Document:

loweryexecseverance

[***] – Certain identified information has been excluded from this exhibit because it is both not material  and is treated by Company as private or confidential.  CONFIDENTIAL  EXECUTIVE SEPARATION AGREEMENT & GENERAL RELEASE      This Confidential Executive Separation Agreement & General Release (the “Agreement”) is  entered into as of the Effective Date (as defined below), by and between Christopher Lowery  (“Executive”) and Owens & Minor, Inc. (together with all Related Entities (as defined herein), “O&M” or  the “Company”) (Executive and O&M are each referred to herein as a “Party” and, collectively, as the  “Parties”) and in light of the following circumstances:      WHEREAS, Executive has been employed by and an officer of the Company and/or a Related  Entity(ies), most recently as its President – Global Products;      WHEREAS, Executive has, at the request of the Company, resigned from his position with the  Company effective March 31, 2022 (the “Separation Date”);      WHEREAS, this Agreement is a condition precedent to Executive’s continued at will employment  through the Separation Date and receipt of severance benefits under the Owens & Minor, Inc. Officer  Severance Policy (the “Policy”).      NOW, THEREFORE, in consideration of the Parties’ promises and obligations hereunder, and  other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the  Parties agree as follows:    1. Separation Date and Transition Period.   a. The Parties intend that Executive’s last day of employment with the Company shall be  the Separation Date, and Executive acknowledges and agrees that his employment relationship with the  Company will end no later than such date, unless otherwise agreed by the Parties in writing. Executive  further acknowledges and agrees to resign as President – Global Products of the Company, and from all  other officer, director, employee or other positions with Owens & Minor, Inc. and all Related Entities  effective as of the Separation Date or such earlier time as the Company may request, in its sole  discretion; provided, however, that such earlier resignation shall not impact Executive’s rights under this  Agreement or any existing change in control or similar agreement. For purposes of this Agreement,  “Related Entities” means Owens & Minor, Inc.’s subsidiary and affiliated entities and each of their  predecessors.   b. Executive shall remain employed by the Company on an at‐will basis as an employee of  the Company through the Separation Date (the “Transition Period”). During the Transition Period,  Executive will continue to perform his customary duties, or such other duties as the Company may  direct, and will facilitate the transition of Executive’s responsibilities to others within the Company as  may be requested by O&M. Executive’s employment by the Company during the Transition Period shall  be at will, meaning that either the Company or the Executive may end the employment relationship at  any time and for any lawful reason. On or within five (5) days after the Separation Date, Executive  agrees to execute the Release of Claims attached hereto as Exhibit A and incorporated herein by this  reference (the “Subsequent Release”).  c. Executive understands and acknowledges that some matters that fell under Executive’s  responsibility in his position with the Company may be ongoing after the Separation Date. Accordingly,  Executive agrees that for a period of twelve (12) months after the Separation Date Executive will  

 

Page 2 of 15    cooperate and make himself reasonably available to Company representatives to respond to questions  regarding Executive’s experience with and knowledge about the Company. Additionally, Executive  agrees that he will assist O&M, as reasonably requested by the Company, in the case of any litigation,  regulatory inquiry, audits, or other such matters.  d. In the event that Executive abandons his employment or is terminated by the Company  for Cause (as that term is defined in the Policy) prior to the Separation Date, Executive shall not be  eligible to receive, and the Company shall have no obligation to provide, any of the Separation Benefits  set forth in Section 3 of this Agreement. The Company may elect to relieve Executive of his duties prior  to the Separation Date, but allow Executive to remain employed until the Separation Date and remain  eligible for the Severance Benefits and other compensation and benefits accrued through the Separation  Date.  e. Executive represents and warrants that Executive has complied with the Company’s  Code of Honor and compliance policies and that Executive is not aware of any material violation of the  Code of Honor or such compliance policies.  f. If Executive accepts employment with a third party during the Severance Period (as  defined herein), Executive shall provide notice of the same to the Company, which notice shall include  the name of Executive’s new employer, the title of the position accepted and a summary of the primary  duties and responsibilities of such position.  2. Accrued Benefits.   a. The Company shall continue to pay Executive his normal base salary earned through the  Separation Date, or such earlier date that Executive’s employment with the Company ends, in  accordance with its usual payroll practices. Executive will be eligible to receive payment under the  Company’s 2021 Annual Incentive Plan or the 2021 Executive Incentive Plan in accordance with the  terms thereof and payable at the time such payments are made under such plan (“2021 Bonus  Payment”); provided, however, that Executive must be employed in good standing with the Company on  the date such payment is due to be made to be eligible to receive such payment. The 2021 Bonus  Payment shall be calculated based on the financial metrics approved by the Company’s Board of  Directors and assuming Executive’s performance at 100% with respect to Executive’s personal  management business objectives (“MBOs”).  b. The Company shall reimburse Executive for any business expenses incurred by Executive  prior to the Separation Date related to his employment with the Company, subject to the requirements  of the Company’s expense reimbursement policy. All such reimbursement will be made in accordance  with the Company’s expense reimbursement policy.    c. Executive acknowledges and agrees that as of the Separation Date, except as otherwise  set forth in this Agreement, the Company shall have no obligation to continue Executive’s coverage  under the Company’s medical, dental, life insurance, or other employee insurance or benefit plans;  provided, however, that Executive will be eligible for COBRA coverage to the extent required by  applicable law. Executive understands and acknowledges that COBRA coverage will be at Executive’s  sole expense and will be offered at 102% of the full cost of coverage. Executive will receive applicable  COBRA election forms under separate cover following the Separation Date.  d. Executive acknowledges and agrees that, subject to the Company’s compliance with the  terms of this Agreement, the Company has paid or will have paid Executive in full all accrued salary,  expenses, reimbursements, vacation, sick leave, and other payments to which Executive may have been  

 

Page 3 of 15    entitled, and that there are no sums or other benefits, other than as described in this Agreement, due or  owing to Executive by the Company.  3. Severance Benefits.   a.   In consideration of Executive’s promises, covenants and agreements set forth in this  Agreement (including but not limited to the covenants regarding Confidentiality, Non‐Competition and  Non‐Solicitation), and in accordance with Section 5 of the Policy, the Company shall provide Executive  with the payments and benefits set forth in this Section 3 (collectively, the “Severance Benefits”).  Executive acknowledges and Agrees that Executive would not be entitled to the Severance Benefits in  the absence of Executive’s acceptance of this Agreement and adherence with its terms. Executive  further acknowledges and agrees that Executive shall not be entitled to any Severance Benefits if the  Company terminates Executive for Cause (as defined in the Policy) or the Executive abandons his  employment prior to the Separation Date. Executive also acknowledges and agrees that if Executive  violates any of the Protective Covenants (as defined herein), Executive shall repay to the Company any  of the Severance Benefits that Executive has received as of the date of such violation and that the  Company thereafter shall have no obligation to provide any Severance Benefits to Executive.   b. Subject to the terms of this Agreement, the Company shall pay Executive a lump‐sum in  the gross amount of ONE MILLION, FIVE HUNDRED NINETY‐NINE THOUSAND, SIX HUNDRED NINETY  DOLLARS AND NO CENTS ($1,599,690.00), less all applicable withholdings and deductions. The Company  shall make this payment on the first regularly scheduled Company payday following the latter of the  Effective Date of this Agreement or the Subsequent Release Effective Date (as that term is defined in the  Subsequent Release). For purposes of this Agreement, “Severance Period” shall mean the eighteen (18)‐ month period immediately following the Separation Date.   c. Subject to the terms of this Agreement, the Company shall pay Executive a lump‐sum  cash Welfare Benefit Payment (as defined in the Policy) equal to SEVENTEEN THOUSAND EIGHTY‐EIGHT  DOLLARS AND NO CENTS ($17,088.00). The Company shall make this payment on the first regularly  scheduled Company payday following the latter of the Effective Date of this Agreement or the  Subsequent Release Effective Date.  d. Executive currently holds 203,014 shares of restricted stock in the Company (the  “Restricted Stock”) issued and outstanding under O&M’s 2018 Stock Incentive Plan (as amended) (the  “2018 Stock Plan”). The Restricted Stock shall continue to vest under the 2018 Stock Plan in accordance  with the terms thereof through and until the Separation Date, so long as Executive remains employed in  good standing through such date. Executive will receive a pro‐rated amount of his unvested Restricted  Stock based on his Separation Date as provided by the applicable plan documents and award  agreements.  Under the applicable plan and award agreements, the restrictions on 173,435 shares will  lapse and the remaining shares of the Restricted Stock shall be forfeited, each upon the latter of the  Effective Date of this Agreement or the Subsequent Release Effective Date. Performance share awards  to Executive under the grant made on May 11, 2020 shall be governed by the applicable plan and  performance share award agreement, and Executive shall receive a pro‐rated portion of any restricted  stock issued pursuant to such award based on the Separation Date. Executive understands and agrees  that all of Executive’s outstanding performance share awards under the grant made on March 1, 2021,  shall be forfeited as of the Separation Date in accordance with the applicable performance share award  agreement. Executive’s current restricted stock and performance share positions, and the treatment of  each under this Agreement, are set forth in Exhibit B – Executive Stock Holdings, which is attached  hereto and incorporated herein by this reference. Notwithstanding anything to the contrary herein,  nothing in this Agreement shall be construed to waive or otherwise alter any of the provisions of the  applicable plan or award agreements pertaining to restricted stock or performance shares awards issued  

 

Page 4 of 15    to Executive during his employment with the Company. All provisions of such plans and award  agreements shall survive and remain in full force and effect.  e. Subject to the terms of this Agreement, the Company shall pay Executive a lump‐sum  cash payment equal to TEN THOUSAND DOLLARS ($10,000.00), less required deductions, for  outplacement services. The Company shall make this payment on the first regularly scheduled Company  payday following the latter of the Effective Date of this Agreement or the Subsequent Release Effective  Date.  f.  Subject to the terms of this Agreement, the Company shall pay Executive a lump‐sum  cash payment equal to FIVE THOUSAND TWO HUNDRED FIFTY DOLLARS ($5,250.00), less required  deductions, for tax preparation services. The Company shall make this payment on the first regularly  scheduled Company payday following the latter of the Effective Date of this Agreement or the  Subsequent Release Effective Date.  g. Any amount described in this Section 3, to the extent earned, shall be paid to Executive  in no event later than the fifteenth (15th) day of the third (3rd) month following the end of the year in  which such amount was no longer subject to a substantial risk of forfeiture, within the meaning of Code  Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), except as may be  permitted pursuant to Treasury Regulation Section 1.409A‐1(b)(4)(ii).  h. Executive acknowledges and agrees that Executive’s agreement to abide by and  compliance with the Protective Covenants (as defined herein) is a material inducement for the Company  to enter into this Agreement and is consideration for the Severance Benefits and other benefits afforded  to Executive hereunder. Accordingly, Executive agrees that if Executive breaches any provision of any  Protective Covenant, the Company shall have no obligation to provide any of the Severance Benefits set  forth in this Section 3 and Executive shall be obligated to repay to the Company any amounts already  received by Executive as of the date of such breach.  4. Covenant to Maintain Confidentiality. During his employment with the Company, Executive has  been exposed to certain Confidential Information of the Company. For purposes of this Agreement  “Confidential Information” means information, in any form, related to the Company’s business (i) that is  not generally known or available to individuals or entities outside of the Company, (ii) in which the  Company has an interest, (iii) from which the Company derives value by virtue of – in whole or in part –  its confidentiality, and (iv) with respect to which the Company takes reasonable measures to maintain as  confidential. Such Confidential Information includes but is not limited to:  information technology and  computer systems; trade secrets; financial or investor relations information; sales activity information;  accounting information; revenue recognition information; cash‐flow information; lists of and other  information about current and prospective customers, vendors or suppliers; prices or pricing strategy or  information; sales and account records; reports, pricing, sales manuals and training manuals regarding  selling, strategic planning and business development information; purchasing, and pricing procedures  and financing methods of the Company, together with any specific and proprietary techniques utilized  by the Company in designing, developing, testing or marketing its products, product mix and supplier  information or in performing services for clients, customers and accounts of the Company; information  concerning existing or contemplated software, products, services, technology, designs, processes and  research or product developments of the Company; and, any other information of a similar nature made  available to Executive and not known to the public, which, if misused or disclosed, could adversely affect  the business or interests of the Company. Confidential Information includes any such information that  Executive may have prepared or created during his employment with the Company, as well as such  information that has been or may be created or prepared by others.  Confidential Information shall not  include any information that has been voluntarily disclosed to the public by the Company, has been  

 

Page 5 of 15    independently developed and disclosed to the public by others without violating any legal obligation, or  otherwise enters the public domain through lawful means. Subject to the limited exclusions and  limitations set forth in this Agreement, Executive agrees that for as long as such information remains  confidential to the Company, including after the Severance Period, or is a trade secret under applicable  law, Executive will not disclose any Confidential Information to any person, agency, institution,  company, or other entity, and Executive will not use any Confidential Information in any way, except as  required by Executive’s duties to the Company or by law, or as permitted under Section 9 of this  Agreement. In the event that Executive is unsure whether or not certain information is Confidential  Information, Executive will send the Company a written inquiry about whether such information is  covered under this Agreement. Notwithstanding anything to the contrary contained herein, this  Agreement does not prohibit Executive from complying with a lawful subpoena or other legal  compulsion. If Executive becomes legally compelled (by interrogatories, requests for information or  documents, subpoenas, civil investigative demands, applicable regulations, or similar processes) to  disclose any Confidential Information, Executive shall, if permitted by applicable law, provide Company  with prompt notice so that Company may seek an appropriate protective order or other appropriate  remedy or waive Executive’s compliance with this Section 4, which waiver must be in writing to be  effective.  If that protective order or other remedy is not obtained by the date that Executive must  comply with the request, or if Company waives compliance with this Section 4 in writing, Executive shall  furnish only that portion of the Confidential Information that is legally required to be provided in the  reasonable opinion of Executive’s counsel (after consultation with Company’s counsel), and Executive  shall exercise commercially reasonable efforts to obtain a protective order or other reliable assurance  that confidential treatment will be accorded to that portion of the Confidential Information of Company  which is being furnished or disclosed.  5. Covenant not to Compete. Executive acknowledges and agrees that Executive, as President of  the Company’s Global Products business unit, was responsible for all of the business activity conducted  by the Global Products business unit, and that the Company’s Global Products business unit conducted  business and sold products in markets throughout the world. During the Transition Period and  Severance Period, Executive agrees not to engage in Competitive Work for or on behalf of a Competitor  engaged in a Competitive Business in any country in which the Company’s Global Products business unit  sold products at any time within the Recent Period (as defined herein).  Notwithstanding the foregoing,  this Section 5 does not restrict Executive from owning stock or other securities of a publicly held  corporation in which Executive does not possess beneficial ownership of more than 2% of such  corporation’s voting stock. For purposes of this Agreement, “Competitive Business” means providing or  soliciting to provide or sell surgical and/or infection prevention products that are substantially similar to  or competitive with the products provided, offered or planned to be offered by the Company’s Global  Products business unit at any time during the last twelve (12) months of Executive’s employment with  the Company (the “Recent Period”). “Competitive Work” means the performance of duties and/or  provision of services (whether as an employee, independent contractor or otherwise) that are  substantially similar to duties and/or services that Executive performed or provided for or on behalf of  O&M at any time during the Recent Period. “Competitor” means any person or entity that is engaged in  conducting Competitive Business.  6. Non‐Solicitation of Customers & Suppliers. During the Transition Period and Severance Period,  Executive agrees that he will not, personally or through another:  conduct or offer to conduct any  Competitive Business with any Covered Customer; or encourage or induce any Covered Customer or  Covered Supplier to cease doing business with the Company or change the terms of an existing business  relationship with the Company to the detriment of the Company. Notwithstanding the foregoing, this  Section 6 does not prohibit general advertising or solicitation that is not specifically directed to a  

 

Page 6 of 15    Covered Customer(s) or Covered Supplier(s). For purposes of this Agreement, “Covered Customer”  means any individual or entity with which O&M, at any time during the Recent Period, has conducted, or  made a written or in‐person proposal to conduct, business or to which the Company has provided or  offered to provide goods or services, and with whom or which Executive had business‐related contact or  dealings on behalf of O&M or about which Executive received Confidential Information, in each case, at  any time during the Recent Period. “Covered Supplier” means any manufacturer or supplier of medical  or surgical products or devices or raw materials used by the Company to manufacture products sold by  the Company with which O&M, at any time during the Recent Period, has conducted or made a written  or in‐person proposal to conduct, business, and with which Executive had business‐related contact or  dealings on behalf of O&M or about which Executive received Confidential Information, in each case, at  any time during the Recent Period.  7. Non‐Solicitation of Workers. During the Transition Period and Severance Period, Executive  agrees that he will not, personally or through another, solicit for employment or hire a Covered Worker  for employment or engagement by any person or entity other than O&M or encourage a Covered  Worker to leave employment with the Company. Notwithstanding the foregoing, the restrictions  contained in this Section 7 shall not apply to any individual that has been separated from employment  with the Company for six (6) months or more as of the time of recruitment, solicitation or hiring by  Executive. This Section 7 also does not prohibit general advertising or solicitation not specifically  directed to a Covered Worker or Covered Workers. For purposes of this Agreement, “Covered Worker”  means any person who at any time during the Recent Period (i) was employed or engaged by the  Company; and (ii) had business‐related contact with or reported to Executive.  8. Non‐Disparagement. Executive agrees that he shall not make any statement or take any action  that reasonably could be construed as criticizing or disparaging the reputation of any Releasee (as  defined below).  This provision is in addition to, and not in lieu of, the substantive protections under  applicable law relating to defamation, libel, slander, interference with contractual or business  relationships, or other statutory, contractual or tort theories. Notwithstanding the foregoing, Executive  understands and agrees that Executive’s obligations under this Section 8 are expressly limited by the  provisions of Section 9 of this Agreement. Further, nothing herein shall be construed to require  Executive or any other person to engage in any unlawful act.  9. Limitations on Obligations. Nothing in this Agreement shall prohibit or impede Executive from  communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or  law enforcement branch, agency or entity (each, a “Governmental Entity”) with respect to possible  violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any  Governmental Entity, in each case, that are protected under the whistleblower provisions of any such  law or regulation, provided that in each case such communications and disclosures are consistent with  applicable law.  Executive does not need the prior authorization of (or to give notice to) the Company  regarding any such communication or disclosure.  This Agreement also does not limit Executive’s right to  receive an award for information provided to any federal, state or local government agency or self‐ regulatory organization, or to engage in any future activities protected under whistleblower statutes.  Additionally, Executive hereby confirms that she or he understands and acknowledges that an individual  shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure  of a trade secret that is made in confidence to a federal, state, or local government official or to an  attorney solely for the purpose of reporting or investigating a suspected violation of law, or in a  complaint or other document filed in a lawsuit or other proceeding, if such filing is made under  seal. Executive understands and acknowledges further that an individual who files a lawsuit for  retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the  

 

Page 7 of 15    attorney of the individual and use the trade secret information in the court proceeding, if the individual  files any document containing the trade secret under seal; and does not disclose the trade secret,  except pursuant to court order.  Notwithstanding the foregoing, under no circumstance will Executive be  authorized to disclose any information covered by the Company’s attorney‐client privilege or the  Company’s attorney work product without prior written consent of the Company’s General Counsel or  other officer designated by the Company, or unless such disclosure of that information would otherwise  be permitted pursuant to 17 CFR 205.3(d)(2), applicable state attorney conduct rules, or otherwise  under applicable law or court order.  10. Reasonableness & Remedies.  a. The covenants contained in Sections 4, 5, 6, 7 & 8 of this Agreement (the “Protective  Covenants”) are, in light of the nature of Executive’s employment by the Company, reasonable and  necessary for the protection of the Company’s legitimate business interests, specifically including the  Company’s interest in the Confidential Information and the Company’s significant investment to develop  and maintain its business relationships and goodwill.  b. In the event that Executive breaches any provision(s) of the Protective Covenants,  Executive Acknowledges and agrees that the duration of the Protective Covenant that Executive has  breached shall be extended by the length of time that Executive was in breach of such provision(s).  c. Executive acknowledges and agrees that the Company will suffer irreparable harm if  Executive breaches any provision of the Protective Covenants, and the Company shall be entitled to, in  addition to any other available remedies, temporary and/or permanent injunctive relief against  Executive barring any conduct in violation of any provision of the Protective Covenants. No claim or  cause of action Executive may have or assert against the Company, whether predicated on this  Agreement or otherwise, shall serve as or constitute a defense to the enforcement of any provision of  the Protective Covenants. Should the Company prevail in any claim, dispute or action arising from or  relating to this Agreement (a “Covered Claim”), whether initiated by the Company or Executive, the  Company shall be entitled to recover from Executive all costs, including attorneys’ fees, incurred by the  Company in connection with such Covered Claim.  11. General Release.   a. For purposes of this Agreement, “Releasee” and “Releasees” means the Company and  any and all O&M boards, past and present directors, trustees, officers, shareholders, members,  partners, managers, supervisors, employees, attorneys, agents, representatives, insurers and  consultants, as well as the predecessors, successors and assigns of any of them, and all persons or  entities acting by, with, through, under or in contract with any of them. Except as specifically provided  below, for purposes of this Agreement the term “Claims” means: each and every claim, complaint, cause  of action, grievance, demand, controversy, allegation, or accusation, whether known or unknown; each  and every promise, assurance, contract, representation, obligation, guarantee, warranty, liability, right,  agreement and commitment of any kind, whether known or unknown; and all forms of relief, including,  but not limited to, all remedies, costs, expenses, losses, damages, debts and attorneys’ and other  professionals’ fees and related disbursements, whether known or unknown. Notwithstanding the  foregoing, Claims do not include a charge of discrimination with the Equal Employment Opportunity  Commission (“EEOC”). Thus, this Agreement does not preclude Executive from filing an EEOC charge or  participating in an EEOC investigation.  b. Subject to the limited exclusions and limitations set forth below and in Section 9 of this  Agreement, Executive hereby irrevocably releases and forever discharges all Releasees from any and all  Claims that Executive, or anyone on his behalf ever had or now has against any and all of the Releasees,  

 

Page 8 of 15    or which Executive, or any of his executors, administrators, representatives, attorneys or assigns,  hereafter can, shall or may have against any and all of the Releasees for or by reason of any cause,  matter, thing, occurrence, or event whatsoever from the date of Executive’s birth to the date that  Executive signs this Agreement. Executive acknowledges and agrees that the Claims released in this  paragraph include, but are not limited to, (a) any and all Claims based on any law, statute, or  constitution or based on contract or in tort or in common law, and any and all Claims based on or arising  under any civil rights laws, such as the civil rights laws of any state or jurisdiction, Title VII of the Civil  Rights Act of 1964, the Age Discrimination in Employment Act (“ADEA”), the Equal Pay Act, the  Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family Medical Leave Act, or the  Virginia Human Rights Act; (b) any and all Claims under any grievance or complaint procedure of any  kind; and (c) any and all Claims based on or arising out of or related to Executive’s recruitment by,  employment with, the termination of Executive employment with, of my performance of any service in  any capacity for, or any business transaction with, each or any of the Releasees (collectively, the  “Released Claims”). Executive also hereby waives any and all right to personal recovery of money  damages or other relief for any of the Claims released by this Section 11. Executive hereby represent  and warrant that I have not assigned any claim to any third party.   c. Notwithstanding the foregoing, Executive does not waive, and Released Claims shall not  include:  (i) any rights, Claims or protections that Executive may have under this Agreement; (ii) any  rights, Claims, and protections based on any cause, matter, thing, or event arising or occurring at any  time after Executive signs this Agreement; (iii) Executive’s rights, Claims, and protections, if any, to  vested or guaranteed benefits under the Company’s qualified and non‐qualified benefit plans; (iv) any  rights, Claims, or protections Executive may have under the applicable terms of such policy or plan to  convert his existing coverage under any group life, disability, and/or accidental death and  dismemberment plan offered by the Company; (v) any rights, Claims, or protections Executive may have  to continuation of group health, dental, or vision insurance as provided by the Consolidated Omnibus  Budget Reconciliation Act of 1985 (“COBRA”), as amended by the Health Insurance Portability and  Accountability Act of 1996 and the American Recovery and Reinvestment Act of 2009; (vi) any rights,  Claims, or protections Executive has, had, or may have under Article V of the Amended and Restated  Articles of Incorporation of Owens & Minor, Inc. (“Articles of Incorporation”), including the  indemnification and advancement provisions contained therein, as of the Effective Date of this  Agreement; (vii) any rights, Claims, or protections Executive has, had, or may have under any policy or  contract of indemnification, liability or other type of insurance, or other undertaking from and/or  against any Claims asserted, liability incurred, or proceeding initiated or maintained against Executive  arising from, related or pertaining to, or serving as its basis or their bases, Executive’s capacity as an  officer of the Company or his alleged acts, omissions, or inaction in such capacity, the foregoing being  without regard to whether the Company has, had, or may have the power or obligation to indemnify  Executive or provide advancements against such liability under Article V of the Articles of Incorporation;  (viii) rights, Claims, or protections that Executive may have arising under the Age Discrimination in  Employment Act of 1967 (“ADEA”), or the Older Workers Benefit Protection Act of 1990, which amends  the ADEA, after Executive signs this Agreement; or (ix) any rights, Claims or protections that Executive,  by law, is prohibited from releasing under this Agreement.   d. Notwithstanding any provision of this Agreement to the contrary, O&M reaffirms and  restates its obligations to Executive under Article V of its Articles of Incorporation, amended and current  as of the Separation Date, including the indemnification and advancement provisions contained  therein.  In no way limiting the foregoing, and as an inducement to Executive’s acceptance and  execution of this Agreement, O&M acknowledges and agrees that as of the date that it executes this  Agreement (i) the Company’s officers and directors are not aware of any actions, omissions, or inaction  

 

Page 9 of 15    by Executive that would negate Executive’s rights to indemnification and advancements under the  Articles of Incorporation of O&M; and (ii) the Company’s officers and directors are not aware of any  actions, omissions, or inaction by Executive that could give rise to any Claims by O&M or its Related  Entities against Executive.  12. No Admission. The offer of this Agreement and the Agreement itself are not an admission, and  shall not be construed to be an admission, by each or any of the Releasees, that the personnel,  employment, termination and any other decisions involving Executive or any conduct or actions at any  time affecting or involving Executive were wrongful, discriminatory, or in any way unlawful or in  violation of any right of Executive; moreover, any such liability or wrongdoing is denied by Executive.  Executive shall not attempt to offer this Agreement or any of its terms as evidence of any liability or  wrongdoing by each or any of the Releasees in any judicial, administrative or other proceeding now  pending or hereafter instituted by any person or entity.  13. Period for Review & Revocation. Executive acknowledges that he has been afforded twenty‐one  (21) days after receiving this Agreement, including the Subsequent Release, to consider whether or not  to enter into it. Executive may use as much or as little of this 21‐day period as Employee wishes to  decide whether or not to sign this Agreement. Executive may revoke this Agreement within seven (7)  days of signing it by delivering a written notice of revocation to the Company’s General Counsel at 9120  Lockwood Boulevard, Mechanicsville, Virginia 23116.  For a revocation to be effective, written notice  must be received no later than the close of business on the seventh (7th) day after Executive signs this  Agreement.  If Executive revokes this Agreement, it shall not be effective or enforceable, and the  Company shall not be obligated to provide Employee any benefits hereunder.  If Executive has not  revoked the Agreement, the eighth (8th) day after Executive signs this Agreement shall be the “Effective  Date” for purposes of this Agreement.  14. Encouragement to Consult with an Attorney. The Company has advised Executive to consult an  attorney about this Agreement before signing it. By signing this Agreement, Executive represents that he  has consulted with an attorney about this Agreement or has voluntarily chosen not to do so. Executive  also acknowledges and agrees that the Company is not obligated to pay any of his attorneys’ fees, costs  or expenses relating to this Agreement and that the release in Section 11, above, releases, among other  things, all Claims for attorneys’ fees, costs and expenses. Executive acknowledges that he is signing this  Agreement voluntarily, with full knowledge of the nature and consequences of its terms and without  duress or undue influence by the Company or any other person or entity.  15. No Release of Future Claims. This Agreement does not waive or release any rights or claims that  Employee may have under the ADEA or otherwise which arise after the date that Employee signs this  Agreement. The parties acknowledge and agree that the decision to end Employee’s employment with  the Company was made prior to Employee signing this Agreement.  16. Taxes. The Company will withhold from any amounts due Executive under this Agreement  payroll deductions as required by law and determined by the Company. Executive understands and  acknowledges that he is responsible for all taxes that he may incur with respect to any of the  consideration to be delivered to him under this Agreement. Notwithstanding any other provision of this  Agreement, it is intended that any payment or benefit provided hereto that is considered nonqualified  deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the  “Code”), will be provided and paid in a manner, and at such time and in such form, as complies with the  applicable requirements of Section 409A of the Code.  For purposes of this Agreement, all rights to  payments and benefits hereunder will be treated as rights to a series of separate payments and benefits  to the fullest extent allowable by Section 409A of the Code.  Notwithstanding any other provision of this  

 

Page 10 of 15    Agreement, however, none of the Releasees shall be liable to Executive in the event any provision of this  Agreement fails to comply with, or be exempt from, Section 409A of the Code.  17. Governing Law. The Company is a global business headquartered in the Richmond metropolitan  area of Virginia, and this contract was made in whole or in part in Virginia. This Agreement shall be  construed and enforced under the laws of the Commonwealth of Virginia, without regard to its conflicts  of law principles.  18. Forum Jurisdiction & Venue. The exclusive forums and venues for any Covered Claim, shall be  the federal courts located in Richmond, Virginia, and the state courts located Henrico county, Virginia  (each a “Chosen Forum” and, collectively, the “Chosen Forums”); provided, however, that the Company  may, in its sole discretion, choose to bring a Covered Claim in any other court that otherwise would have  jurisdiction over such Covered Claim. Executive expressly and irrevocably consents and submits to the  personal jurisdiction of each Chosen Forum over Executive for any Covered Claim and expressly agrees  that venue for any Covered Claim is appropriate therein. Executive shall not file any Covered Claim in  any forum other than a Chosen Forum and waives any and all objections to the jurisdiction of or venue  in a Chosen Forum for a Covered Claim. A final judgment in any action or proceeding in a Chosen Forum  shall be conclusive and may be enforced in other jurisdictions in accordance with applicable law;  provided, however, that this Section 18 does not affect either party’s right to appeal a judgment.  Executive acknowledges that Executive has read this Section 18, understands it and has voluntarily  agreed to its terms.  19. WAIVER OF JURY TRIAL. EXECUTIVE KNOWINGLY AND WILLFULLY WAIVES ANY RIGHT HE MAY  HAVE UNDER APPLICABLE LAW TO A TRIAL BY JURY IN ANY DISPUTE OR ISSUE ARISING OUT OF OR IN  ANY WAY RELATED TO A COVERED CLAIM.  20. Severability & Reformation.   a. The provisions of this Agreement, including the Protective Covenants, are expressly  intended to be severable and separately enforceable. If any clause or provision of this Agreement is  ruled invalid or limited by any regulatory agency or court of competent jurisdiction, the invalidity of such  clause or provision shall not affect the validity of the other provisions, which provisions shall be  enforced to the fullest extent permitted by law.  b. In the event that a court of competent jurisdiction determines that any provision of the  Protective Covenants is invalid or unenforceable under applicable law by reason of its geographic,  temporal or other scope, or the extent of restriction imposed on Executive’s activity, the court making  such determination shall reduce the applicable scope and/or the extent of restriction by such amount as  is minimally necessary to render such provision, as so amended, valid and enforceable under applicable  law.  Notwithstanding the foregoing, should it be determined that the provisions of this Section 20.b are  impermissible under applicable law then this subsection shall be deemed null and void, and such  determination shall not affect the validity of the remainder of this Agreement.  21. Notices. All notices permitted or required under this Agreement shall be given in writing and  addressed or delivered to the persons specified in this Agreement.  Any notice or communication  required hereunder shall be given by hand; FedEx or UPS next‐business‐day delivery service; registered,  certified, or express United States mail (postage prepaid). The date of receipt of any notice shall be the  date the notice is deemed to have been given. Notices permitted or required hereunder shall be given  to the following individuals:  To the Company:    Owens & Minor, Inc.  

 

Page 11 of 15      Attn:  General Counsel    9120 Lockwood Boulevard    Mechanicsville, Virginia 23116  To Executive:    Christopher Lowery    _______________________________    _______________________________  22. Entire Agreement & Modification. This Agreement contains the entire understanding and  agreement of the parties regarding the subject matter hereof. The terms of this Agreement are  contractual and, except as provided under Section 20.b hereof, shall not be deemed to have been  altered, modified or in any way changed by any statements, promises, discussions or agreements not  appearing herein. Except as provided under Section 20.b hereof, this Agreement may not be modified,  amended or altered except by a writing signed by both the parties.  23. Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and  any corporation or other entity to which the Company may transfer all or substantially all of its assets or  to which the Company may assign this Agreement. Executive hereby consents to any such assignment  without further notice to or consent from Executive. Executive may not assign this Agreement or any  part hereof without the prior written consent of O&M’s General Counsel.  24. Return of Company Property. Following the Separation Date, Executive will immediately return  to the Company any Company property and all such records without deleting, destroying, or otherwise  damaging the utility of same.  25. Miscellaneous. This Agreement may be executed in one or more counterparts each of which will  constitute one and the same instrument, and all executed copies of this Agreement and facsimiles  thereof shall be as legally binding and enforceable as the original. Executive’s obligations under this  Agreement shall survive the termination of Executive’s employment with the Company regardless of the  reason and any breach by the Company of this Agreement or any other obligation of the Company. The  waiver by any party of a breach of any condition or provision of this Agreement to be performed by the  other party shall not operate or be construed as a waiver of a similar or dissimilar provision or condition  at the same or any prior or subsequent time. The Executive represents and warrants that he owns all  Claims released by this Agreement and he has not sold or assigned any such claim to any other party, by  operation of law or otherwise, including to any bankruptcy trustee. The captions and headings in this  Agreement are included for convenience only and shall not be construed to define or limit any of the  provisions contained herein.    REMAINDER OF PAGE INTENTIONALLY BLANK  SIGNATURE PAGE FOLLOWS    

 

Page 12 of 15      IN WITNESS WHEREOF, and intending to be legally bound, each of the parties has caused this  Confidential Executive Separation Agreement & General Release to be executed either individually or in  its entity name by its duly authorized representative.    BY SIGNING BELOW, EXECUTIVE EXPRESSLY ACKNOWLEDGES THAT EXECUTIVE IS SIGNING THIS  AGREEMENT VOLUNTARILY AND OF HIS/HER OWN FREE WILL, WITH FULL KNOWLEDGE OF THE  NATURE AND CONSEQUENCES OF ITS TERMS. EMPLOYEE HAS READ THIS AGREEMENT CAREFULLY  AND UNDERSTANDS THAT IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.      CHRISTOPHER LOWERY         OWENS & MINOR, INC.                                    Date: ___/___/______          Name:__________________________________                  Title:                              Date: ___/___/______    

 

Page 13 of 15    EXHIBIT A    RELEASE OF CLAIMS  1.  On  January  ____,  2022,  I  entered  into  that  certain  Confidential  Executive  Separation  Agreement  and  General  Release  (the  “Separation  Agreement”)  with  Owens  &  Minor,  Inc.  (the  “Company”). My  employment with  the  Company  ended  on  the  Separation  Date  (as  defined  in  the  Separation Agreement).  I confirm that, except for the Severance Benefits (as defined in the Separation  Agreement), reimbursable expenses due pursuant to Section 2.b of the Separation Agreement and the  benefits set forth in Section 3 of the Separation Agreement, I have been paid all compensation owed for  all hours worked by me for the Company through the Separation Date. I have received all the leave and  leave  benefits  and  protections  for which  I was  eligible  in  connection with my  employment with  the  Company, pursuant to the Family and Medical Leave Act or otherwise, and I have not suffered any on‐ the‐job injury for which I have not already filed a claim.   2.  General Release. In consideration of the Severance Benefits paid or payable pursuant to  Section 3 of the Separation Agreement, I hereby waive and release the Company, its parents, subsidiaries,  predecessors,  successors  and  affiliates,  and  each  of  such  entities’  officers,  directors,  employees,  shareholders, managers, members,    agents,  representatives  and  assigns  (collectively,  the  “Released  Parties”)  from  any  and  all  claims,  liabilities, demands,  causes of  action,  attorneys’  fees, damages, or  obligations  of  every  kind  and  nature, whether  known  or  unknown,  arising  at  any  time  prior  to  and  including the date I sign this Release of Claims (the “Release”). This general release includes, but is not  limited to: (a) all claims directly or indirectly arising out of or in any way connected with my employment  with the Company or the termination of that employment relationship; (b) all claims or demands related  to salary, bonuses, fees, retirement contributions, profit‐sharing rights, profit distributions, management  fee income, commissions, carried interest, membership interests, unit options, or any other ownership or  equity  interests  in  the Company or any of  its affiliated entities, vacation pay,  fringe benefits, expense  reimbursements  or  any  other  form  of  compensation  or  benefit,  except  claims  for  benefits  or  compensation due to me under the Separation Agreement or the Consulting Agreement; (c) all claims  pursuant to any federal, state or local law, statute or cause of action in any jurisdiction, including, but not  limited to, the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of  1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”, the Family  Medical  Leave  Act,  the  Equal  Pay  Act,  anti‐discrimination  statutes,  tort  law,  contract  law, wrongful  discharge, discrimination, harassment,  fraud, defamation,  emotional distress, or  claims  for breach of  fiduciary duty.  Notwithstanding the foregoing, nothing in this paragraph shall release any of the rights,  claims and protections set forth in Section 11(c) of the Separation Agreement.   3.  ADEA Waiver and Release.  I am over 40 years of age as of  the Separation Date and  I  acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the  ADEA. I acknowledge that the consideration given for this waiver and release is in addition to anything of  value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as  required by the ADEA, that: (a) this Release does not apply to any rights or claims that arise after the date  I sign it; (b) I should consult with an attorney before signing this Release; (c) I have been provided at least  twenty‐one (21) days to consider this Release; (d) I have seven (7) days after the date I sign this Release  to revoke my acceptance of it (by sending written notice of such revocation to the Company); and (e) this  Release will not be effective until the date upon which this revocation period has expired unexercised,  which, assuming I do not earlier revoke my acceptance of it, will be the eighth (8th) day after I sign this  Release (the “Subsequent Release Effective Date”).  

 

Page 14 of 15    4.   Limitations on Obligations.  I understand and agree  that  this Release  is  to be broadly  construed, provided  that notwithstanding anything  contained herein,  this Release expressly does not  include  a  release  of  any  claims  that  cannot  be  released  by  law  or  under  applicable  public  policy.  Additionally, I understand and agree that nothing in this Release is intended to, or shall, interfere with my  rights under federal, state, or local laws (including, but not limited to, the statutes referenced herein, or  their state or local counterparts) to file or otherwise institute a charge of discrimination, to participate in  a proceeding or  investigation with  any  appropriate  federal,  state, or  local  government  agency, or  to  cooperate with any such agency in its investigation, none of which shall constitute a breach of this Release.  I also acknowledge and agree, however, that I shall not be entitled to any relief, recovery, or monies in  connection with any such claim or proceeding brought against any of the Released Parties, regardless of  who  filed or  initiated any  such  complaint,  charge or proceeding. Nothing  contained  in  this Release  is  designed  to prohibit me  from disclosing  this Release  to  the EEOC or any other government agency.  I  understand that I am free to do so if I choose. I also understand that this Release may not affect the rights  and responsibilities of the EEOC to enforce federal laws or be used to justify interfering with the protected  right of Employee or others  to  file a charge with  the EEOC. Additionally, nothing  in  this Release  shall  prohibit me or others from participating in any investigation or proceeding conducted by the EEOC, the  National Labor Relations Board, the Securities and Exchange Commission or other state or federal agency.  4.  Entire Agreement. This Release, together with the Separation Agreement (including any  exhibits  thereto),  constitutes  the  complete,  final  and exclusive  embodiment of  the  entire  agreement  between me and the Company with regard to their subject matter, and I am not relying on any promise,  warranty or representation that is not expressly stated therein.  Understood, Accepted and Agreed:    Signature:                 Printed Name:                 Date:               

 

Page 15 of 15    EXHIBIT B  EXECUTIVE STOCK HOLDINGSExhibit 10.1

 

 

CONSULTING
AGREEMENT

 

THIS AGREEMENT
made as of the 17th of February 2022. 

 

BETWEEN:SILVER
BULL RESOURCES, INC.

 

(the
"Corporation" or “Silver Bull”)

 

OF THE FIRST PART

 

		AND:	TIMOTHY BARRY

 

(the "Consultant")

 

OF THE SECOND
PART

 

WHEREAS:

 

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

 

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

 

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

 

		1.	Relationship and Duties

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

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

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

 

    	1  

    	 

    

 

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

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

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

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

		2.	Term of Agreement

		2.1	The term of this Agreement shall be effective from January 1, 2022 (the “Effective Date”)
and shall continue until this Agreement is terminated in accordance with Section 3 of this Agreement.

		3.	Termination

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

		3.2	Termination by Corporation Without Cause. The Consultant may at any time terminate its agreement
with the Corporation for “Good Reason”, and the Corporation may at any time terminate the Consultant’s agreement without
Cause and without any advance notice, and upon such cessations of the engagement (but excluding any Change of Control Terminations as
set out in Section 3.7 of the Agreement), the Corporation may terminate this Agreement without Cause at any time by providing the Consultant
with written notice of termination and a lump sum payment equal to:

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

 

    	2  

    	 

    

 

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

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

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

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

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

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

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

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

    	3  

    	 

    
		4.	Consultant's Fees and Benefits

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

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

		4.3	Retention Bonus. The Consultant
will be eligible to participate in the Silver Bull Resources, Inc. Management Retention Plan, as approved by the Board of Directors on
April 15, 2021, and as amended on February 17, 2022 (the “Silver Bull Retention Plan”).

		(a)	Participation in the Silver Bull Retention Plan will be cancelled if
and when this Agreement is terminated prior to any retention bonus becoming payable.

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

		4.5	Taxes. The Consultant shall be responsible for remittance to the proper authorities of any
and all income taxes, employment insurance or social security premiums and workers compensation insurance in relation to the Consultant’s
remuneration hereunder, inclusive of the Annual Fee. The Consultant is and will be solely responsible for, and will file, on a timely
basis, all tax returns and payments required to be filed with, or made to, any federal, state, provincial, or local tax authority with
respect to the provision of services and receipt of fees under the Agreement.

		(a)	The Corporation reserves the right to withhold local taxes (if any)
for services rendered in Kazakhstan should it be required to do so by the Kazakhstan authorities.

    	4  

    	 

    

 

		(b)	Taxation of a foreign individual in Kazakhstan depends on his/her tax
residency status in Kazakhstan. Under Kazakh tax law, an individual is regarded as a tax resident of Kazakhstan for a particular tax year
if the individual spends more than 183 days in Kazakhstan in any period of twelve consecutive months ending in that year. Otherwise, the
individual is regarded as a non-resident for Kazakhstan tax purposes. Tax residents of Kazakhstan are subject to taxation in Kazakhstan
on their worldwide income, while tax non-resident individuals are subject to tax only on their Kazakh-source income. Personal income tax
rates in Kazakhstan currently amount to 10% but may be subject to change. All income that a foreign person receives for work performed
in Kazakhstan is regarded as taxable Kazakh-source income, regardless of where the income is paid. This income includes salaries, wages
and all types of fringe benefits that an employer provides to employees and consultants (i.e. airfare, pension contribution, accommodation
or meals). The Corporation may be required to compute and withhold personal income tax and social tax on the Consultant’s payments
on a monthly basis, remit the tax, and report these taxes on the Corporation’s quarterly payroll tax reports.

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

		5.	Reimbursement of Expenses

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

		6.	Confidential Information

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

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

		6.3	The Consultant agrees to and will ensure that they will maintain securely and hold in strict confidence
all Confidential Information received, acquired or developed by the Consultant or disclosed to the Consultant as a result of or in connection
with the Management Consulting Agreement with the Corporation. The Consultant agrees that, both during its tenure with the Corporation
and after the termination of the agreement, the Consultant will not, directly or indirectly, divulge, communicate, use, copy or disclose
or permit others to use, copy or disclose, any Confidential Information to any person, except as such disclosure or use is required to
perform his duties hereunder or as may be consented to by prior written authorization of the Corporation.

 

    	5  

    	 

    

 

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

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

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

		7.	Restricted Activities

		7.1	Restriction on Competition. The Consultant covenants and agrees with the Corporation that
the Consultant will not, without the prior written consent of the Corporation, at any time during his employment or for a period of three
(3) months following the termination of the Consultant’s engagement, for any reason, either individually or in partnership or in
conjunction with any person, whether as principal, agent, shareholder, director, officer, employee, investor, or in any other manner whatsoever,
directly or indirectly, advise, manage, carry on, be engaged in, own or lend money to, or permit the Consultant’s name or any part
thereof to be used or employed by any person managing, carrying on or engaged in a business anywhere in the province of Coahuila, Mexico
or other jurisdiction in which the Corporation is carrying on the business of mineral exploration which is in direct competition with
the business of the Corporation. The restrictions set forth in this Section 7.1 shall terminate and shall not apply to the Consultant
where the Management Consulting Agreement is terminated by the Corporation following a Change of Control.

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

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

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

 

    	6  

    	 

    

 

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

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

		8.	Enforcement

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

		9.	Severability

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

		10.	Notice

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

		11.	Confidentiality of Agreement

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

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		12.	Indemnity

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

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

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

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

 

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

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

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

    	8  

    	 

    
		13.	Further Assurances

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

		14.	Governing Law

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

		15.	Enurement

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

		16.	Entire Agreement

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

		17.	Assignment

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

		18.	Amendment

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

		19.	Interpretation

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

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

		20.	Survival

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

    	9  

    	 

    

 

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

 

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

 

 

	SILVER BULL RESOURCES, INC.	)	 
	 	)	c/s
	Per:	)	 
	 	)	 
	/s/ Christopher Richards	)	 
	Authorized Signatory	)	 
		 	 
	TIMOTHY BARRY	)	 
	 	)	c/s
	Per:	)	 
	 	)	 
	/s/ Timothy Barry	)	 
	Authorized Signatory	)	 
	 	 	 

 

 

 

 

 

 

 

 

    	10  

    	 

    

 

 

SCHEDULE “A”

SERVICES

The Chief Executive Officer (the "CEO")
primary role is to take overall supervisory and managerial responsibility for the day to day operations of the Corporation's business.
Working closely with the President, the CEO will manage the Corporation in an effective, efficient and forward-looking way to fulfil the
priorities, goals and objectives determined by the Board. The CEO aims to execute the strategic plans, budgets and responsibilities set
out below, with a view to increasing shareholder value. The CEO reports to the Board.

Without limiting the foregoing, the CEO
is responsible for the following:

(a)        Develop
and maintain the Corporation's goal to operate to the highest standards of the industry;

		(b)	Maintain and develop with the Board strategic plans for the Corporation and implement such plans to the
best abilities of the Corporation;

		(c)	Provide quality leadership to the Corporation's staff and ensure that the Corporation's human resources
are managed properly;

(d)        Provide
high-level policy options, orientations and discussions for consideration by the Board;

		(e)	Together with any special committee appointed for such purpose, maintain existing and develop new strategic
alliances and consider possible merger or acquisition transactions with other mining companies which will be constructive for the Corporation's
business and will help enhance shareholder value;

		(f)	Provide support, co-ordination and guidance to various responsible officers and managers of the Corporation;

		(g)	Implement, oversee and guide the investor relations program for the Corporation, which shall, among other
things, ensure communications between the Corporation and major stakeholders, including and most importantly the Corporation's shareholders,
are managed in an optimum way and are done in accordance with applicable securities laws;

		(h)	Provide timely strategic, operational and reporting information to the Board and implement its decisions
in accordance with good governance, with the Corporation's policies and procedures, and within budget;

(i)        Act
as an entrepreneur and innovator within the strategic goals of the Corporation;

(j)        Co-ordinate
the preparation of an annual business plan or strategic plan;

(k)        Ensure
appropriate governance skills development and resources are made available to the Board;

		(l)	Implement workplace policies and procedures that ensure compliance with the provisions of this Manual
by all the Corporation’s officers, directors, employees, customers and contractors;

(l)       Provide
a culture of high ethics throughout the organization;

		(m)	Take primary responsibility for
the administration of all of
the Corporation's subareas and administrative
practices.

 

 

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SCHEDULE “B”

DEFINITIONS

The following terms shall
have the following definitions:

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

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

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

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

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

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

 

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

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

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

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

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

    	12  

    	 

    

 

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

 

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

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

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

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

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

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

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

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

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

 

    	 13 

    	 

    

 

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

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

 

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

		(i)	a unilateral reduction to the Annual Fee; 

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

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

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

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

 

 

14

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