no consideration), or (v) cancel Awards that are Options or SARs and give the
Participants who are the holders of such Awards notice and opportunity to exercise prior to such cancellation. 

(d) No adjustment authorized by this Section 9 shall be made in such manner that would result in the Plan or
any amounts or benefits payable hereunder to fail to comply with or be exempt from Section 409A, and any such adjustment that may reasonably be expected to result in such failure shall be of no force or effect. 

10. Clawback for Misconduct or Restatement. In the event of misconduct by a Participant which results in material
harm to the Company, if any of the Company’s financial statements are restated as a result of errors, omissions, or fraud, the Board may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of any
such Award made to any, all or any class of Participant with respect to any fiscal year of the Company the financial results of which are negatively affected by such restatement. The amount to be recovered from any Participant shall be (i) the
amount by which the affected Award or payment exceeded the amount that would have been payable to such Participant had the financial statements been initially filed as restated, (ii) shares purchased pursuant to exercise of an option that is
subject to clawback hereunder or (iii) any greater or lesser amount (including, but not limited to, the entire Award) that the Board shall determine. The Board may determine to recover different amounts from different Participants or different
classes of Participants on such basis as it shall deem appropriate. In no event shall the amount to be recovered by the Company from a Participant be less than the amount required to be repaid or recovered as a matter of law. The Board shall
determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount
that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or a Subsidiary, (iii) by withholding payment of future increases in compensation (including the payment of any
discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company’s otherwise applicable compensation practices, or (iv) by any combination of the foregoing or otherwise.

 11. Award Payment; Dividends and Dividend Equivalents. 

(a) General. Payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may
include such restrictions as the Committee shall determine, including, but not limited to, in the case of Common Stock, restrictions on transfer and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the Shares (to the
extent that such Shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled in shares of Common
Stock, the shares of Common Stock that may be issued at the end of 

  
 15 

 
the vesting period shall be evidenced by book entry registration or in such other manner as the Committee may determine. 

(b) Dividends and Dividend Equivalents. Rights to (1) dividends will be extended to and made part of any
Restricted Stock Award and (2) Dividend Equivalents may be extended to and made part of any Restricted Stock Unit Award, subject in each case to such terms, conditions and restrictions as the Committee may establish; provided,
however, that no such dividends or Dividend Equivalents shall be paid with respect to unvested Stock Awards, including Stock Awards subject to Performance Goals. Dividends and/or Dividend Equivalents shall not be made part of any Options or
SARs. 
 12. Amendment. Subject to the provisions of the Plan, the Committee shall have the right to amend
Award Agreements issued to a Participant, subject to the Participant’s consent if such amendment is not favorable to the Participant, except that the consent of the Participant shall not be required for any amendment made pursuant to Sections 8
and 9 of the Plan, as applicable. 
 13. Assignability. Unless otherwise determined by the Committee and
expressly provided for in an Award Agreement, no Award or any other benefit under the Plan shall be assignable or otherwise transferable except (1) by will or the laws of descent and distribution or (2) pursuant to a domestic relations
order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or applicable Award and in a form acceptable to the Committee. The Committee may prescribe and include in applicable Award Agreements
other restrictions on transfer. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Section 13 shall be null and void. Notwithstanding the foregoing, no Award may be transferred for value or
consideration. 
 14. No Commitment to Retain. The grant of an Award pursuant to the Plan shall not be
construed to imply or to constitute evidence of any agreement, express or implied, on the part of the Company or any Subsidiary to retain the Participant in the employ or service of the Company or a Subsidiary and/or as a member of the Board or in
any other capacity, or interfere in any way with the right of the Company or a Subsidiary to terminate the services of a Participant. 
 15. Securities Law Restrictions. Unless the Shares received pursuant to an Award are covered by a then current registration statement or a notification under Regulation A under the
Securities Act, each Award Agreement shall contain the Participant’s acknowledgment in form and substance satisfactory to the Company that: (i) such Shares are being purchased for investment and not for distribution or resale (other than a
distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Securities Act); (ii) the Participant has been advised and understands that (A) the
Shares have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the 

  
 16 

 
Securities Act and are subject to restrictions on transfer, and (B) the Company is under no obligation to register the Shares under the Securities Act or to take any action which would make
available to the Participant any exemption from such registration; (iii) such Shares may not be transferred without compliance with all applicable federal and state securities laws and any other restrictions contained in the Plan and the
applicable Award Agreement; and (iv) an appropriate legend referring to the foregoing restrictions on transfer and any other restrictions imposed under the Award Agreement may be endorsed on the certificates. Notwithstanding the foregoing, if
the Company determines that issuance of Shares should be delayed pending (1) registration under federal or state securities laws, (2) the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption from such
registration is available, (3) the listing or inclusion of the Shares on any securities exchange or an automated quotation system, or (4) the consent or approval of any governmental regulatory body whose consent or approval is necessary in
connection with the issuance of such Shares, the Company may defer issuance of any Shares under an Award Agreement granted hereunder until any of the events described in this sentence has occurred. 

16. Withholding of Taxes. The Company shall have the right to deduct applicable taxes from any Award payment and
withhold, at the time of delivery or vesting of cash or shares of Common Stock under the Plan, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of required withholding taxes or to take such other
action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes; provided, however, that the number of shares of Common Stock withheld for payment of required withholding taxes must
equal no more than the required minimum withholding taxes. The Committee may also permit withholding to be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Award with respect to which
withholding is required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made. 

17. Shareholder Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder
with respect to any Shares subject to an Award unless and until such Participant has satisfied all requirements applicable to such Award, in accordance with the terms of the Plan and the applicable Award Agreement. 

18. Interpretation. The Plan is intended to enable transactions under the Plan with respect to directors and
officers (within the meaning of Section 16(a) under the Exchange Act) to satisfy the conditions of said Rule 16b-3 under the Exchange Act or its successors; to the extent that any provision of the Plan would cause a conflict with such
conditions or would cause the administration of the Plan as provided in Section 3 to fail to satisfy the conditions of said Rule 16b-3, such provision shall be deemed null and void to the extent permitted by applicable law. This Section
shall not be 

  
 17 

 
applicable if no class of the Company’s equity securities is then registered pursuant to Section 12 of the Exchange Act. 

19. Code Section 409A. 
 (a) Awards made under the Plan are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner
consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in the Plan to the contrary, if any
Plan provision or Award under the Plan would result in the imposition of an additional tax under Code Section 409A, that Plan provision or Award shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of
the additional tax, and no such action shall be deemed to adversely affect the Participant’s rights to an Award. 
 (b) Unless the Committee provides otherwise in an Award Agreement, each Restricted Stock Unit Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled
no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A. If
the Committee determines that a Restricted Stock Unit Award or a Cash Award is intended to be subject to Code Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Code
Section 409A. 
 (c) If the Participant is identified by the Company as a “specified
employee” within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Award
payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the
Participant’s separation from service, (2) the date of the Participant’s death, or (3) such earlier date as complies with the requirements of Code Section 409A. 

20. Amendment or Termination of the Plan. The Board may amend, suspend or terminate the Plan, but no such amendment
or termination shall be made which would adversely affect any outstanding Awards without the written consent of the affected Participants. In addition, to the extent necessary to comply with Section 422 of the Code, Section 16b-3 under the
Exchange Act or any other applicable law or regulation, including the requirements of any stock exchange or national market system upon which the Common Stock is then listed, the Company shall obtain shareholder approval of any Plan amendment or
termination. 

  
 18 

 21. Effective Date. The Plan is effective as of the Effective Date. The
grant of Incentive Stock Options under the Plan is conditioned on the approval of the shareholders of the Company within twelve (12) months after the date the Plan was so adopted by the Board. 

22. Choice of Law. The Plan and the Awards granted under the Plan shall be governed by and construed in accordance
with the Laws of the State of New York (including Section 5-1401 of the General Obligations Law of the State of New York but otherwise without regard to conflicts of Laws principles). 

  
 19Employment Agreement dated as of February 28, 2011

 Exhibit 10.11 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), dated as of February 28, 2011, is between SUNSHINE SILVER MINES CORPORATION (the “Company”) and ROGER P. JOHNSON (the “Executive” and together with the
Company, the “Parties”). 
 W I T N E S S E T H: 

WHEREAS: 

The Parties wish to enter into the arrangements set forth herein with respect to the terms and conditions of the Executive’s
employment with the Company. 
 NOW, THEREFORE, in consideration of the promises and covenants contained herein, the
Parties agree as follows: 
 AGREEMENT 
 1. Employment and Term. The Company agrees to, and does hereby, employ the Executive, and the Executive agrees to, and does hereby accept, such employment, upon the terms and subject to the
conditions set forth in this Agreement. The Executive’s employment will begin on March 9, 2011 (the “Start Date”) and continue at will, which means that the Executive or the Company may terminate the Executive’s
employment at any time for any reason, or for no reason, with or without cause (the “Term”). If the Company terminates this Agreement and the Executive’s employment, the Company shall provide the Executive with notice and
reason for the termination within ten (10) calendar days of the effective date of such termination. 
 2. Position and
Duties. 
 (a) During the Term, the Company shall employ the Executive as Chief Financial Officer. The
Executive shall perform the duties and have the responsibilities customarily associated with the position of Chief Financial Officer, which shall include, without limitation, overseeing the financial operations of the Company and its subsidiaries,
and shall render such other services, and assume such other responsibilities, as may be directed to the Executive by the Chief Executive Officer or such other person as may be designated by the Board of Directors of the Company. 

(b) The Executive shall devote his best efforts and his full business time and attention to the business and affairs of
the Company. 
 (c) The Executive acknowledges and agrees that (i) the Executive owes the Company a duty of
loyalty as a fiduciary of the Company, and (ii) the obligations described in this Agreement are in addition to, and not in lieu of, the obligations the Executive owes the Company under the common law. 

 3. Base Salary, Bonus, Equity/Options, and Benefits. 

(a) Base Salary. During the Term, the Executive’s base salary shall be $330,000.00 per annum (“Base
Salary”), which salary shall be payable in regular installments in accordance with the Company’s general payroll practices. The Base Salary will be subject to review on an annual basis and may be adjusted in accordance with the
procedures set forth by the Company’s Compensation Committee. 
 (b) Payment for Forfeited Stock
Options. As compensation for forgone stock options from the Executive’s prior employer, the Company shall pay the Executive a bonus of $600,000 within thirty (30) days of the Start Date (the “Incentive Bonus”). In the
event that the Company terminates the Executive’s employment for Cause (as defined in Section 4(g) below) or the Executive terminates his employment without Good Reason (as defined in Section 4(g) below) prior to the first anniversary
of the Start Date, the Executive shall promptly repay the Incentive Bonus to the Company. In the event that the Company terminates the Executive’s employment for Cause or the Executive terminates his employment without Good Reason after the
first anniversary of the Start Date but prior to the second anniversary of the Start Date, the Executive shall promptly repay a prorated portion of the Incentive Bonus to the Company, with such prorated portion determined by multiplying the
Incentive Bonus by a fraction, the numerator of which is the number of days that elapsed between the first anniversary of the Start Date and the date of the Executive’s termination of employment, and the denominator of which is 365. 

(c) Annual Bonus. During the Term, provided that the Executive is employed by the Company on
December 31st of the applicable year, the Executive
will be eligible to participate in a bonus plan pursuant to which he will be entitled to receive an annual target bonus in the amount of Sixty-seven percent (67%) of his Base Salary for the applicable year, pro-rated for any partial year (the
“Target Bonus”), upon achievement by the Executive and the Company of certain targets as determined solely in the discretion of the Company’s Compensation Committee (the “Annual Bonus”). The Target Bonus, may
be up to 50% lower (33%) or up to 50% higher (100%) of the Executive’s Base Salary in any given year as determined by the Company’s Compensation Committee, and the Annual Bonus actually paid, if any, will depend on the actual
performance of the Company and the Executive as determined by the Compensation Committee. In all events the Annual Bonus, if earned, will be paid no later than March 15th following the applicable year for which it is earned. 

(d) Options. Effective as of the Start Date, the Company shall grant to the Executive an option to purchase 35,000
shares of the Company’s common stock at its per share value as of the Start Date, which is $13.825 per share (the “Initial Options”). In addition, effective as of the Start Date and as of February 1, 2012 and
February 1, 2013 (provided that the Executive is still employed by the Company as of the applicable date), the Company shall grant to the Executive an option to purchase 3,600 shares of the Company’s common stock (subject to the adjustment
provisions set forth in the Company’s Long-Term Incentive Plan) at a purchase price equal to the then current fair market value of the Company’s common stock (which, at the Start Date, is $13.825 per

  
 2 

 
share as determined by the February 2011 sale of a portion of the Company and the outstanding shares of the Company; see Appendix I, and shall be adjusted for subsequent changes in the share
capital of the Company as provided in the adjustment provisions of the Company’s Long-Term Incentive Plan) (the “Subsequent Options”). The Initial Options shall vest in two equal annual installments on the first and second
anniversaries of the Start Date, and the Subsequent Options shall vest in three equal annual installments on the first, second and third anniversaries of the applicable grant date (each, a “Vesting Date”), provided in each case that
the Executive is employed by the Company on the applicable Vesting Date. The Initial Options and the Subsequent Options (collectively, the “Stock Options”) shall have a ten-year term (subject to earlier termination upon termination
of employment as described herein and in the applicable option agreement) and shall be subject to the terms and conditions of the Company’s Long-Term Incentive Plan and option agreements, all of which shall be consistent with the
Executive’s rights set forth in this Section 3(d). The Executive may receive additional stock option or other equity compensation grants in the future in the sole discretion of the Company’s Compensation Committee. 

(e) Employee Benefits. During the Term, the Executive shall be entitled to participate in the Company’s
various employee benefit plans that are, from time to time, made generally available to the Company’s employees, as such plans are established and pursuant to the terms and conditions of such plans. The Executive acknowledges that the Company
currently has no benefit plans and that the Executive’s initial responsibilities will include researching and overseeing the implementation of such plans, including the following: group health, vision and dental plan; short-term and long-term
disability plan; life insurance plan; and 401(k) plan. 
 (f) Vacation. The Executive shall be entitled to
four (4) weeks paid vacation time per calendar year, pro-rated for any partial year of employment, in accordance with the Company’s vacation time policy. 

(g) Expense Reimbursement. The Executive shall receive reimbursement for direct and reasonable out-of-pocket
expenses, including those related to maintenance of a license as a Certified Public Accountant, continuing professional education and membership in National and State Professional Associations, incurred by him in connection with the performance of
his duties hereunder, according to the policies of the Company. All requests for reimbursement of business-related expenses shall be subject to the Company’s travel policy and requirements with respect to reporting and documentation of
expenses. 
 4. Compensation Upon Termination. Resignation. Disability or Death. 

(a) Termination without Cause. If the Executive’s employment is terminated by the Company without Cause, the
Company shall pay the Executive any Base Salary and Annual Bonus from the preceding calendar year to the extent accrued but unpaid as of the effective date of the Executive’s termination; accrued but unused vacation in accordance with Company
policy; and all business expenses that were incurred and not reimbursed but eligible for reimbursement (collectively, the “Accrued Obligations”). In addition, 

  
 3 

 
the Executive will be entitled to a prorated amount of the current calendar year Annual Bonus, with such prorated portion determined by multiplying the Annual Bonus that would otherwise have been
earned by a fraction, the numerator of which is the number of days that elapsed between the January 1 of the current year and the date of the Executive’s termination of employment, and the denominator of which is 365, with payment of such
prorated Annual Bonus to be made at the same time as annual bonuses are made to other executives of the Company in the ordinary course (but in no event later than March 15th of the calendar year following the calendar year in which the
termination occurs (the “Pro Rata Bonus”). In addition, subject to Section 19, the Company will pay the Executive an amount equal to twenty (20) months of the Executive’s Base Salary at the rate in effect on the date
of termination, payable in a lump sum within sixty (60) calendar days of the date of termination. Provided the Executive timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”), the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid
immediately prior to the date of termination, during the twelve (12) month period following the date of termination, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for
eligible dependents only for those dependents who were enrolled immediately prior to the date of termination. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage
for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of
COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement. Upon termination under this Section 4(a),
(i) the Initial Options, to the extent unvested, shall immediately vest, (ii) the Subsequent Options shall cease vesting and (iii) all vested Stock Options shall remain exercisable until the earlier of (x) the date one hundred
eighty (180) calendar days following termination of employment or (y) the expiration of the original option term. 
 (b) Resignation for Good Reason. If the Executive resigns for Good Reason, the Company shall pay the Executive the same sums and in the same manner, and his rights to the Stock Options shall be the
same, as to which the Executive would be entitled if he had been terminated by the Company without Cause, as set forth in subsection (a) above. The Executive shall provide 30 days’ prior written notice to the Company of his decision to
resign for Good Reason. 
 (c) Termination for Cause. If the Executive’s employment is terminated by
the Company for Cause, the Company shall pay the Executive the Accrued Obligations. Upon termination under this Section 4(c), any outstanding Stock Options shall cease to be exercisable and will be forfeited. 

(d) Resignation without Good Reason. If the Executive resigns without Good Reason, the Company shall pay the
Executive the Accrued Obligations. The Executive 

  
 4 

 
shall provide 60 days’ prior written notice to the Company of his decision to resign without Good Reason. The Stock Options, to the extent exercisable at the Executive’s termination of
employment, shall remain exercisable until the earlier of (i) the date thirty (30) calendar days following termination of employment under this Section 4(d) or (ii) the expiration of the original option term. 

(e) Disability. Subject to any state or federal law or regulation governing employees with disabilities, the
Company may terminate the Executive’s employment upon the Disability of the Executive. In the event the Executive is terminated under this Section 4(e), the Company shall pay the Executive the Accrued Obligations and the Pro Rata Bonus. In
addition, in such event, the Company shall cause Executive to fully vest in all Stock Options referred to in Section 3(d) of this Agreement, and the Stock Options shall remain exercisable until the earlier of (i) the date one (1) year
following termination of employment under this Section 4(e) or (ii) the expiration of the original option term. 
 (f) Death. If the Executive’s employment is terminated due to the Executive’s death, the Company shall pay the Executive’s estate the Accrued Obligations and the Pro Rata Bonus. In
addition, in such event, the Company, shall cause Executive’s estate to fully vest in all Stock Options referred to in Section 3(d) of this Agreement, and the Stock Options shall remain exercisable until the earlier of (i) the date
one (1) year following termination of employment under this Section 4(f) or (ii) the expiration of the original option term. 
 (g) For purposes of this Agreement: 
 (i) “Cause”
means the Executive’s (a) conviction of, guilty plea to or confession of guilt of, or plea of nolo contendere to a felony, or an act involving moral turpitude which could have a material adverse effect on the Company; (b) willful
dishonesty, fraud or conduct that constitutes a felony or an act involving moral turpitude or a breach of fiduciary duty or any material misrepresentation in connection with the Executive’s employment; (c) action that exposes the Company
to a material risk of legal liability or public disgrace or disrepute including, without limitation, violation of any law, rule or regulation that could expose the Company to a material legal or monetary fine or penalty; (d) neglect of his
duties or substantial failure to perform duties as reasonably directed by the Chief Executive Officer and/or Board of Directors; (e) gross negligence or willful misconduct with respect to Company affairs or the Executive’s obligations
hereunder; or (f) any other material breach of this or any other agreement with the Company or any material Company policy, which breach is not cured within at least fifteen (15) calendar days after receipt by the Executive of written
notice from the Company of such breach, but only if such breach is able to be cured during such fifteen (15) calendar day period. 
 (ii) “Good Reason” means: (a) a material diminution in the Executive’s Base Salary, except where such reduction occurs as part of an across-the-board reduction in salary
affecting all senior executives of the Company; (b) a material change in the geographic location of the Executive’s principal business office; in order for a change to be material hereunder, the Executive’s principal business office
must be moved to a 

  
 5 

 
location more than fifty (50) miles from the Company’s office as of the Start Date, except for required travel on Company business; or (c) any other action or inaction by the
Company that constitutes a material breach of this Agreement. The foregoing shall constitute Good Reason only if (i) the Executive provides written notice to the Company of any event(s) alleged to constitute Good Reason within ninety
(90) calendar days of the initial occurrence of the event, with such notice providing a detailed description of the circumstances constituting Good Reason (a “Good Reason Notice”), (ii) any such reduction, change, or
breach is not remedied or cured within fifteen (15) calendar days after the Company’s receipt of a written Good Reason Notice from the Executive (the “Cure Period”) and (iii) the Executive actually terminates
employment within thirty (30) calendar days following the expiration of the Cure Period. 
 (iii)
“Disability” shall mean that the Executive is disabled within the meaning of the Company’s group long-term disability insurance policy. If no long term disability insurance is in place, then Disability shall mean that the
Executive, due to illness, accident, or other physical or mental incapacity, has been substantially unable to perform his duties under this Agreement for a period of at least six (6) consecutive months during the Term as established by the
written opinion of a licensed independent physician selected by the Company. 
 (h) Deemed Resignation.
Unless otherwise agreed to in writing by the Company and the Executive prior to the termination of the Executive’s employment, any termination of the Executive’s employment shall constitute an automatic resignation of the Executive as an
officer of the Company and each affiliate of the Company, and an automatic resignation of the Executive from the board of directors or similar governing body of the Company or any affiliate of the Company and from the board of directors or similar
governing body of any corporation, limited liability company or other entity in which the Company or any affiliate holds an equity interest and with respect to which board or similar governing body the Executive serves as the Company’s or such
affiliate’s designee or other representative. 
 (i) Clawback. The Executive agrees and acknowledges
that any and all compensation the Executive receives pursuant to this Agreement shall be subject to clawback by the Company in the event of a financial restatement or in such other circumstances as may be required by applicable law or as may be
provided in any clawback policy that is adopted by the Company and is generally applicable to senior executives of the Company. 

5. Confidentiality and Non-Solicitation. 
 (a) For purposes of this Agreement, “Confidential Information” means (i) communications, data, formulae and related concepts, business plans (both current and under development),
profit and loss statements, spreadsheets, contact or distribution lists, non-public personnel lists, promotion and marketing programs, trade secrets, or any other confidential or proprietary business information relating to development programs,
costs, revenues, marketing, trading, investments, sales activities, promotions, credit and financial data, financing methods, research, plans or the business and affairs of the 

  
 6 

 
Company; (ii) any other information which is to be treated as confidential or non-public because of any duty of confidentiality owed by the Company to a third party; and (iii) any other
information which the Company shall, in the ordinary course, use and not release externally, except subject to restrictions on use and disclosure. Notwithstanding the foregoing, Confidential Information does not include information that (A) is
or becomes generally publicly available other than as a result, directly or indirectly, of the Executive’s disclosure or (B) is or becomes available to the Executive on a non-confidential basis from a source other than through the Company
or its representatives, provided that such source is not bound by a confidentiality agreement with the Company or otherwise prohibited from transmitting the information to the Executive by a contractual or legal obligation. 

(b) The Executive acknowledges the trade secret status of the Confidential Information and that the Confidential
Information constitutes a protectable business interest of the Company. The Executive agrees (i) not to use or allow or help another to use or access (whether for compensation or not) any Confidential Information for himself or others (other
than the Company); and (ii) not to take any Company material or reproductions (including but not limited to writings, correspondence, notes, drafts, records, invoices, technical and business policies, computer programs or disks) thereof from
the Company’s offices at any time during or after the Executive’s employment by the Company, except as required in the execution of the Executive’s duties to the Company and then conditioned upon the prompt return of all originals and
reproductions thereof (in whatever form). 
 (c) During the Term and for a period of one (1) year
thereafter, the Executive shall not, directly or indirectly, on behalf of himself or any other person or entity, without the prior written consent of the Company solicit or induce any employee of or consultant or service provider to the Company
(each, a “Service Provider”) to leave the employ of or cease performing services for the Company, or engage in any plan or coordinate with any Service Provider to leave the employ of or cease performing services for the Company, or
hire, participate with or attempt to participate with in any venture for any purpose any Service Provider or any Service Provider who has left the employment of or ceased to perform services for the Company within one year of the termination of such
Service Provider’s services for the Company. 
 (d) The Executive acknowledges that any breach of his
obligations under this Section 5 cannot be adequately compensated by damages in an action at law and may cause the Company great and irreparable injury and damage. Accordingly, in the event that the Executive breaches or threatens to breach any
provisions of this Section 5, then in addition to any other rights which the Company may have, the Company shall be entitled, without the necessity of (i) proving irreparable harm, (ii) establishing that monetary damages are
inadequate or (iii) posting any bond or other security with respect thereto, to the remedies of injunction, specific performance and other equitable relief to redress any breach, and no proof of special damages shall be necessary for the
enforcement of or for any action for breach of the Executive’s obligations. In the event that a proceeding is brought in equity to enforce the provisions of this Section 5, the Executive shall not urge as a defense that there is an
adequate remedy at law nor shall the Company be prevented 

  
 7 

 
from seeking any other remedies which may be available. Nothing contained in this Section 5(d) shall be construed as a waiver by the Company of any other rights, including, without
limitation, rights to damages or profits. 
 (e) The Executive agrees that the period during which the covenants
contained in this Section 5 shall be effective shall be computed by excluding from such computation any time during which the Executive is in violation of any provision of this Section 5. 

(f) The Company and the Executive agree that it was their intent to enter into a valid and enforceable agreement. The
Executive and the Company thereby acknowledge the reasonableness of the restrictions set forth in this Section 5, including the reasonableness of the duration as to time and the scope of activity restrained. The Executive agrees that if any
covenant contained in Section 5 of this Agreement is found by a court of competent jurisdiction to contain limitations as to time or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the
goodwill or other business interests of the Company, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time and scope of activity to be restrained to be reasonable and to impose
a restraint that is not greater than necessary to protect the goodwill and other business interests of the Company and to enforce the covenants as reformed. 
 (g) If the Executive’s employment with the Company is terminated for any reason, the Executive agrees to advise the Company of the name of the Executive’s new employer. The Executive further
agrees that the Company may notify any person or entity employing the Executive or evidencing an intention of employing the Executive of the existence and provisions of this Agreement. 

6. The Executive’s Representations. The Executive represents to the Company that: 

(a) the execution, delivery and performance of this Agreement by the Executive do not and shall not conflict with, breach,
violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Executive is a party or by which he is bound; 
 (b) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Executive, enforceable against him in accordance with its terms;

 (c) as of the Start Date, the Executive will not be a party to any agreement with any person, other than an
agreement with the Company, restricting the use of another person’s confidential information or restricting the Executive from providing future employment, consulting or other service; 

(d) no prior or pending litigation, arbitration, investigation or other proceeding of any kind will prevent or hinder the
Executive from performing his duties under this Agreement; and 
 (e) the Executive has consulted with
independent legal counsel regarding his 

  
 8 

 
rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. 
 7. Change in Control. 
 (a) Definitions. 

(i) For purposes of this Section 7, “Change in Control” means (I) any merger or consolidation
of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, own less than a
controlling interest in the surviving entity immediately after such consolidation, merger or reorganization; (II) any transaction or series of related transactions in which control of the Company is acquired by a person or group of persons acting
together which would constitute a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended or any successor provisions thereto; or (III) a sale or other disposition of all or substantially all of the
assets of the Company; provided that in no event will a Change in Control include any of the following transactions: (A) any consolidation, merger or similar transaction effected exclusively to change the domicile of the Company; (B) any
transaction or series of transactions in which voting securities of the Company are issued principally for bona fide financing purposes or any successor or indebtedness or equity securities of the Company are cancelled or converted or a combination
thereof, including, without limitation, an initial public offering or other offering of the Company’s capital stock; (C) any acquisition of such voting power by an individual or entity that, directly or indirectly, controls, is controlled
by, or is under common control with, the Company; or (D) any transaction where control of the Company, the surviving parent entity or the entity to which all or substantially all of the Company’s assets are transferred in the transaction
or series of transactions is controlled directly or indirectly by one or more Kaplan Parties. 
 (ii)
“Kaplan Party” means (a) Thomas S. Kaplan or Dafna Recanati Kaplan; (b) any spouse, parent, sibling or descendant (including by adoption) of either of the persons referred to in clause (a) above; (c) any trust
created for the benefit of any of the persons described in clauses (a) or (b) above or any trust for the benefit of such trust; or (d) any person controlled by one or more of the persons referred to in clauses (a), (b) or
(c) above. 
 (iii) “Control” (including its correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”) means, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such person, whether through the beneficial ownership of voting securities, by contract or otherwise. 
 (b)
Change in Control Severance Benefits. If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f)
above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company 

  
 9 

 
without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and the Pro Rata
Bonus and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum
within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly
premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following
the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to
the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was
required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health
plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in
Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections. 
 (c) Termination Preceding Change in Control. Notwithstanding the provisions of the above subsection 7(b), if the Executive’s employment with the Company is terminated by the Company without
Cause within three (3) months preceding the occurrence of a Change in Control and such termination without Cause occurred in anticipation of a Change in Control at the request of the acquirer, the Executive shall be entitled to the payments and
benefits described in the above subsection 7(b)(I). 
 8. Taxes. The Company shall be entitled to withhold from any
payment or benefit provided under this Agreement an amount sufficient to satisfy all federal, state and local income and employment tax withholding requirements. 
 9. Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail, return
receipt requested, to the recipient at the address below indicated: 
 Notices to the Executive: 

Roger P. Johnson 

2422 Glenarm Place 
 Denver, Colorado 80205 

  
 10 

 Notices to the Company: 

Sunshine Silver Mines Corporation 
 c/o Tigris Financial Group Ltd. 
 535 Madison Avenue, 11th Floor 

New York, New York 10022 
 Attention: Andrew M. Shapiro, Esq. 
 or such other address or to the attention of
such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered, sent or mailed. 

10. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any action in any other jurisdiction, but this Agreement shall be reformed construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

11. Complete Agreement. This Agreement, together with the agreements referred to herein in Section 3(d), contains the entire
agreement of the Parties hereto with respect to the terms and conditions of the Executive’s employment with the Company and activities following termination. This Agreement supersedes any and all prior agreements and understandings, whether
written or oral, between the Parties with respect to the terms and conditions of the Executive’s employment with the Company and activities following termination. This Agreement may not be changed or modified except by an instrument in writing,
signed by the Executive and a duly authorized officer of the Company. 
 12. Counterparts. This Agreement may be executed
in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 13. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, the Company and their respective heirs, personal representatives,
executors and administrators, successors and assigns, except that the Executive may not assign his rights or delegate his duties or obligations hereunder without the prior written consent of the Company. 

14. Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement
and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York and the federal laws of the United States of America, without giving effect to any choice of law or conflict of law rules
or provisions that would cause the application of the laws of any jurisdiction other than the State of New York and the federal laws of the United States of America. 
 15. Dispute Resolution and Arbitration. Subject to Section 5(d), the Parties shall attempt 

  
 11 

 
in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiation. If the matter has not been resolved within thirty (30) calendar days of a
Party’s request for negotiation, either Party may initiate proceedings or arbitration only as provided herein. Subject to Section 5(d), if any dispute arising out of or relating to this Agreement or the breach, termination or validity
thereof has not been resolved by negotiation, such dispute shall be settled by binding arbitration in accordance with the then current rules of JAMS by a single independent and impartial arbitrator who is located in Denver, Colorado. The arbitrator
selected must have an expertise in the matter(s) in dispute. Each party shall bear his/its own fees and costs; the fees, costs and all administrative expenses of arbitration shall be borne equally by the Company and the Executive. The Parties
understand and agree that the arbitration is subject to the rules of JAMS; that the arbitrator’s decision and award shall be final and binding as to all claims that were, or could have been, raised in arbitration; and that judgment upon the
award rendered by the arbitrator may be entered in any court having competent jurisdiction. Any award rendered hereunder may include an award of attorneys’ fees and costs but shall not include punitive damages. The statute of limitations of the
state of New York applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration. 
 16.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in
enforcing or exercising any of the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 

17. Survival. In the event of the Executive’s termination of, or resignation from, employment, Sections 4, 5, 8, 9, 10, 13,
14, 15 and 16 shall survive and continue in full force to the extent necessary to enforce their terms. 
 18. Jobs Act
Compliance. 
 (a) This Agreement is intended to provide payments that are exempt from or compliant with the
provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and related regulations and Treasury pronouncements (“Section 409A”), and the Agreement shall be interpreted accordingly.
Each payment under this Agreement is intended to be excepted from Section 409A, including, but not limited to, by compliance with the short-term deferral exception as specified in Treasury Regulation § 1.409A-l(b)(4), and the provisions of
this Agreement will be administered, interpreted and construed accordingly (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). 

(b) All reimbursements or provision of in-kind benefits pursuant to this Agreement shall be made in accordance with
Treasury Regulation § 1.409A-3(i)(l)(iv) such that the reimbursement or provision will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event. Specifically, the amount reimbursed or in-kind benefits
provided under this Agreement during the Executive’s 

  
 12 

 
taxable year may not affect the amounts reimbursed or provided in any other taxable year (except that total reimbursements may be limited by a lifetime maximum under a group health plan), the
reimbursement of an eligible expense shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred, and the right to reimbursement or provision of in-kind benefit is not
subject to liquidation or exchange for another benefit. 
 (c) For all purposes of this Agreement, the Executive
shall be considered to have terminated employment with the Company when the Executive incurs a “separation from service” with the Company within the meaning of Code Section 409A(a)(2)(A)(i). 

(d) Notwithstanding any provision of this Agreement to the contrary, the parties agree that any benefit or benefits under
this Agreement that the Company determines are subject to the suspension period under Code Section 409A(a)(2)(B) shall not be paid or commence until the first business day next following the earlier of (i) the date that is six months and
one day following the date of the Executive’s termination of employment, (ii) the date of the Executive’s death or (iii) such earlier date as complies with the requirements of Section 409A. 

19. Release. Any and all amounts payable and benefits or additional rights provided pursuant to Sections 4 and 7, other than
(i) compensation accrued but unpaid as of the effective date of the Executive’s termination; (ii) accrued but unused vacation in accordance with Company policy; and (iii) all business expenses that were incurred but not
reimbursed, shall only be payable if the Executive executes and delivers to the Company, within 60 days after termination of employment, in the Company’s standard form, a general release of all claims of the Executive up to the date of such
release. 

  
 13 

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

			
	SUNSHINE SILVER MINES CORPORATION
		
	By:	 	 /s/ MICHAEL H. WILLIAMS

	Name:	 	MICHAEL H. WILLIAMS
	Title:	 	PRESIDENT

  

	
	 /s/ ROGER P. JOHNSON

	ROGER P. JOHNSON – the Executive

  
 14 

 Appendix I 
 Based on the transaction: 
  

					
	 Valuation:
	  			
	 a)      Financing /Cash infusion (for~15%):
	  	$	115,000,000	  
	 b)      SSM valuation
	  	$	766,500,000	  
		
	 Price per share: a/b=c
	  			
	 a)      SSM Value based on contemplated merger
	  	$	766,500,000	  
	 b)      Post merger Shares and options Outstanding
	  	 	55,443,038	  
	 c)      Share Price
	  	$	13.825	  

  
 15

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