UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 26, 2015
 
SILVER BULL RESOURCES, INC.
(Exact name of registrant as specified in its charter)
 
Nevada
 
001-33125
 
91-1766677
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
 Identification Number)
 
 
 
 
 
925 West Georgia Street, Suite 1908
Vancouver, B.C. V6C 3L2
 
n/a
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code:  604-687-5800
 
 (Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

ITEM 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e)   Amendment to Employment Agreement
 
On February 26, 2015, Silver Bull Resources, Inc. (the "Company") entered into an amendment to employment agreement (the "Amendment to Employment Agreement") with Sean Fallis, the Company's Chief Financial Officer.

The Amendment to Employment Agreement increased the amount payable for termination without cause from a lump sum severance payment equal to six (6) months of base salary to a lump sum severance payment equal to twelve (12) months of base salary.

The foregoing description of the Amendment to Employment Agreement is qualified in its entirety by reference to the Amendment to Employment Agreement attached hereto as Exhibit 10.1, which is hereby incorporated by reference into this Item 5.02.
 
ITEM 9.01       Financial Statements and Exhibits.
 
(d)   Exhibits
 
Exhibit No.
 
Description
10.1
  
Amendment to Employment Agreement, dated February 26, 2015, by and between the Company and Sean Fallis.
 
     
 
 
 

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: February 27, 2015
 
 
 
 
 
 
SILVER BULL RESOURCES, INC.
 
 
 
 
 
 
 
By:
 /s/ Sean Fallis
 
  
Sean Fallis
 
  
Chief Financial Officer
 
 
 
 
 
EXHIBIT INDEX

Exhibit No.
 
Description
10.1
  
Amendment to Employment Agreement, dated February 26, 2015, by and between the Company and Sean Fallis.
 
     















Exhibit 10.1
 
 
 
AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement (this "Amendment") is entered into this 26th day of February, 2015, by and between Silver Bull Resources, Inc., a Nevada corporation (the "Company"), and Sean Fallis ("Executive").  Reference is made to that certain Amended and Restated Employment Agreement by and between the Company and Executive effective as of February 26, 2013 (the "Employment Agreement").  All capitalized terms not defined herein shall have the meanings assigned to such terms in the Employment Agreement.  The Company and Executive are referred to in this Amendment collectively as the "Parties."

WHEREAS, the Parties desire to amend certain terms of the Employment Agreement as set forth below.
NOW, THEREFORE, in consideration of the promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Parties hereby agree as follows:
1.    Amendments to Section 4.2.  Section 4.2 shall be amended to:
 
4.2      Termination by Company Without Cause. The Company may terminate this Agreement without Cause at any time by providing the Executive with written notice of termination and a lump sum payment equal to twelve (12) months of Base Salary.
Termination will be effective immediate from the date of notification. The company will pay the Executive a lump sum payment equal to the Base Salary then in effect.
If the Company terminates this Agreement without Cause within three (3) months of a Change of Control of the Company, the Company must pay the Executive twenty-four (24) months of Base Salary plus a lump sum payment equal to the previous year's bonus paid to the Executive.
2.    No Other Changes.  Except as modified or supplemented by this Amendment, the Employment Agreement remains unmodified and in full force and effect.
 
3.    Miscellaneous.
 
(a)   Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the province of British Columbia and the federal laws of Canada applicable therein, which shall be deemed to be the proper law hereof.  The Parties hereby attorn to and submit to the jurisdiction of the courts of British Columbia.
(b)   Enurement. This Amendment shall enure to the benefit of and be binding upon the Parties hereto and their respective heirs, executors, administrators, successors, personal representatives and permitted assigns.
 
1
(c)   Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
(d)   Savings Clause.  If any provision of this Amendment or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Amendment or the Employment Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Amendment and the Employment Agreement are declared to be severable.
(e)   Entire Agreement. The provisions of this Amendment and the Employment Agreement constitute the entire agreement between the Parties and, except as specifically provided in any incentive plans that may have been or may be implemented from time to time, supersede and cancel all previous communications, representations and agreements, whether oral or written, between the parties with respect to the Executive's employment by the Company.
[Signature page follows.]
 
 
2
 
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to Employment Agreement to be executed as of the date first above written.

SILVER BULL RESOURCES, INC.


Per: /s/ Timothy Barry    
Name: Timothy Barry
Title: President and Chief Executive Officer


EXECUTIVE:


/s/ Sean Fallis   
Sean Fallis

 
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