Document:

EX-10.20

 Exhibit 10.20 

PERFORMANCE VESTING 

LTIP UNIT AGREEMENT 

(2020 Stock Award and Incentive Plan) 

This PERFORMANCE VESTING LTIP UNIT AGREEMENT, dated as
of                (the “Agreement”), by and between Apartment Income REIT Corp., a Maryland corporation (the “Company”),
and                (the “Recipient”). Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings set forth in
the Apartment Income REIT Corp. 2020 Stock Award and Incentive Plan, as amended (the “Plan”), and the Partnership Unit Designation relating to LTIP Units in the Partnership Agreement (the “Partnership Unit
Designation”). 
 WHEREAS,
effective                (the “Date of Grant”), pursuant to the Plan and the Partnership Agreement the Compensation and Human Resources Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company granted the Recipient this LTIP Award and hereby causes the Partnership to issue to the Recipient the maximum number of LTIP Units set forth below,
having the rights, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein, in the Plan and in the Partnership Agreement. 

NOW, THEREFORE, in consideration of the Recipient’s services to the Company and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.    Number of LTIP
Units. The Company hereby grants the Recipient an LTIP Unit Award (the “LTIP Award’) with a target of [ ] LTIP Units (the “LTIP Units”) pursuant to the terms of this Agreement, the provisions of the Plan and the
provisions of the Partnership Agreement. The target number of LTIP Units subject to this LTIP Award (the “Target Award”) was determined by dividing
$                by $                 (the “Issue Price”), which
was the average closing price of Apartment Income REIT Corp.’s Common Stock on the New York Stock Exchange for the five trading days up to and including the Date of Grant. The Recipient may ultimately vest into more LTIP Units or fewer or no
LTIP Units, as set forth in more detail in this Agreement. The Recipient shall be admitted as a partner of the Partnership with beneficial ownership of the LTIP Units as of the Date of Grant by (i) signing and delivering to the Partnership a
copy of this Agreement and (ii) signing, as a limited partner, and delivering to the Partnership a counterpart signature page to the Partnership Agreement (attached hereto as Exhibit A). 

2.    Restrictions and Restricted Period. 

(a)    Restrictions. LTIP Units granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or
otherwise disposed of and shall be subject to a risk of forfeiture until the lapse of the Restricted Period (as defined below). Neither the Company nor the Partnership shall be required (i) to transfer on its books any LTIP Units which shall
have been sold or transferred in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such LTIP Units or to accord the right to vote as such owner or to pay dividends to any transferee to whom such LTIP
Units shall have been so transferred. 

 (b)    Lapse of Restrictions; Restricted Period. The restrictions
set forth above shall lapse and the LTIP Units shall become freely transferable (provided that that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as set
forth in this Section 2(b) and on Exhibit B. 

(i)    The Company’s total shareholder return (as defined in more detail on
Exhibit B, “TSR”) over the period beginning on January 1,                and ending on
December 31,                (the “Performance Period”), as calculated by comparison to the indices stipulated on
Exhibit B to this Agreement (and using the methodology set forth on such Exhibit B), shall be compared to the threshold, target and maximum TSR hurdles set forth on
Exhibit B to determine the “Vesting Portion” (as defined on Exhibit B) of the LTIP Award as a percentage of the Target Award. Such calculations shall be determined by the Committee no
later than March 15,                (the date of such determination, the “Determination Date”). Restrictions with respect to 50% of the related
Vesting Portion of the LTIP Award set forth on Exhibit B shall lapse as of the later of the Determination Date and the third anniversary of the Date of Grant (the “Vesting Date”), with the restrictions on
the remaining 50% of such Vesting Portion lapsing on the fourth anniversary of the Date of Grant (the “Anniversary Date”). 

(ii)    Except as set forth in Section 3, each such lapse of restrictions shall
occur only if the Recipient has remained employed by the Company through the Vesting Date or the Anniversary Date, as the case may be (the “Restricted Period”). The portion of the LTIP Units which does not vest as of the Vesting
Date (or the Anniversary Date, as the case may be) based on TSR performance shall be forfeited to the Company without payment of any consideration by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal
representatives shall thereafter have any further rights or interests in such shares of LTIP Units. 

(iii)    All determinations with respect to the calculations pursuant to this Agreement shall be made in
the sole discretion of the Committee. 
 (c)    Allocations. 

(i)    Unless and until the LTIP Units are converted in accordance with
Section 2(e) below (such LTIP Units being referred to herein as “Converted LTIP Units”), the LTIP Units shall have a Sharing Percentage of 2%. After any LTIP Units are converted into Converted LTIP Units
pursuant to Section 2(e), they will have a Sharing Percentage of 100%. Provisions in the Partnership Unit Designation with respect to allocations in a Catch-Up Year will not apply to
the Converted LTIP Units. 
 (ii)    The “REIT Share Economic Target” applicable to the
LTIP Units prior to conversion to Converted LTIP Units means, as of any date, (x) the Market Value of a REIT Share on such date, multiplied by the Adjustment Factor, less (y) the Issue Price. Notwithstanding Section 4(c) of the
Partnership Unit Designation, the intention of the 

  
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parties is to make the Capital Account balance of the holder of the LTIP Units (but not Converted LTIP Units), to the extent attributable to such holder’s LTIP Units, economically equivalent
(on a per-unit basis) to the REIT Share Economic Target, as defined above. If the Capital Account of the holder of the LTIP Units (but not Converted LTIP Units), to the extent attributable to such
holder’s LTIP Units, exceeds (on a per-unit basis) the REIT Share Economic Target, and Liquidating Losses are available to be allocated to an LTIP Unit, then any such Liquidating Losses shall be allocated
to the holder of the LTIP Units until the holder’s Capital Account, to the extent attributable to such holder’s LTIP Units, is equal (on a per-unit basis) to the REIT Share Economic Target. 

(d)    Distributions. 

(i)    From and after the Date of Grant, the Recipient shall be entitled to receive distributions with
respect to all LTIP Units in accordance with the terms of the Partnership Unit Designation, subject to the Recipient’s Sharing Percentage specified above. Such LTIP Units shall be entitled to receive the full distribution payable on Partnership
Common Units outstanding as of the record date next following the Date of Grant, multiplied by the Sharing Percentage, whether or not they have been outstanding for the whole period. 

(ii)    To the extent that the Partnership makes distributions to holders of Partnership Common Units
partially in cash and partially in additional Partnership Common Units or other securities, unless the Administrator in its sole discretion determines to allow the Recipient to make a different election, the Recipient shall be deemed to have elected
with respect to all LTIP Units eligible to receive such distribution only in Partnership Common Units or other securities. 

(e)    Conversion. 

(i)    At any time prior to the ten year anniversary of the Date of Grant, the holder of LTIP Units shall
have the right, at such holder’s option, at any time to convert all or a portion of such holder’s Vested LTIP Units into a number of Converted LTIP Units equal to (x) the Market Value of a REIT Share on the Conversion Date,
multiplied by the Adjustment Factor, less the Issue Price, multiplied by (y) the number of LTIP Units being converted, and divided by (z) the Market Value of a REIT Share on the Conversion Date, multiplied by
the Adjustment Factor. 
 (ii)    All of the provisions of Section 7 of the Partnership Unit
Designation applicable to a conversion of LTIP Units into Partnership Common Units shall apply to a conversion of LTIP Units into Converted LTIP Units hereunder, mutatis mutandis, except that (i) the holder need not be a Qualifying
Party, (ii) the Capital Account Limitation shall not apply, (iii) the Conversion Notice shall be a notice in the form attached hereto as Annex I, (iv) Section 7(c) (Forced
Conversion) shall not apply, and (v) Section 7(e) (reduction of Economic Capital Account Balance) shall not apply. 

  
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 (iii)    Converted LTIP Units are Vested LTIP Units and
may be converted into Partnership Common Units pursuant to Section 7 of the Partnership Unit Designation. 

3.    Termination of Employment. Except as otherwise set forth in this Agreement, in the event that the Recipient
ceases to be employed by the Company for any reason prior to the lapse of the Restricted Period, then the Unvested LTIP Units shall be forfeited to the Company without payment of any consideration by the Company, and neither the Recipient nor any of
his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such LTIP Units. In the event that the Recipient’s employment with the Company is terminated due to his death or total
and permanent disability, then the Restricted Period set forth in Section 2(b) hereof shall immediately lapse and the LTIP Units shall become immediately and fully vested, with the level of TSR performance calculated as if
the date of termination was the final day of the Performance Period, and as if the level of TSR performance as of such date was the higher of (a) target or (b) actual TSR performance as of such date, as determined in the sole discretion of
the Committee in accordance with Section 2(b) and Exhibit B. LTIP Units not vesting in accordance with the foregoing sentence shall be forfeited to the Company without payment of any consideration
by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such LTIP Units. For purposes of this
Section 3, the Recipient’s employment will have terminated by reason of total and permanent disability if, in the reasonable and good faith judgment of the Committee, the Recipient is totally and permanently disabled
and is unable to return to or perform his or her duties on a full-time basis. 
 4.    Change in Control. The
LTIP Units issued hereunder shall, in addition to any provisions relating to vesting contained in this Agreement, become immediately and fully vested, and the Restricted Period set forth in Section 2(b) hereof shall
immediately lapse, upon the termination of the Recipient’s employment with the Company by the Company without Cause or by the Recipient for Good Reason, in either case within twelve (12) months following the occurrence of a Change in
Control (as defined below), with the level of TSR performance calculated as if the date of the Change in Control was the final day of the Performance Period, and as if the level of TSR performance as of such date was the higher of (a) target or
(b) actual TSR performance as of such date, as determined in the sole discretion of the Committee in accordance with Section 2(b) and Exhibit B. 

(a)    For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the
following events: 
 (i)    an acquisition (other than directly from the Company) of any voting
securities of the Company (the “Voting Securities”) by any “person” (as the term “person” is used for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) immediately after which such person has “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial
Ownership”) of 50% or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, the acquisition of Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute an acquisition that would cause a Change in Control. “Non-Control Acquisition” shall
mean 

  
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an acquisition (A) by or under an employee benefit plan (or a trust forming a part thereof) maintained by (1) the Company or (2) any corporation, partnership or other person of
which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company or in which the Company serves as a general partner or manager (a “Subsidiary”), (B) by the Company or
any Subsidiary, or (C) by any person in connection with a Non-Control Transaction (as hereinafter defined). Non-Control Transaction” shall mean a merger,
consolidation, share exchange or reorganization involving the Company, in which (1) the stockholders of the Company, immediately before such merger, consolidation, share exchange or reorganization, own, directly or indirectly immediately
following such merger, consolidation, share exchange or reorganization, at least 50% of the combined voting power of the outstanding voting securities of the corporation that is the successor in such merger, consolidation, share exchange or
reorganization (the “Surviving Company”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation, share exchange or reorganization, and (2) the individuals
who were members of the Board of Directors of the Company immediately prior to the execution of the agreement providing for such merger, consolidation, share exchange or reorganization constitute at least 50% of the members of the board of directors
of the Surviving Company; 
 (ii)    the individuals who constitute the Board as of the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a
vote of at least two-thirds of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; provided, further, that no individual shall be considered a member of the
Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “election contest” (as described in Rule 14a-11 promulgated under the Exchange Act) (an
“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors (a “Proxy Contest”) including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest; or 
 (iii)    the consummation of any of the
following: (A) a merger, consolidation, share exchange or reorganization involving the Company (other than a Non-Control Transaction); (B) a complete liquidation or dissolution of the Company; or
(C) the sale or other disposition of all or substantially all of the assets of the Company to any person (other than a transfer to a Subsidiary). 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person (a “Subject
Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company that, by reducing the number of Voting Securities outstanding,
increases the proportional number of shares Beneficially Owned by such Subject Person; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the
Company, and after such share acquisition by the Company, such Subject Person becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of the then outstanding Voting Securities Beneficially Owned by such Subject
Person, then a Change in Control shall occur. 

  
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 (b)    ”Cause” shall mean the termination of the
Recipient’s employment because of the occurrence of any of the following events, as determined by the Board in accordance with the procedure below: 

(i)    the failure by the Recipient to attempt in good faith to perform his or her duties or to follow the
lawful direction of the individual to whom the Recipient reports; provided, however, that the Company shall have provided the Recipient with written notice of such failure and the Recipient has been afforded at least fifteen (15) days to
cure same; 
 (ii)    the indictment of the Recipient for, or the Recipient’s conviction of or plea
of guilty or nolo contendere to, a felony or any other serious crime involving moral turpitude or dishonesty; 

(iii)    the Recipient’s willfully engaging in misconduct in the performance of his or her duties
(including theft, fraud, embezzlement, securities law violations, a material violation of the Company’s code of conduct or a material violation of other material written policies) that is injurious to the Company, monetarily or otherwise, in
more than a de minimis manner; 
 (iv)    the Recipient’s willfully engaging in misconduct unrelated
to the performance of his or her duties for the Company that is materially injurious to the Company, monetarily or otherwise; 

(v)    the material breach by the Recipient of any material written agreement with the Company. 

For purposes of this Section 4(b), no act, or failure to act, on the part of the Recipient shall be considered “willful” unless
done, or omitted to be done, by the Recipient in bad faith and without reasonable belief that his or her action or omission was in the best interest of the Company. Any termination shall be treated as a termination for Cause only if (i) the
Recipient is given at least five (5) business days’ written notice of termination specifying the alleged Cause event and shall have the opportunity to appear (with counsel) before the full Board to present information regarding his or her
views on the Cause event, and (ii) after such hearing, the Recipient is terminated for Cause by at least a majority of the Board. After providing the notice of termination in the foregoing sentence, the Board may suspend the Recipient with full
pay and benefits until a final determination pursuant to this Section 4(b) has been made. Notwithstanding the foregoing provisions of this Section 4(b), if the Recipient is party to an employment
agreement with the Company that provides a definition of Cause, such definition shall apply instead of the foregoing provisions of this Section 4(b). 

(c)    ”Good Reason” shall mean (i) a reduction in the Recipient’s base salary; (ii) a
material diminution in the Recipient’s title or responsibilities; or (iii) relocation of the Recipient’s primary place of employment more than fifty miles; provided, however, that the Recipient may only terminate employment for
Good Reason by delivering written notice to the Board within 

  
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ninety (90) days following the date on which the Recipient first knows of the event constituting Good Reason, which notice specifically identifies the facts and circumstances claimed by the
Recipient to constitute Good Reason, and the Company has failed to cure such facts and circumstances within thirty (30) days after receipt of such notice; and provided further, however, that if the Recipient is party to an employment agreement
with the Company that provides a definition of Good Reason, such definition shall apply instead of the foregoing provisions of this Section 4(c). 

5.    Tax Matters. 

(a)    83(b) Election. The Recipient may make an election to include in gross income in the year of transfer the
fair market value of the LTIP Units granted hereunder in accordance with Section 83(b) of the Code. 

(b)    Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross
income of the Recipient for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to the LTIP Units granted hereunder, the Recipient will pay to the Company or, if appropriate, any of its subsidiaries, or
make arrangements satisfactory to the Administrator regarding payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount. The Company may cause the required minimum
tax withholding obligation to be satisfied, in whole or in part, by withholding from LTIP Units granted to the Recipient with an aggregate value that would satisfy the withholding amount due. The obligations of the Company under this Agreement shall
be conditional on such payment or arrangements, and the Company and its subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Recipient. 

BY SIGNING THIS AGREEMENT, THE RECIPIENT REPRESENTS THAT HE OR SHE HAS REVIEWED WITH HIS OR HER OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND
FOREIGN TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT HE OR SHE IS RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS. THE RECIPIENT UNDERSTANDS AND AGREES
THAT HE OR SHE (AND NOT THE COMPANY) SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

6.    Investment Representation; Registration. The Recipient hereby warrants and represents to and agrees with the
Company as follows: 
 (a)    The LTIP Units issued pursuant to this Agreement will be acquired for the account of the
Recipient for investment only and not with a view to, nor with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein. The Recipient acknowledges that the issuance of the LTIP Units has not
been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder, or the securities or real estate syndication laws of any state or other jurisdiction,
and cannot be disposed of unless they are subsequently registered under the 

  
 7 

 
Securities Act and any applicable laws of states or other jurisdictions or an exemption from such registration is available. The Recipient acknowledges that the Company does not have any
intention of registering the resale of any LTIP Units issued hereunder under the Securities Act or of supplying the information necessary for the Recipient to sell any such LTIP Units; and that the Company and the Partnership shall be organized and
operated so as to be exempt from registration under the Investment Company Act of 1940, as amended, and from the provisions of that statute designed to protect investors. 

(b)    The Recipient also understands that the transfer of any LTIP Units issued pursuant to this Agreement will be
subject to restrictions contained in the Partnership Agreement, as well as the restrictions set forth in this Agreement. 

(c)    The Recipient acknowledges that (i) he or she has no obligation whatsoever to acquire the LTIP Units issued
pursuant to this Agreement, (ii) his or her acquisition of the LTIP Units issued pursuant to this Agreement is not, and will not be, in any way whatsoever a condition of continued employment with the Company or any entity affiliated with the
Company, (iii) neither the offer to the Recipient of the opportunity to acquire the LTIP Units or any shares of Stock issued pursuant to the Partnership Agreement nor this Agreement, shall be deemed to constitute a contract of employment or to
impose any obligation upon the Company or any of its affiliates to continue to employ the Recipient, and (iv) nothing stated or implied in this Agreement or in the Partnership Agreement shall be construed to abrogate, amend or otherwise affect
any rights or obligations with respect to employment which the Company or any of its affiliates or the Recipient may otherwise have by agreement or under law. 

(d)    The Recipient acknowledges that he or she has been furnished a copy of the Partnership Agreement, has carefully
read and understands the provisions of the Partnership Agreement, has had the opportunity to ask questions of the Company and has received answers from the Company concerning the provisions of the Partnership Agreement, and the terms and conditions
of the offering of the LTIP Units. The Recipient further acknowledges that he or she has been furnished information regarding the activities of the Company, has had the opportunity to ask questions of the Company concerning such activities, and is
satisfied with all such information and such answers as he or she has received. The Recipient acknowledges that no representation has been made by the Company otherwise by or on behalf of the Company as to any current value of the assets held by the
Company or as to any prospective return on any LTIP Units issued pursuant to this Agreement. The Recipient further acknowledges that he or she has not relied, in connection with the acquisition of the LTIP Units, upon any representations, warranties
or agreements other than those set forth in this Agreement or the Partnership Agreement. The Recipient further acknowledges that he or she provides services to the Company on a regular basis and that, in such capacity, the Recipient has access to
all such information, and has such experience and involvement in connection with the business and operations of the Company, as the Recipient believes to be necessary and appropriate to make an informed decision to accept the LTIP Units granted
pursuant to this Agreement. 
 (e)    The Recipient acknowledges that neither the Company nor any of its affiliates is
rendering any tax, legal or financial advice or recommendation to acquire the LTIP Units issued pursuant to this Agreement. The Recipient has been informed that he or she should consult his or her own tax, legal and financial advisors to the extent
the Recipient seeks advice regarding these matters. 

  
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 (f)    The Recipient makes the representation regarding his or her
status as an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act as set forth below the Recipient’s name on the signature page hereto. 

(g)    So long as the Recipient holds LTIP Units, the Recipient shall disclose to the Company in writing such information
as may be reasonably requested with respect to direct or indirect ownership of any LTIP Units issued pursuant to this Agreement as the Company may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code,
applicable to the Company or to comply with requirements of any other appropriate taxing authority. 
 (h)    The
Recipient shall indemnify and hold the Company harmless from and against any and all loss, cost, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Recipient in this Agreement or any other
document furnished by it to the Company in connection with this Award, including, without limitation, the Partnership Agreement 

7.    Miscellaneous. 

(a)    Entire Agreement. This Agreement, the Plan and the Partnership Agreement contain the entire understanding and
agreement of the Company and the Recipient concerning the subject matter hereof, and supersede all earlier negotiations and understandings, written or oral, between the parties with respect thereto. 

(b)    Captions. The captions and section numbers appearing in this Agreement are inserted only as a matter of
convenience. They do not define, limit, construe or describe the scope or intent of the provisions of this Agreement. 

(c)    Counterparts. This Agreement may be executed in counterparts, each of which when signed by the Company or
the Recipient will be deemed an original and all of which together will be deemed the same agreement. 

(d)    Notices. Any notice or communication having to do with this Agreement must be given by personal delivery or
by certified mail, return receipt requested, addressed, if to the Company or the Committee, to the attention of the General Counsel of the Company at the principal office of the Company and, if to the Recipient, to the Recipient’s last known
address contained in the personnel records of the Company. 
 (e)    Succession and Transfer. Each and all of the
provisions of this Agreement are binding upon and inure to the benefit of the Company and the Recipient and their permitted successors, assigns and legal representatives. 

(f)    Amendments. Subject to the provisions of the Plan, this Agreement may be amended or modified at any time by
an instrument in writing signed by the parties hereto. 

  
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 (g)    Governing Law. This Agreement and the rights of all
persons claiming hereunder will be construed and determined in accordance with the laws of the State of Maryland without giving effect to the choice of law principles thereof. 

(h)    Plan Controls. This Agreement is made under and subject to the provisions of the Plan, and all of the
provisions of the Plan are hereby incorporated by reference into this Agreement. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern. By signing this
Agreement, the Recipient confirms that he or she has received a copy of the Plan and has had an opportunity to review the contents thereof. 

(i)    No Guarantee of Continued Service. The Recipient acknowledges and agrees that nothing herein, including the
opportunity to make an equity investment in the Company, shall be deemed to create any implication concerning the adequacy of the Recipient’s services to the Company, any Company Subsidiary or any Partnership or Partnership Subsidiary shall be
construed as an agreement by the Company, any Company Subsidiary or any Partnership or Partnership Subsidiary, express or implied, to employ the Recipient or contract for the Recipient’s services, to restrict the right of the Company, any
Company Subsidiary or any Partnership or Partnership Subsidiary, as applicable, to discharge the Recipient or cease contracting for the Recipient’s services or to modify, extend or otherwise affect in any manner whatsoever, the terms of any
employment agreement or contract for services that may exist between the Recipient and the Company, any Company Subsidiary or any Partnership or Partnership Subsidiary, as applicable. 

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

			
	APARTMENT INCOME REIT CORP.

  

			
	By.	 	  

 

			
	 AIMCO PROPERTIES, L.P.
 Its
General Partner

  

			
	By.	 	  

 

			
	RECIPIENT:

  

			
	By.	 	  

 

			
	Address:
	
	  

	
	  

	
	  

  
 A- 

 Section 6(f) Representation. Please initial or check ALL of
the boxes which correctly describe the Recipient. 
  

	 	•	 	 The Recipient is a natural person: (i) whose individual net worth (assets minus liabilities), or
joint net worth with that person’s spouse, exceeds $1,000,000 ((a) excluding (1) as an asset, the value of such natural person’s primary residence and (2) as a liability, the outstanding indebtedness secured
by such natural person’s primary residence up to the fair market value of such primary residence; provided, however, that if the amount of such outstanding indebtedness has increased within the previous 60 days, other than as a result of
the acquisition of the primary residence, the amount of such excess shall be included as a liability and (b) including, as a liability, the outstanding indebtedness secured by the natural person’s primary residence in excess of the
fair market value of such primary residence), or (ii) who had an individual income in excess of $200,000 in each of the two most recent years or joint income with the person’s spouse in excess of $300,000 in each of those years and has a
reasonable expectation of reaching the same income level in the current year. 

  

	 	•	 	 The Recipient is a natural person who is a director or executive officer (as defined below) of the Company. As
used herein, “executive officer” shall mean the president, any vice president in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making
function, or any other person who performs similar policy-making functions for the Company. 

  

	 	•	 	 Neither of the prior boxes correctly describes the Recipient 

  
 A- 

 EXHIBIT A 

FORM OF LIMITED PARTNER SIGNATURE PAGE 

The Participant, desiring to become one of the within named Limited Partners of AIMCO Properties, L.P., L.P., hereby becomes a party to the
Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., as amended through the date hereof (the “LP Agreement”). 

The Participant constitutes and appoints the General Partner and its authorized officers and attorneys-in-fact, and each of those acting singly, in each case with full power of substitution, as the Participant’s true and lawful agent and attorney-in-fact, with full power and authority in the Participant’s name, place and stead to carry out all acts described in Section          of the
Partnership Agreement, such power of attorney to be irrevocable and a power coupled with an interest pursuant to Section          of the LP Agreement. 

The Participant agrees that this signature page may be attached to any counterpart of the Partnership Agreement. 

 

			
	BY:	 	  

 
			
	Name:	 	
	Date	 	
	
	Address of Limited Partner:
	
	  

	
	  

	
	  

  
 A-1 

 EXHIBIT B 

This Exhibit sets forth the calculation methodology with respect to the Agreement. Certain defined terms may be found at the end of this
Exhibit B. Terms not defined on this Exhibit B shall have the meaning set forth in the body of the Agreement. 

Maximum LTIP Units:       

With respect to 60% of the LTIP Units: 
  

									
	 Performance Level
	  	Relative TSR vs. NAREIT
Apartment
Index TSR:
Performance vs. Index
Over Performance Period	 	  	Portion of Target Award
Vesting
(“Vesting Portion”)	 
	 Threshold
	  	 	-250 bps	 	  	 	50	% 
	 Target
	  	 	50 bps	 	  	 	100	% 
	 Maximum
	  	 	400 bps	 	  	 	200	% 

 With respect to 40% of the LTIP Units: 

 

									
	 Performance Level
	  	Relative TSR vs. MSCI US
REIT Index
TSR:
Performance vs. Index
Over Performance Period	 	  	Portion of Target Award
Vesting
(“Vesting Portion”)	 
	 Threshold
	  	 	-350 bps	 	  	 	50	% 
	 Target
	  	 	50 bps	 	  	 	100	% 
	 Maximum
	  	 	500 bps	 	  	 	200	% 

 TSR results above the Threshold level and below the Maximum level shall result in a Vesting Portion that is
interpolated between the Threshold and Maximum Vesting Portions set forth on this Exhibit B. TSR results below the Threshold level will cause the LTIP Units to be forfeited to the Company without payment of any
consideration by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such shares of LTIP Units. 

  
 B-1 

 If the performance level is above Target but as of the Determination Date the Company has
negative absolute TSR with respect to the Performance Period, then the LTIP Units shall vest at the Target level as of the dates set forth in Section 2(b) of the Agreement, with the Vesting Portion in excess of Target (the “Excess
Portion”) vesting only (a) with respect to 50% of the Excess Portion, upon the Company’s achievement of positive absolute TSR with respect to the period beginning on the first day of the Performance Period; and
(b) with respect to the remaining 50% of the Excess Portion, on the later of (i) the Company’s achievement of positive absolute TSR with respect to the period beginning on the first day of the Performance Period and (ii) the
Anniversary Date; provided, however, that if the Company has not achieved positive absolute TSR with respect to the period beginning on the first day of the Performance Period as of the third anniversary of the Determination Date, then the
Excess Portion shall be forfeited to the Company without payment of any consideration by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or
interests in such shares of LTIP Units. 
 For purposes of these calculations: 

“TSR” means the Company’s Total Shareholder Return as reported by SNL Financial or another third party judged by the
Committee to be a reputable third party, which measurement shall be confirmed by the Committee. For purposes of calculating Company’s TSR, the “starting” share price will be calculated using the average closing price for the 20-day trading period up to and including                 , 2020 (i.e., the first trading day of the
three-year performance period), and the “ending” share price be calculated using the average closing price for the 20-day period up to and including December 31, 2023. 

When measuring the TSR of the Company, the calculation shall be adjusted as deemed appropriate by the Committee to reflect any change in
corporate structure of the nature referenced in Section 3.4 of the Plan. 
 Measurement of the TSR of the NAREIT Apartment Index and
MSCI US REIT Index for purposes of comparison to the Company’s TSR shall be as reported by SNL Financial or another third party judged by the Committee to be a reputable third party, which measurement shall be confirmed by the Committee. 

“bps” shall mean basis points, each of which shall equal 1/100th of 1%. 

  
 B-2 

 ANNEX I 

NOTICE OF CONVERSION OF LTIP UNITS 
  

	To:	 AIMCO Properties, L.P. 

do AIMCO-GP, Inc. 

4582 South Ulster Street, Suite 1100 

Denver, Colorado 80237 

Attention: Investor Relations 

The undersigned holder of LTIP Units hereby irrevocably elects to convert the number of LTIP Units in AIMCO Properties, L.P. (the
“Partnership”) set forth below into Converted LTIP Units in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as
of                , as it may be amended and supplemented from time to time, and the LTIP Unit Agreement, dated as of
                (the “Award Agreement”), between Apartment Income REIT Corp.
and                . All capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Award Agreement. The
undersigned hereby represents, warrants, and agrees that: (i) the undersigned holder of LTIP Units has, and at the Conversion Date will have, good, marketable and unencumbered title to such LTIP Units, free and clear of the rights or interests
of any other person or entity; (ii) the undersigned holder of LTIP Units has, and at the Conversion Date will have, the full right, power and authority to convert such LTIP Units as provided herein; and (iii) the undersigned holder of LTIP
Units has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such conversion. 
 Name of
Holder: 
 Dated: 
 Number of LTIP Units to be converted: 

Conversion Date: 
 (Signature of Holder) 

(Street Address) 
 (City) (State) (Zip Code) 

Medallion Guarantee: 
 THE SIGNATURE SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS), WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM PURSUANT TO SEC RULE 17Ad-15. 

  
 Annex - 1Exhibit 10.1

 

 

OPTION
AGREEMENT

 

THIS AGREEMENT made the 12th
day of August, 2020

BETWEEN:

SILVER BULL RESOURCES, INC.,
a corporation existing under the laws of the State of Nevada, USA, having an office at Suite 1610, 777 Dunsmuir Street, Vancouver,
British Columbia, V7Y 1K4

(hereinafter referred to as “SVB”)

AND:

COPPERBELT AG a corporation
existing under the laws of Switzerland having its registered office at Gartenstrasse 3, 6300 Zug, Switzerland, under business identification
number of CHE-115.266.895

(hereinafter referred to as “CB
Parent”)

AND:

DOSTYK LLP a corporation existing
under the laws of Kazakhstan and a wholly-owned subsidiary of CB Parent, having an office at Republic of Kazakhstan, Almaty, 158
Panfilova Street, office #1

(hereinafter referred to as “CB
Sub”, and collectively with CB Parent, hereinafter referred to as “CB”)

WHEREAS CB is the
legal and beneficial owner of a 100% interest in and to those certain rights, claims, permits and license forming the Beskauga
property (the “Beskauga Property”) as more particularly described as the Beskauga Area in Schedule “A”
attached hereto. The Beskauga Property consists of the Beskauga Main project (the “Beskauga Main Project”) and
the Beskauga South project (the “Beskauga South Project”);

AND WHEREAS SVB and
CB Parent intend to enter into a concurrent agreement with respect to exploration activities on the Stepnoe and Ekidos properties
located in Kazakhstan;

AND WHEREAS CB wishes
to grant to SVB the exclusive right and option to acquire its right, title and 100% interest in the Beskauga Property (as hereinafter
defined), including possibly by way of acquisition of all of the issued and outstanding securities of CB Sub, on the terms and
conditions set forth herein;

 

    	  

    	 

    

 

NOW THEREFORE THIS AGREEMENT
WITNESSES THAT in consideration of the respective covenants and agreements of the parties hereinafter contained and for other good
and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties agree as follows:

ARTICLE
1

INTERPRETATION

1.1             
Definitions

For the purposes of this Agreement
(including the recitals and the Schedules hereto), unless the context otherwise requires, the following terms shall have the respective
meanings set out below and grammatical variations of such terms shall have corresponding meanings:

“Area
of Interest” means the area on the ground between a line which is five kilometers outside the outermost boundaries of
the Beskauga Property as constituted at any given time, all as shown as the Beskauga Area on the map set out in Schedule “A”
attached hereto;

“Bankable
Feasibility Study” means a detailed report in compliance with Canadian National Instrument 43-101, in form and substance
sufficient for presentation to arm’s length institutional lenders considering project financing, showing the feasibility
of placing any part of the Beskauga Property into commercial production as a mine and shall include a reasonable assessment of
the various categories of mineral reserves and their amenability to metallurgical treatment, a complete description of the work,
equipment and supplies required to bring such part of the Beskauga Property into commercial production and the estimated cost thereof,
a description of the mining methods to be employed and a financial appraisal of the proposed operations;

“Beskauga
Property” has the meaning set out in the Recitals.

“Business
Day” means any day, other than (a) a Saturday, Sunday or statutory holiday in British Columbia, Canada or Nur-Sultan,
Kazakhstan and (b) a day on which banks are generally closed in the Province of British Columbia or Nur-Sultan, Kazakhstan;

“Closing
Date” means the date on which the conditions in sub-paragraphs 2.1(a)(ii)(x) and (y) are satisfied;

“Commercial
Production” means the operation of all or part of the Beskauga Property as a producing mine, but does not include bulk
sampling or milling for the purpose of testing or milling by a pilot plant, and will be deemed to have commenced on the first day
of the month following the first 30 consecutive days during which Minerals have been produced from a mine at an average rate of
not less than 75% of the initial rated capacity if a plant is located on the Beskauga Property or if no plant is located on the
Beskauga Property, the last day of the first period of 15 consecutive days during which ore has been shipped from the Beskauga
Property on a reasonably regular basis for the purpose of earning revenues, whether to a plant or facility constructed for that
purpose or to a plant or facility already in existence;

 

    	2  

    	 

    

 

“Construction
Commencement” means the date on which on-site construction commences of a mine on the Beskauga Property that will, on
completion, result in Commercial Production.

“Effective
Date” means the date of this Agreement written above;

“Encumbrance”
means any lien, charge, hypothec, pledge, mortgage, title retention agreement, security interest of any nature, adverse interest,
adverse claim, exception, reservation, easement, right of occupation, any matter capable of registration against title, option,
right of pre-emption, privilege, other third party interest or other encumbrance of any nature, or any agreement, instrument or
other commitment to create any of the foregoing;

“Environmental
Law” means all requirements of the common law or of the environmental, health or safety statutes, regulations, rules,
ordinances, policies, orders, approvals, notices, licenses, permits or directors of any federal, territorial, state or local judicial,
regulatory or administrative agency, board or governmental authority applicable to the Beskauga Property;

“Mineral
Rights” means the rights to work upon lands for the purpose of searching for, developing or extracting Minerals granted
under those exploration licenses, mining claims, mining leases, mining licenses, mineral concessions and other forms of mineral
tenure within the Beskauga Area in Schedule “A” attached hereto;

“Minerals”
means all ores, and concentrates or metals derived therefrom, of precious, base and industrial minerals and which are found in,
on or under the Beskauga Property and may lawfully be explored for, mined and sold;

“Operations”
includes:

		(a)	every kind of work done on or with respect to the Beskauga Property; and

		(b)	without limiting the generality of the foregoing, includes the work of assessment, geophysical,
geochemical and geological surveys, studies and mapping, investigating, drilling, designing, examining, equipping, improving, surveying,
shaft sinking, raising, cross-cutting and drifting, searching for, digging, trucking, sampling, working, procuring, selling and
transporting minerals, ores and metals, in surveying and bringing any mineral claims to lease or patent, in doing all other work
usually considered to be prospecting, exploration, development, mining work, milling, concentration, beneficiation or ores and
concentrates, as well as the separation and extraction of Minerals;

    	3  

    	 

    

 

“Option”
means the option granted by CB to SVB to acquire its right, title and 100% interest in and to the Property in the proportions and
on the terms and conditions set out in this Agreement;

“Option
Period” means the period commencing on the date hereof and ending on the earlier of (i) the date that the Option is exercised
by SVB in accordance with the terms and conditions of this Agreement, and (ii) the date that this Agreement is terminated pursuant
to its terms; and

“Ordinary Course of Business”
when used in relation to the taking of any action by, or in respect of, CB Sub means that the action:

		(a)	is consistent in nature, scope and magnitude with the past practices of CB Sub and is taken in
the ordinary course of normal day-to-day operations of CB Sub;

		(b)	is similar in nature, scope and magnitude to actions customarily taken in the ordinary course of
the normal day-to-day operations of other persons or entities that are in the same line of business as CB Sub; and

		(c)	does not require the authorization of the shareholders of CB Sub or any other separate or special
authorization of any nature.

“Project”
means the exploration of the Beskauga Property and potentially the development, operation and closure and remediation of mining
operations on the Beskauga Property or any part thereof.

1.2             
Interpretation

In this Agreement:

		(a)	the terms “Agreement”, “this Agreement”, “the Agreement”,
“hereto”, “hereof”, “herein”, “hereby”, “hereunder”
and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof;

		(b)	references to an “Article”, “Section” or “Schedule”
followed by a number or letter refer to the specified Article, Section of or Schedule to this Agreement;

		(c)	the division of this Agreement into articles and sections and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement;

		(d)	words importing the singular number only shall include the plural and vice versa and words
importing the use of any gender shall include all genders;

		(e)	the word “including” is deemed to mean “including without limitation”;

 

    	4  

    	 

    

 

		(f)	the terms “party” and the “parties” refer to a party or the
parties to this Agreement;

		(g)	any reference to this Agreement means this Agreement as amended, modified, replaced or supplemented
from time to time;

		(h)	any reference to a statute, regulation or rule shall be construed to be a reference thereto as
the same may from time to time be amended, re-enacted or replaced, and any reference to a statute shall include any regulations
or rules made thereunder;

		(i)	all dollar amounts refer to US dollars unless stated otherwise;

		(j)	any time period within which a payment is to be made or any other action is to be taken hereunder
shall be calculated excluding the day on which the period commences and including the day on which the period ends; and

		(k)	whenever any action is required to be taken or period of time is to expire on a day other than
a Business Day, such action shall be taken or period shall expire on the next following Business Day.

1.3             
Schedules

The following schedules attached
to this Agreement (the “Schedules”) shall form part of this Agreement:

Schedule A – The Beskauga Property

Schedule B – Expenditures Required to Keep the
Beskauga Property in Good Standing

ARTICLE
2

THE OPTION

2.1             
Option

		(a)	CB hereby grants SVB the sole and exclusive right and option (the “Option”)
to acquire its 100% interest in the Beskauga Property in consideration for the following:

		(i)	SVB shall pay $30,000 to CB Parent upon the execution of this Agreement;

		(ii)	SVB shall pay $40,000 to CB Parent following (x) SVB being able to access the Beskauga Property
to conduct due diligence in a manner that complies with governmental recommendations and advisories with respect to the global
COVID-19 pandemic and ensures the health and safety of its employees, consultants and representatives in SVB’s sole discretion
and (y) the results of SVB’s due diligence on the Beskauga Property are satisfactory to SVB, in its sole discretion (with
a maximum of 60 days due diligence period after (x) is satisfied), with such payment being made within five Business Days of a
satisfactory due diligence report developed pursuant to (y);

 

    	5  

    	 

    

 

		(iii)	SVB shall incur a total of $2,000,000 in exploration expenditures on the Beskauga Property by no
later than the first anniversary of the Closing Date, and SVB shall use its reasonable best efforts to commence exploration expenditures
within 10 Business Days from the Closing Date;

		(iv)	SVB shall incur a total of $3,000,000 in exploration expenditures on the Beskauga Property by no
later than the second anniversary of the Closing Date;

		(v)	SVB shall incur a total of $5,000,000 in exploration expenditures on the Beskauga Property by no
later than the third anniversary of the Closing Date; and

		(vi)	SVB shall incur a total of $5,000,000 in exploration expenditures on the Beskauga Property by no
later than the fourth anniversary of the Closing Date.

		(b)	It is the stated intention of SVB to spend approximately $10 million exploring the Beskauga Property over the first three
years from the Closing Date, if exploration results are, in its judgement, favourable, as the exploration program is executed.
The above exploration expenditures shall be spent through CB Sub as a sole Beskauga licenceholder and shall be based on the mutually
agreed exploration program aiming to bring Beskauga to the pre-development stage. If the parties cannot agree on any proposed exploration
program, the recommendation of SVB shall prevail. The parties acknowledge and agree that, concurrently with the execution of this
Agreement, SVB and CB Parent will execute an agreement concerning the Stepnoe and Ekidos projects (the “Stepnoe and Ekidos
Agreement”) and the exploration expenditures required in paragraph 2.1(a) above shall qualify as, and be counted towards,
the exploration expenditures contemplated to be made by SVB under the Stepnoe and Ekidos Agreement. For greater certainty, the
exploration expenditures on Stepnoe and Ekidos mineral properties will be made at the sole discretion of SVB. For greater certainty,
funds under paragraph 2.1(a) not allocated to the Beskauga Licence Property may be allocated to the Stepnoe an Ekidos mineral properties
at the sole discretion of SVB.

2.2             
Option Payments and Expenditures

Payments and exploration expenditures
incurred and paid which exceed the above amounts in any given period shall be cumulative and credited to the subsequent periods.

 

    	6  

    	 

    

 

2.3            
Exercise of the Option

		(a)	Not later than 90 Business Days following the satisfaction of its obligations in Section 2.1, SVB
may exercise the Option by delivering written notice (the “Exercise Notice”) to CB and:

		(i)	in order to acquire the Beskauga Property, pay to CB an amount equal to $15,000,000 in cash; or

		(ii)	in order to acquire the Beskauga Main Project only, pay to CB an amount equal to $13,500,000 in
cash; or

		(iii)	in order to acquire the Beskauga South Project only, pay to CB an amount equal to $1,500,000 in
cash.

Upon such payments being made, SVB
shall be deemed to exercise the Option and automatically acquire a 100% interest in the relevant portion of the Beskauga Property,
free and clear of any Encumbrances. CB shall take all such action as necessary or advisable to transfer the relevant portion of
the Beskauga Property to a Kazakhstan subsidiary of SVB, or such other designee as SVB identifies.

 

2.4            
Option Only

This Agreement is an option only
and except as herein specifically provided otherwise, nothing herein contained shall be construed as obligating SVB to do any acts,
issue any securities or make any payments hereunder, and any act, issuance or payment as shall be made hereunder shall not be construed
as obligating SVB to do any further act or make any further issuance or payment.

2.5            
Transference of Option Agreement

During the option period, SVB
may not sell, transfer, assign this agreement without the prior written consent of CB, such consent not to be unreasonably withheld.
Notwithstanding the foregoing, SVB shall be permitted to assign this Agreement to an “affiliate” or “associate”
as those terms are defined in the Business Corporations Act (British Columbia). It will be a condition of any assignment under
this Agreement that such assignee shall agree in writing to be bound by the terms of this Agreement applicable to the assignor.

2.6            
Termination before Deemed Exercise of the Option

SVB shall be entitled to terminate
the Option prior to exercise upon notice in writing to CB. If the Option is terminated prior to it being exercised then:

(a)              
SVB shall have no obligation to make any further payment to CB hereunder;

(b)              
no party will have any further obligation to the other hereunder, except those obligations which survive termination of
this Agreement; and

(c)              
SVB shall have earned no interest in or assumed any liabilities with respect to the Beskauga Property.

    	7  

    	 

    

 

2.7             
Registration of Interest and Structure of Transaction

(a)              Forthwith after execution of this Agreement, SVB may, at its expense, register on title to the Beskauga Property, or elsewhere
as permitted by applicable law, notice of its interest in this Option and its right to acquire the Beskauga Property.

		(b)	To the extent that CB is not able to transfer any Mineral Rights comprising the Beskauga Property
in a reasonably prompt and commercial manner, CB shall agree to restructure the Option to enable SVB to acquire all of the issued
and outstanding securities of CB Sub on exercise of the Option, on terms and conditions which achieve the same economic, commercial
and technical terms as set out herein to the extent possible.

(c)             
If the Option is restructured as contemplated in Section 2.7(b), CB Parent shall assume all liabilities of CB Sub, other
than the liabilities directly arising out of the Mineral Rights which SVB would have assumed if it acquired the Mineral Rights
directly (the "Excluded Liabilities”), and CB Parent shall indemnify and hold harmless SVB from all such liabilities
other than Excluded Liabilities.

2.8             
Bonus Payments to CB – Beskauga Main

If SVB acquires the Beskauga Main
Project, SVB shall remit to CB Parent the bonus payments in accordance with this Section 2.8, with 20% of such bonus payments being
due (x) if CB does not challenge the mineral resource statement in accordance with this Section 2.8, not later than 60 Business
Days after completion of the Bankable Feasibility Study on the Beskauga Main Project, or (y) if CB challenges the mineral resource
statement in accordance with this Section 2.8, no later than 10 Business Days after the mineral resource statement is finally determined
in accordance with this Section 2.8, and the remaining 80% of such bonus payments being due within 15 Business Days of Construction
Commencement on the Beskauga Main Project:

		(a)	if the Beskauga Main Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 3 million ounces, a payment of $2,000,000, payable in cash or a combination of cash and common shares in
the capital of SVB (the “SVB Shares”), at SVB’s election with a maximum of 50% of such payment being made
in SVB Shares, provided that if SVB elects to issue any SVB Shares to CB, such SVB Shares shall be valued at the 20-day volume
weighted average trading price of the SVB Shares on the Toronto Stock Exchange (the “20-Day VWAP”) calculated
as at the date immediately preceding the date of the issue of such SVB Shares;

		(b)	if the Beskauga Main Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 5 million ounces, a payment of $4,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, provided that if SVB elects to issue any SVB Shares to
CB, such SVB Shares shall be valued at the 20-Day VWAP calculated as at the date immediately preceding the date of the issue
of such SVB Shares;

 

 

    	8  

    	 

    

 

		(c)	if the Beskauga Main Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 7 million ounces, a payment of $6,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, provided that if SVB elects to issue any SVB Shares to
CB, such SVB Shares shall be valued at the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of
such SVB Shares; or

		(d)	if the Beskauga Main Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 10 million ounces, a payment of $8,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, provided that if SVB elects to issue any SVB Shares to
CB, such SVB Shares shall be valued at the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of
such SVB Shares;.

For the avoidance of doubt, the above
bonus payments are cumulative and, once a lump sum bonus payment is paid to CB Parent in respect of the Beskauga Main Project,
CB Parent will not be entitled to any further bonus payments in respect of any additional gold equivalent resources that are on
the Beskauga Main Project. By way of example only, if 5 million ounces of gold equivalent resources are detailed in the Bankable
Feasibility Study on the Beskauga Main Project, CB Parent will be entitled to a bonus payment equal to $6,000,000 in respect of
the Beskauga Main Project and once paid, CB Parent will not be entitled to any further bonus payments in respect of the Beskauga
Main Project. Nothing in this Section 2.8 shall prevent a bonus payment being paid in respect of the Beskauga South Project in
accordance with Section 2.9.

 

CB shall have a right to engage independent
consultants to review the mineral resource statement contained in the Bankable Feasibility Study for the Beskauga Main Project
(the “BMP Review”) and CB may, within 15 Business Days of completion of the Bankable Feasibility Study by SVB,
notify SVB that it is undertaking the BMP Review and challenging the mineral resource statement contained in such Bankable Feasibility
Study. If there is a discrepancy in the mineral resource statement between such Bankable Feasibility Study and BMP Review of more
than 3%, then the parties shall mutually agree on an independent third party consultant to review the mineral resource statements
contained in such Bankable Feasibility Study and BMP Review to determine the mineral resource statement applicable to the Beskauga
Main Project for the purposes of the bonus payments payable under this Section 2.8 (the “BMP Independent Review”).
In the event that the parties are unable to agree on such independent third party consultant within 20 Business Days, SVB shall
be entitled to select the independent third party consultant to perform the BMP Independent Review. If there is a discrepancy in
the mineral resource statements between the Bankable Feasibility Study and BMP Review of 3% or less, the mineral resource statement
with the greater mineral resources shall be used for the purposes of determining the bonus payments payable under this Section
2.8.

 

    	9  

    	 

    

 

 

		(e)	If SVB acquires the Beskauga Main Project and conveys the interest in the property to any third
party (including a sale of the mineral rights and/or by assigning its interest in this agreement) before a Bankable Feasibility
Study is completed, the transferee agrees to be bound by the terms and conditions applicable to SVB pursuant to this agreement
and SVB shall not transfer Beskauga Main Project without this clause in the agreement with the transferee. SVB shall inform CB
by written notice immediately (a) once it has determined to proceed with such transfer and (b) after execution of any such transfer
of the property by disclosing name and address of the transferee.

2.9             
Bonus Payments to CB – Beskauga South

If SVB acquires the Beskauga South
Project, SVB shall remit to CB Parent the bonus payments in accordance with this Section 2.9, with 20% of such bonus payments being
due (x) if CB does not challenge the mineral resource statement in accordance with this Section 2.9, not later than 60 Business
Days after completion of the Bankable Feasibility Study on the Beskauga South Project, or (y) if CB challenges the mineral resource
statement in accordance with this Section 2.9, no later than 10 Business Days after the mineral resource statement is finally determined
in accordance with this Section 2.9, and the remaining 80% of such bonus payments being due within 15 Business Days of Construction
Commencement on the Beskauga South Project:

		(a)	if the Beskauga South Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 2 million ounces, a payment of $2,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, with the number of such SVB Shares to be calculated based
on the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of such SVB Shares;

		(b)	if the Beskauga South Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 3 million ounces, a payment of $3,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, with the number of such SVB Shares to be calculated based
on the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of such SVB Shares;

		(c)	if the Beskauga South Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 4 million ounces, a payment of $3,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, with the number of such SVB Shares to be calculated based
on the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of such SVB Shares; or

 

 

    	10  

    	 

    

 

		(d)	if the Beskauga South Project is the subject of a Bankable Feasibility Study indicating gold equivalent
resources of at least 5 million ounces, a payment of $4,000,000, payable in cash or a combination of cash and SVB Shares, at SVB’s
election with a maximum of 50% of such payment being made in SVB Shares, with the number of such SVB Shares to be calculated based
on the 20-Day VWAP calculated as at the date immediately preceding the date of the issue of such SVB Shares.

For the avoidance of doubt, the
above bonus payments are cumulative and, once a lump sum bonus payment is paid to CB Parent in respect of the Beskauga South Project,
CB Parent will not be entitled to any further bonus payments in respect of any additional gold equivalent resources that are on
the Beskauga South Project. By way of example only, if 5 million ounces of gold equivalent resources are detailed in the Bankable
Feasibility Study on the Beskauga South Project, CB Parent will be entitled to a bonus payment equal to $12,000,000 in respect
of the Beskauga South Project and once paid, CB Parent will not be entitled to any further bonus payments in respect of the Beskauga
South Project. Nothing in this Section 2.9 shall prevent a bonus payment being paid in respect of the Beskauga Main Project in
accordance with Section 2.8.

CB shall have a right to engage independent
consultants to review the mineral resource statement contained in the Bankable Feasibility Study for the Beskauga South Project
(the “BSP Review”) and CB may, within 15 Business Days of completion of the Bankable Feasibility Study by SVB,
notify SVB that it is undertaking the BSP Review and challenging the mineral resource statement contained in such Bankable Feasibility
Study. If there is a discrepancy in the mineral resource statement between such Bankable Feasibility Study and BSP Review of more
than 3%, then the parties shall mutually agree on an independent third party consultant to review the mineral resource statements
contained in such Bankable Feasibility Study and BSP Review to determine the mineral resource statement applicable to the Beskauga
South Project for the purposes of the bonus payments payable under this Section 2.9 (the “BSP Independent Review”).
In the event that the parties are unable to agree on such independent third party consultant within 20 Business Days, SVB shall
be entitled to select the independent third party consultant to perform the BSP Independent Review. If there is a discrepancy in
the mineral resource statements between the Bankable Feasibility Study and BSP Review of 3% or less, the mineral resource statement
with the greater mineral resources shall be used for the purposes of determining the bonus payments payable under this Section
2.9.

 

		(e)	If SVB acquires the Beskauga South Project and conveys the interest in the property to any third
party (including a sale of the mineral rights and/or by assigning its interest in this agreement) before a Bankable Feasibility
Study is completed, the transferee agrees to be bound by the terms and conditions applicable to SVB pursuant to this agreement
and SVB shall not transfer Beskauga South Project without this clause in the agreement with the transferee. SVB shall inform CB
by written notice immediately (a) once it has determined to proceed with such transfer and (b) after execution of any such transfer
of the property by disclosing name and address of the transferee.

 

    	11  

    	 

    

 

2.10         
Property Boundaries

Should SVB decide to exercise
the option for either Beskauga Main or Beskauga South only, the parties acknowledge that the boundaries between Beskauga Main and
Beskauga South will be determined before the end of the option period based on geochemical analysis of available drilling results.
For greater certainty mineralization with characteristics similar to drill holes BgS43 through to BgS92 will be used to define
Beskauga South boundaries, and mineralization with characteristics similar to drill holes Bg-31 through to Bg-85 will be used to
define Beskauga Main boundaries.

ARTICLE
3

REPRESENTATIONS AND WARRANTIES

3.1             
Representations, Warranties and Covenants of CB

Each of CB Parent and CB Sub hereby
jointly and severally represent, warrant and covenant to SVB, and acknowledge that SVB is relying on such representations, warranties
and covenants in entering into this Agreement and performing its obligations hereunder, that as of the date of this Agreement:

		(a)	it is a company duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation;

		(b)	it has full power and authority to carry on its business and to enter into this Agreement
and any agreement or instrument referred to herein or contemplated hereby and to consummate the transactions contemplated hereby;

		(c)	neither the execution and delivery of this Agreement, nor any of the agreements referred
to herein or contemplated hereby, nor the consummation of the transactions hereby contemplated conflict with, result in the breach
of or accelerate the performance required by, any agreement to which it is a party;

		(d)	the execution and delivery of this Agreement and the agreements referred to herein
or contemplated hereby will not violate or result in the breach of the laws of any jurisdiction applicable to it or its constating
documents;

		(e)	all corporate authorizations have been obtained for the execution of this Agreement
and for the performance of its obligations hereunder;

		(f)	this Agreement constitutes a legal, valid and binding obligation of it enforceable
against it in accordance with its terms;

		(g)	no approval, authorization, consent or order of, and no filing, registration or recording
with, any governmental authority is required of CB in connection with the execution and delivery or with the performance by CB
of this Agreement other than such as have been obtained;

    	12  

    	 

    

 

		(h)	the Beskauga Property is properly and accurately described in Schedule “A”;

		(i)	the Mineral Rights comprising the Beskauga Property have been duly and validly recorded
pursuant to all applicable laws and regulations and are in good standing;

		(j)	CB has good title to its 100% interest the Mineral Rights comprised in the Beskauga
Property, free and clear of all Encumbrances, or other claims whatsoever and, without limiting the generality of the foregoing,
other than this Agreement, there are not any agreements or options to grant or convey any interest or rights in the Beskauga Property
or to pay any royalties with respect to the Beskauga Property in force as of the date hereof;

		(k)	CB Parent is the legal and beneficial holder of 100% of the outstanding securities
of CB Sub, free and clear of all Encumbrances or other claims whatsoever;

		(l)	none of the Mineral Rights comprising the Beskauga Property are subject to any area
of common interest or similar obligation to or with a third person;

		(m)	it has provided SVB or its representatives access to all information in its possession
and control relating to the Beskauga Property, whether in tangible or electronic form, including without limitation all maps,
assays, surveys, drill logs, samples and metallurgical, geological, geophysical, geochemical and engineering data in respect thereof;

		(n)	there are no adverse claims, challenges, suits, actions, prosecutions, investigations
or proceedings filed or, to the best of its knowledge, pending or threatened against it or its ownership of or rights or title
to the Beskauga Property or any portion thereof;

		(o)	all taxes, assessments, levies or other payments relating to the Mineral Rights to
the Beskauga Property and required to be made on or before the date hereof have been made and Schedule B sets out a true and complete
list of all taxes, assessments, levies or other payments relating to the Mineral Rights to the Beskauga Property that are required
to keep the Mineral Rights in good standing from time to time, and that such taxes, assessments, levies or other payments shall
remain the same;

		(p)	to the best of its knowledge, there are no claims under any Environmental Law in respect
of the Beskauga Property, nor to the best of its knowledge have any activities of it or on its behalf been in material violation
of any applicable Environmental Law, regulations or regulatory prohibition or order, and conditions on and relating to the Beskauga
Property are in compliance with such Environmental Law, regulations, prohibitions and orders in all material respects;

    	13  

    	 

    

 

		(q)	to the best of its knowledge, there are no pending or ongoing actions taken by or
on behalf of any native or indigenous persons pursuant to the assertion of any land claims with respect to the Beskauga Property;

		(r)	any and all operations of CB and its subsidiaries have been conducted in accordance
with good industry practices and in material compliance with applicable laws, rules, regulations, orders and directions of government
and other competent authorities; and

		(s)	CB (i) has consulted with its professional and legal advisors and is capable of evaluating
the merits and risks of receiving the SVB common shares issued to it in accordance with this Agreement; (ii) will be able to bear
the economic risk of receiving such SVB common shares; (iii) acknowledges that it has not received a prospectus or an offering
memorandum from SVB in connection with receiving such SVB common shares, that subscription for such SVB common shares has not
been made through or as a result of, and the distribution thereof is not being accompanied by, any advertisement, without limitation,
printed public media, radio, television or telecommunications, including electronic display, or as part of a general solicitation,
and that it has relied entirely on the publicly available information and documents of SVB, and on its own investigation in making
the decision to receive such SVB common shares as consideration; (iv) is acquiring such SVB common shares as principal and not
as agent and is acquiring such SVB common shares not with a view to the resale or distribution; and (v) acknowledges such shares
will be subject to such legends and transfer restrictions as may be required under applicable securities law.

3.2             
Representations, Warranties and Covenants of SVB

SVB hereby represents, warrants
and covenants to CB, and acknowledges that CB is relying on such representations, warranties and covenants in entering into this
Agreement and performing its obligations hereunder, that as of the date of this Agreement:

		(a)	SVB is a company duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation;

		(b)	SVB has full power and authority to carry on its business and to enter into this Agreement and
any agreement or instrument referred to or contemplated by this Agreement and to consummate the transactions contemplated hereby;

		(c)	neither the execution and delivery of this Agreement, nor any of the agreements referred to herein
or contemplated hereby, nor the consummation of the transactions hereby contemplated conflict with, result in the breach of or
accelerate the performance required by, any agreement to which it is a party;

		(d)	all corporate authorizations have been obtained for the execution of this Agreement and for the
performance of its obligations hereunder;

 

    	14  

    	 

    

 

		(e)	this Agreement constitutes a legal, valid and binding obligation of SVB enforceable against it
in accordance with its terms; and

		(f)	no approval, authorization, consent or order of, and no filing, registration or recording
with, any governmental authority is required of SVB in connection with the execution and delivery or with the performance by SVB
of this Agreement other than such as have been obtained, other than such approvals as may be required to list the shares of SVB
with the appropriate stock exchange and any filing under securities laws in connection with the issuance of such shares; and

		(g)	any common shares of SVB issued pursuant to this Agreement, will, when issued, be
duly authorized and validly issued as fully paid and non-assessable securities common shares in the capital of SVB, free of any
lien, right of first refusal, preemptive right, subscription right or other similar right with respect thereto.

ARTICLE
4

COVENANTS

4.1             
Operations

According to Subsoil Use Law of
Kazakhstan, the CB Sub "Dostyk" will be appointed as the operator of the Project (the “Operator”).
The exploration expenditures shall be spent through the CB Sub as the sole Beskauga licenceholder with exploration activities being
conducted in a sound and workmanlike manner in accordance with sound mining and engineering practices. During the Option Period,
the Operator shall maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the parties
hereto as insured and protecting the parties from third party claims, and shall provide reasonable satisfactory evidence of such
insurance at the request of the parties, provided that such insurance is available on reasonable terms as determined by SVB in
its sole discretion. All work done during the Option Period shall be done pursuant to programs and budgets approved by SVB.

4.2             
Covenants of the Operator

During the Option Period, the
Operator will:

		(a)	maintain the Beskauga Property in good standing and pay all costs in respect thereof,
provided that neither the Operator or SVB (whether or not it is the Operator) shall be required to make any expenditures in connection
with the preparation of independent studies to be filed with a governmental body of Kazakhstan;

		(b)	comply with all applicable laws with respect to its activities on the Beskauga Property;

		(c)	keep CB and SVB, as applicable, reasonably informed as to the activities with respect
to the Beskauga Property;

    	15  

    	 

    

 

		(d)	provide CB and SVB, as applicable, with an annual report on the Beskauga Property
within 90 days of the end of the work programs conducted in each year;

		(e)	allow CB and SVB, as applicable, to conduct site visits on the Beskauga Property upon
reasonable notice at their sole risk and expense; and

		(f)	provide CB and SVB, as applicable, access to all Beskauga Property-related information,
including financial information.

4.3             
Covenants of CB

During the Option Period, CB will:

		(a)	cooperate with SVB in its efforts to obtain any permitting required;

		(b)	remain the registered owner of a 100% interest in the Beskauga Property during the
Option Period and not transfer, pledge or in any way encumber the Beskauga Property;

		(c)	operate CB Sub in the Ordinary Course of Business in compliance with applicable law
and the terms and conditions of all contracts, permits, licenses, authorizations and other governmental or regulatory authorizations
to which CB Sub is a party, and in a manner that maintains CB Sub’s relations with suppliers, government and regulatory
authorities and contractual counterparties in accordance with past custom and practice;

		(d)	ensure that CB Parent remains the legal and beneficial owner of 100% of the outstanding
securities of CB Sub, free and clear of all Encumbrances or other claims whatsoever;

		(e)	refrain from agreeing to any amendment to or waiver in respect of the terms of the
Mineral Rights comprised in the Beskauga Property and any other agreement related to the Beskauga Property, without the written
consent of SVB;

		(f)	promptly deliver to SVB any notice, demands, third-party offers or inquiries or other
material communications it receives relating to the Beskauga Property;

		(g)	not solicit offers or engage in any discussions with a third party relating to the
ownership or development of the Project; and

		(h)	take any action or refrain from any action, as the case may be, as may be required
in furtherance of or in support of the terms of this Agreement.

    	16  

    	 

    

 

4.4             
Area of Interest

		(a)	If, during the term of this Agreement, any party, directly or indirectly, has the opportunity to
stake or otherwise acquire any mineral interest or right of any nature whatsoever, located wholly or in part in the Area of Interest,
the party who has such opportunity (in this Section 4.4, the “Acquiring Party”) shall notify the other party
(the “Other Party”) in writing of that opportunity without undue delay, and, in any event, within 10 days of
the opportunity arising, including the terms on which the mineral interest or right of any nature whatsoever is able to be acquired
and an assessment of the likely benefits to the parties. An Acquiring Party may stake a mineral interest or right in its own name
if the Acquiring Party believes it is necessary to do so in order to preserve the opportunity to acquire such mineral interest
or right. In such event the Acquiring Party will be staking the mineral claim subject to the right of the party who is not the
Acquiring Party under this Section 4.4(a) and if a decision is made to stake or acquire the mineral interest or right pursuant
to Section 4.4(b), such mineral claim shall become subject to this Agreement and form part of the Property on the basis contemplated
by Section 4.4(b).

		(b)	The Other Party shall within 15 days from the date that the notice is given by the Acquiring Party
pursuant to Section 4.4(a) decide whether the mineral interest or right of any nature whatsoever should be staked or acquired on
behalf of the parties. If a decision is made to stake or acquire any mineral interest or right wholly or in part in the Area of
Interest, the parties shall use commercially reasonable efforts to acquire or stake such mineral interest or right of any nature
whatsoever which shall become subject to this agreement and form part of the Property (the “Additional Property”).
The costs associated with staking or acquiring the Additional Property shall be included in the program and budget for work on
the Property approved by SVB.

(c)              
If the Other Party decides the mineral right or interest in the Area of Interest should not be acquired as stated pursuant
to Section 4.4(b), the Acquiring Party may itself acquire or stake such mineral claim on terms not more favourable to the Acquiring
Party than those specified in the notice referred to in Section 4.4(a) within three months of the giving of such notice.

4.5             
Right of First Refusal

If CB receives a bona fide offer
(the “Offer”) from an arms-length third party (the “Offeror”) to purchase either all of its
interest in the Beskauga Property or only the interest in the Beskauga Main Project or Beskauga South Project (the “ROFR
Interest”), which CB intends to accept, the following provisions shall apply:

		(a)	CB shall, by notice (the “ROFR Notice”), advise SVB of its intention to accept
such Offer, and include in such ROFR Notice the identity of the Offeror, the price or other consideration of the Offer, the proposed
effective date and closing date of the transaction, a copy of the Offer, evidence that the board of directors of CB has approved
the acceptance of such Offer, and any other information respecting the transaction which it reasonably believes would be material
to the exercise of the other party’s rights hereunder.

 

    	17  

    	 

    

 

		(b)	If the consideration described in the ROFR Notice cannot be matched in kind, the ROFR Notice shall
include CB’s bona fide estimate of the value, in cash, of such consideration. If SVB objects as to the reasonableness of
such estimate of the cash value of the consideration described in the ROFR Notice, it will so advise CB and the dispute will be
submitted for determination to an independent Canadian national firm of chartered accountants mutually agreed to by CB and SVB
(and, failing such agreement between CB and SVB within a further period of five Business Days, such independent national firm of
chartered accountants will be designated by SVB, and the election period provided herein to the other party shall be suspended
until such matter is resolved by settlement or determination).

		(c)	Within the later of: (i) 90 days from the receipt of the ROFR Notice, as modified by any suspension
described above; or (ii) if applicable, 15 days from any determination or settlement reached as described above, SVB may give notice
to CB that it elects to purchase the ROFR Interest described in the ROFR Notice for the applicable price (a “Notice of
Acceptance”). A Notice of Acceptance shall create a binding contractual obligation upon CB to sell, and upon SVB to purchase,
for the applicable price, all of the ROFR Interest included in such ROFR Notice on the terms and conditions set forth in the ROFR
Notice.

		(d)	If the ROFR Interest described in the ROFR Notice is not disposed of to SVB as described above,
CB may transfer such ROFR Interest to the Offeror identified in such ROFR Notice at any time within 180 days from the issuance
of such ROFR Notice, provided that (i) such transfer is not on terms that are more favourable to such purchaser than those offered
in the ROFR Notice; (ii) and the transferee agrees in writing to be bound by the terms and conditions applicable to CB pursuant
to this Agreement.

		(e)	Following a transfer or 180 days from the issuance of a ROFR Notice from which a transfer did not
result, as the case may be, the provisions of this clause shall once again apply to the ROFR Interest described in the ROFR Notice.

ARTICLE
5

TERMINATION; INDEMNITY; DEFAULT

5.1             
Termination

This Agreement shall terminate:

		(a)	upon the mutual written agreement of CB and SVB; or

		(b)	upon the delivery of written notice by SVB, provided that at the time of delivery
of written notice, unless there has been a material breach of a representation or warranty given by CB which has not been cured,
the Beskauga Property is in good-standing;

    	18  

    	 

    

 

		(c)	if there is a material breach by a party of its obligations under the Option Agreement
(the “Breaching Party”), and the other party (the “Non-Breaching Party”) has provided written
notice of such material breach (“Breach Notice”) to the Breaching Party, upon the date which is (i) 30 days
after the Breach Notice is delivered, if such material breach is capable of being cured and remains uncured, or (ii) 60 days after
the Breach Notice is delivered, if such material breach is incapable of being cured and the parties have not otherwise agreed
in writing, and in either event provided that the Non-Breaching Party is not in material breach of the Agreement at the date of
the Breach Notice or at any time thereafter; or

		(d)	if the Closing Date does not occur within 12 months of the Effective Date, upon the
delivery of a written notice by either party thereafter.

5.2             
Indemnity and Survival of Representations

		(a)	The representations and warranties set out herein are conditions on which the parties have relied
in entering into this Agreement and shall survive for a period of three years after the date of this Agreement. Each of CB and
SVB will indemnify and save the other harmless from and against any and all claims, judgments, liabilities, loss, cost, expense
or damage, of any kind or nature whatsoever (including legal costs on a solicitor and his own client basis), arising out of or
in connection with any breach of any representation, warranty, covenant, agreement or condition made by it and contained in this
Agreement.

		(b)	The provisions of Section 5.2 of this Agreement shall survive termination of this Agreement.

5.3             
Default

Notwithstanding anything in this
Agreement to the contrary, if any party (a “Defaulting Party”) is in default of any requirement herein set forth,
the party affected by such default shall give written notice to the Defaulting Party specifying the default. The Defaulting Party
shall have 30 days after the receipt of such notice of default to cure the default specified in such notice. If the Defaulting
Party fails within such period to cure any such default, the affected party will be entitled to seek any remedy it may have on
account of such default including terminating this agreement and/or seeking the remedies of specific performance, injunction or
damages.

ARTICLE
6

MISCELLANEOUS

6.1             
Confidentiality

The parties agree to hold in confidence
all data and information obtained in respect of the Beskauga Property or otherwise in connection with this Agreement except to
the extent: (i) such data and information is or becomes generally available to the public (other than as a result of a disclosure
by a party or its representatives in breach of this Agreement); (ii) such data and information is derived solely from SVB’s
activities in respect of the Beskauga Property in which case it may be disclosed by SVB; or (iii) such data or information is required
to be disclosed by law or by the rules and regulations of any regulatory authority or stock exchange having jurisdiction, in which
case the party making such disclosure will consult with the other party prior to making any statement or news release and the parties
will use all reasonable efforts, acting expeditiously and in good faith, to provide the other party with a copy of any proposed
disclosure at least 72 hours, or if such period is not reasonably practicable, as soon as possible, prior to public release in
order to agree upon a text for such statement or release which is satisfactory to each party. Failure by a non-disclosing party
to provide comment on any proposed disclosure within 72 hours of receipt from the disclosing party shall be deemed a waiver of
such receiving party’s rights pursuant to this section. If the parties fail to agree upon such text, the party making the
disclosure will make only such public statement or release as its counsel advises is legally required to be made or is otherwise
reasonable in the circumstances.

    	19  

    	 

    

 

6.2             
Assignment

During the Option Period (a) neither
CB may sell, transfer, assign, mortgage, pledge or otherwise encumber their interest in this Agreement; and (b) CB may not, directly
or indirectly, sell, transfer, assign, mortgage, pledge or otherwise encumber its interest in the Property, without the prior written
consent of SVB. Notwithstanding the foregoing, CB shall be permitted to assign this Agreement to an “affiliate” or
“associate” as those terms are defined in the Business Corporations Act (British Columbia). It will be a condition
of any assignment under this Agreement that such assignee shall agree in writing to be bound by the terms of this Agreement applicable
to the assignor.

6.3             
Force Majeure

		(a)	The obligations of a party hereunder shall be suspended to the extent and for the period that performance,
exploration, development or operations, as applicable, is prevented by any cause, whether foreseeable or unforeseeable, beyond
its reasonable control, including labour disputes (however arising and whether or not employee demands are reasonable or within
the power of the party to grant); acts of God; laws, instructions or requests of any government or governmental entity; judgments
or orders of any court; inability to obtain on reasonably acceptable terms any public or private licence, permit or other authorisation;
curtailment or suspension of activities to remedy or avoid an actual or alleged, present or prospective violation of Environmental
Laws; action or inaction by any federal, provincial or local agency that delays or prevents the issuance or granting of any approval
or authorisation required to conduct operations beyond the reasonable expectations of the party seeking the approval or authorisation;
acts of war or conditions arising out of or attributable to war, whether declared or undeclared; riot; civil strife, terrorism,
insurrection or rebellion; fire, explosion, earthquake; delay or failure by suppliers or transporters of materials, parts, supplies,
services or equipment or by contractors’ or subcontractors’ shortage of, or inability to obtain, labour, transportation,
materials, machinery, equipment, supplies, utilities or services; accidents; breakdown of equipment, machinery or facilities; actions
by native rights groups, environmental groups, or other similar special interest groups; pandemics, epidemics or other public health
emergencies (including those resulting from diseases, influenzas and other viruses) and governmental actions relating thereto (including
quarantines, business closures and travel restrictions relating to public health emergencies); or any other cause whether similar
or dissimilar to the foregoing (an “Intervening Event”). Notwithstanding the foregoing, and for greater certainty,
neither lack of funds nor the inability of any party to obtain financing shall be an Intervening Event.

 

    	20  

    	 

    

 

		(b)	A party relying on the provisions of Subsection 6.3(a) shall promptly give written notice to the
other party of the particulars of the Intervening Event and all time limits imposed by this Agreement shall be extended from the
date of delivery of such notice by a period equivalent to the period of delay resulting from an Intervening Event.

		(c)	A party relying on the provisions of Subsection 6.3(a) shall take all reasonable steps to eliminate
any Intervening Event and, if possible, shall perform its obligations under this Agreement as far as commercially practical, but
nothing herein shall require such party to settle or adjust any labour dispute or to question or to test the validity of any law,
rule, regulation or order of any duly constituted governmental authority or to complete its obligations under this Agreement if
an Intervening Event renders completion commercially impracticable. A party relying on the provisions of Subsection 6.3(a) shall
give written notice to the other party as soon as such Intervening Event ceases to exist.

6.4             
Notice

Any notice, direction or other
instrument required or permitted to be given under this Agreement will be in writing and may be given by the delivery of the same
or by sending the same by email or other similar form of communication (provided that if a method of notice other than email is
selected, the notice shall also be sent by email), in each case addressed as follows:

		(a)	If to CB at:

Copperbelt AG

Gartenstrasse 3

6300 Zug

Switzerland

 

Attention:Dr. Waldemar Mueller

Email: [***]

 

    	21  

    	 

    

 

 

with a copy (which does not constitute
notice) to:

 

NEOVIUS AG

Hirschgaesslein 30

4010 Basel

Switzerland

 

Attention:Peter Goeggel

Email: [***]

 

		(b)	If to SVB at:

Silver Bull Resources, Inc.

777 Dunsmuir Street, Suite 1610

Vancouver, British Columbia

V7Y 1K4

Attention:Tim Barry

Email:[***]

and

Attention:Sean Fallis

Email: [***]

 

with a copy (which does not constitute
notice) to:

 

Blake, Cassels & Graydon LLP

595 Burrard Street

Suite 2600, Three Bentall Centre

Vancouver, British Columbia

V7X 1L3

 

Attention: Susan Tomaine

Email: [***]

 

Any notice, direction or other
instrument will (i) if delivered by hand, be deemed to have been given and received on the day it was delivered; and (iii) if sent
by email or other similar form of communication, be deemed to have been given and received on the Business Day following the day
it was so sent. Any party may at any time change its address for service from time to time by giving notice to the other parties
in accordance with this Section 6.4.

6.5             
Further Assurances

Each of the parties hereto shall,
from time to time hereafter and upon any reasonable request of the other, promptly do, execute, deliver or cause to be done, executed
and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this
Agreement.

 

    	22  

    	 

    

 

6.6             
Entire Agreement

This Agreement constitutes the
entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings,
negotiations and discussions, whether written or oral, including the draft term sheet. There are no conditions, covenants, agreements,
representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject
matter hereof except as provided herein.

6.7             
Governing Law

This Agreement will be governed
by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein. The
parties hereto hereby irrevocably attorn to the jurisdiction of the Courts of British Columbia.

6.8             
Dispute Resolution

Any disputes under this Agreement
shall be resolved through arbitration which will take place in Vancouver, British Columbia pursuant to the Commercial Arbitration
Act (British Columbia).

6.9             
Enurement

This Agreement shall enure to
the benefit of and shall be binding on and enforceable by and against the parties and their respective successors or heirs, executors,
administrators and other legal personal representatives, and permitted assigns.

6.10         
Severability

If any provision of this Agreement
is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions
of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby are not affected in any manner materially adverse to any party hereto. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the
end that transactions contemplated hereby are fulfilled to the extent possible.

6.11         
Amendments

No amendment or waiver of any
provision of this Agreement shall be binding on any party unless consented to in writing by such party. No waiver of any provision
of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute
a continuing waiver unless otherwise expressly provided.

 

    	23  

    	 

    

 

6.12         
Time of Essence

Time shall be of the essence of
this Agreement.

6.13         
Counterparts

This Agreement and all documents
contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of counterparts
(including counterparts delivered by email), with the same effect as if all parties had signed and delivered the same document,
and all counterparts shall be construed together to be an original and will constitute one and the same agreement.

 

 

    	24  

    	 

    

IN WITNESS WHEREOF this Agreement has
been executed by the parties as of the date first above written.

COPPERBELT AG

 By:/s/
Waldemar Mueller
 Name: Waldemar Mueller
 Title: President & CEO

 By:/s/ Peter
Goeggel
 Name: Peter Goeggel
 Title: Director

 

DOSTYK LLP

 By:/s/ Irma
Nuss
 Name: Irma  Nuss
 Title: Managing Director

 

SILVER BULL RESOURCES, INC.

 By:/s/
Timothy Barry
 Name: Timothy Barry
 Title: President & CEO

 

 

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