Tim Barry
About Tim Barry
Timothy T. Barry is President, Chief Executive Officer, and Director of Silver Bull (SVBL), age 49, serving as CEO and director since March 2011 and resuming the President role in April 2023; he holds a B.Sc. from the University of Otago and is a Chartered Professional Geologist (CPAusIMM) . His background spans exploration leadership in Africa (Chief Geologist, Dome Ventures, 2006–2010), project geology in Mongolia (Entrée Resources, 2005), and exploration roles across Canada, Mexico, and Australia (1998–2005) . Silver Bull’s 2024–2025 compensation design explicitly ties executive upside to successful resolution of its ICSID arbitration claim against Mexico, aligning near-term incentives with a litigation milestone rather than traditional operating KPIs; specific TSR, revenue, or EBITDA performance metrics are not disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Silver Bull Resources | Vice President – Exploration | Aug 2010 | Transition to leadership; foundation for later CEO tenure |
| Silver Bull Resources | Chief Executive Officer; Director | Mar 2011–present | Long-tenured leadership; strategic pivot to ICSID arbitration |
| Silver Bull Resources | President | Mar 2011–Oct 1, 2021; Apr 21, 2023–present | Operational oversight during exploration phase; resumed during arbitration pursuit |
| Dome Ventures Corp. | Chief Geologist (West & Central Africa) | 2006–Aug 2010 | Managed exploration programs and corporate compliance |
| Entrée Resources Ltd. | Project Geologist (Mongolia) | 2005 | Supported Oyu Tolgoi-adjacent project work |
| Geological Survey of Canada; Ross River Minerals; Canabrava Diamonds; Homestake Mining | Exploration/Mapping Geologist; Research Assistant | 1998–2005 | Field exploration and research across multiple geographies |
External Roles
| Organization | Role | Years |
|---|---|---|
| Arras Minerals Corp. (TSXV: ARK) | Chief Executive Officer; Director | Since Feb 5, 2021 |
| Arras Minerals Corp. | President | Feb 5, 2021–Oct 1, 2021 |
| Torrent Gold Inc. (CSE: TGLD) | Director | Current |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary (USD, FX-converted per proxy) | $72,044 | $52,508 | $89,825 |
| Stock Awards (USD) | $6,105 | $19,826 | — |
| Option Awards (USD) | $102,277 | $39,167 | — |
| Total (USD) | $180,426 | $72,334 | $128,992 |
- Contracted compensation moved from an employment agreement to a consulting structure in 2022, initially at CDN$60,000, then revised to CDN$200,000 effective Sept 1, 2023, with CDN$75,000 deferred and contingent on ICSID success or change-of-control; effective Jan 1, 2025, Annual Fee increased to CDN$206,000 with CDN$77,250 deferred (6% interest accrual) .
Performance Compensation
| Component | Metric | Target | Actual/Payout | Vesting/Conditions |
|---|---|---|---|---|
| Annual Performance Bonus (2024, set in Jan 2025) | Company performance (criteria set by Comp Committee) | Up to 50% of Annual Fee; CDN$100,000 for Barry (deferred) | Deferred, payable only upon successful ICSID award | Contingent on ICSID arbitration success |
| Annual Performance Bonus (2025 target) | Company performance (criteria set for 2025) | Target increased 3% to CDN$103,000 | To be determined in early 2026 | Standard annual bonus determination by Comp Committee |
| Non-Equity Incentive (FY 2022 disclosure) | Cash bonus potential | CDN$30,000 (estimated future payout) | Not specifically disclosed | Under executive agreements; standard annual bonus eligibility |
- The Compensation Committee emphasizes long-term incentive outcomes tied to shareholder value via the ICSID arbitration, retaining the Key Persons Retention Agreement to align executives with this outcome; detailed KPI weightings (e.g., TSR, EBITDA) are not disclosed .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total beneficial ownership (shares) | 3,370,298 (6.88% of common stock outstanding) |
| Breakdown | 1,720,298 direct shares; 450,000 warrants exercisable within 60 days; 1,200,000 stock options exercisable within 60 days |
| Shares outstanding (Record Date) | 47,365,652 |
| Insider trading policy | Prohibits short sales, options/derivatives, hedging; prohibits margin accounts and pledging for executive officers and directors |
Outstanding Equity Awards (as of FY-end per proxy)
| Award Type | Exercisable | Unexercisable | Exercise Price (USD) | Expiration |
|---|---|---|---|---|
| Stock Options (grant series expiring 2027) | 750,000 | — | $0.23 | 2/16/2027 |
| Stock Options (grant series expiring 2029) | 225,000 | 450,000 | $0.11 | 1/30/2029 |
- FY 2022 option grants vested one-third at grant, one-third at first anniversary, one-third at second anniversary (generic vesting schedule for that grant cohort) .
Employment Terms
- CEO Consulting Agreement (effective Jan 1, 2022): Annual fee CDN$60,000; bonus eligibility up to 50% of annual fee; eligible for Management Retention Bonus Plan .
- Severance (consulting agreement): If terminated without cause or resigns for good reason—12 months of fee plus one month per additional year of service from Jan 1, 2022 up to a 24-month cap, plus pro-rated annual bonus; on change-of-control termination—24 months of fee plus two times annual bonus; benefits continue for 12 months in severance scenarios .
- Potai FZ LLC Agreement (May 2024; supersedes CEO Consulting Agreement): Annual Fee CDN$200,000 with CDN$75,000 deferred and payable only upon successful ICSID award; Deferred Fee accrues 6% interest; annual performance bonus up to 50% of Annual Fee; eligible for Key Persons Retention Plan; Annual Fee increased to CDN$206,000 effective Jan 1, 2025, with CDN$77,250 deferred .
- Severance payment examples (converted to USD per proxy methodology): Without cause $92,392; change-of-control $191,791 (as of Oct 31, 2022 FX; illustrative amounts) .
Board Governance
- Board service history: Director since March 2, 2011; nominated for re-election with three other directors (Edgar, Underwood, Matlack) .
- Board meetings and attendance: Four meetings during FY 2024; all directors attended 100% of meetings during tenure .
- Committees: Audit Committee—Matlack (Chair/Financial Expert), Underwood (both independent) ; Compensation Committee—Underwood, Matlack, Edgar ; Corporate Governance & Nominating Committee—Underwood, Matlack (both independent) .
- Dual-role implications: Barry is CEO and director; the Compensation Committee charter bars the CEO from participating in deliberations or voting on his own compensation, mitigating direct influence on his pay outcomes .
Compensation Structure Analysis
- Cash vs equity mix shift: 2022 included significant option awards ($102,277), while 2023 had modest equity ($19,826 stock; $39,167 options) and 2024 was predominantly cash salary ($89,825) with no new equity awards; company states it does not currently grant new option-like awards, indicating limited new equity overhang .
- Increased guaranteed compensation: Annual Fee increased to CDN$206,000 for 2025, though a portion remains deferred and contingent on ICSID success, keeping at-risk structure in place .
- Discretionary bonuses despite targets: 2024 performance bonuses were approved (Barry CDN$100,000) but deferred entirely pending ICSID outcome, signaling pay-for-outcome discipline tied to litigation milestone rather than near-term cash payout .
- Consultant usage: No compensation consultant engaged except a reasonableness opinion for the Key Persons Retention Agreement in FY 2023 .
Equity Ownership & Alignment Signals
- Material insider alignment: 6.88% beneficial ownership; mix includes direct shares, warrants, and options—meaningful exposure to equity upside .
- Hedging/pledging: Corporate policy prohibits hedging, margin, and pledging for executives and directors, reducing misalignment risk from collateralized positions .
- Option structure and pricing: Options carry low strikes ($0.23; $0.11) and long-dated expirations (2027; 2029), potentially creating selling pressure if large tranches come into the money; vesting disclosed for the 2022 grant cohort (thirds over two years) .
Employment Terms Summary Table
| Provision | Terms |
|---|---|
| Consulting Agreement (2022) | CDN$60,000 annual fee; bonus up to 50%; eligible for Management Retention Bonus Plan |
| Fee revision (Sept 1, 2023) | CDN$200,000 Annual Fee; CDN$75,000 deferred contingent on ICSID award or change-of-control |
| Potai FZ LLC Agreement (May 2024) | CDN$200,000 Annual Fee; CDN$75,000 deferred at 6% interest; bonus up to 50%; eligible for Key Persons Retention Plan; increased to CDN$206,000 effective Jan 1, 2025 with CDN$77,250 deferred |
| Severance (no cause/good reason) | 12 months of fee + 1 month per year of service from Jan 1, 2022 up to 24 months + pro-rated bonus; 12 months benefits continuation |
| Change-of-control (termination) | 24 months of fee + 2x annual bonus |
Investment Implications
- Alignment and retention: Deferred fee and deferred bonuses accruing interest but payable only upon ICSID success create strong alignment with the arbitration outcome while deferring cash outflows; severance/change-of-control economics are moderate-to-high for a microcap and worth tracking around corporate events .
- Ownership and potential selling pressure: Significant beneficial ownership and low-strike, long-dated options may drive liquidity events if shares rerate; monitor vesting schedules and expirations (2027/2029) for potential insider sales windows .
- Governance quality: Independent oversight on Audit and Governance committees with 100% meeting attendance and restrictions on CEO participation in his own pay decisions mitigate dual-role risks; however, small board size and executive-director structure warrant continuous monitoring of independence and oversight effectiveness .
- Catalyst-driven comp design: Compensation emphasis on ICSID arbitration suggests trading signals tied to legal milestones (e.g., memorial filings, tribunal decisions, funding updates), which may alter bonus realizability and perceived management confidence .