TIDELANDS OIL & GAS CORP/WA 5
5 · TIDELANDS OIL & GAS CORP/WA · Filed Feb 11, 2009
Insider Transaction Report
Form 5
IMPACT INTERNATIONAL L L C
10% Owner
Transactions
- Other
Common Stock
2008-03-25+39,890,180→ 48,703,160 total
Footnotes (1)
- [F1]On March 25, 2008, the reporting person entered into a General Release (the "Release") with Tidelands Oil & Gas Corporation ("Tidelands"). Pursuant to the terms of the Release, the reporting person agreed to release Tidelands from all obligations or liabilities under certain agreements between the reporting person and Tidelands, including (i) that certain promissory note dated May 25, 2004 by Tidelands in favor of the reporting person in the original principal amount of $6,523,773 (the "Note"), (ii) certain related agreements entered into in connection with the Note, (iii) that certain Warrant Agreement dated April 16, 2003, as amended, and (iv) that certain Registration Rights Agreement dated April 16, 2003, as amended. As consideration for the Release, Tidelands (i) paid the reporting person $2,436,825, and (ii) issued 39,890,180 shares of restricted Tidelands common stock to the reporting person.