4//SEC Filing
TORCHLIGHT ENERGY RESOURCES INC 4
Accession 0001078782-13-002026
CIK 0001431959operating
Filed
Oct 14, 8:00 PM ET
Accepted
Oct 15, 5:56 PM ET
Size
11.3 KB
Accession
0001078782-13-002026
Insider Transaction Report
Form 4
McAndrew Willard Greer III
Chief Operating Officer
Transactions
- Gift
STOCK OPTIONS
2013-09-09−1,500,000→ 0 totalExercise: $2.09From: 2013-09-09Exp: 2018-09-09→ COMMON STOCK (1,500,000 underlying) - Award
STOCK OPTIONS
2013-09-09+1,500,000→ 1,500,000 totalExercise: $2.09From: 2013-09-09Exp: 2018-09-09→ COMMON STOCK (1,500,000 underlying) - Gift
STOCK OPTIONS
2013-09-09+1,500,000→ 1,500,000 total(indirect: SEE FOOTNOTE)Exercise: $2.09From: 2013-09-09Exp: 2018-09-09→ COMMON STOCK (1,500,000 underlying)
Footnotes (4)
- [F1]THE STOCK OPTIONS WILL VEST DURING THE TERM OF MR. MCANDREW'S EMPLOYMENT AGREEMENT WITH THE ISSUER BASED ON THE FOLLOWING MILESTONES: (I) WHEN THE ISSUER AND ITS AFFILIATES ACHIEVE 500 BARRELS OF OIL AND GAS EQUIVALENT PER DAY ("BOEPD") IN NET PRODUCTION, 500,000 OF THE STOCK OPTIONS WILL VEST; (II) WHEN THE ISSUER AND ITS AFFILIATES ACHIEVE 750 BOEPD IN NET PRODUCTION, AN ADDITIONAL 500,000 STOCK OPTIONS WILL VEST; AND (III) WHEN THE ISSUER AND ITS AFFILIATES ACHIEVE 1,000 BOEPD IN NET PRODUCTION, THE FINAL 500,000 STOCK OPTIONS WILL VEST.
- [F2]EXECUTIVE COMPENSATION.
- [F3]MR. MCANDREW GIFTED THE STOCK OPTIONS TO WMDM FAMILY, LTD., A LIMITED PARTNERSHIP (THE "LIMITED PARTNERSHIP").
- [F4]MR. MCANDREW HOLDS A PECUNIARY INTEREST IN THE STOCK OPTIONS THAT ARE OWNED BY THE LIMITED PARTNERSHIP. THE GENERAL PARTNER AND 1% OWNER OF THE LIMITED PARTNERSHIP IS A LIMITED LIABILITY COMPANY WHICH IS OWNED BY A TRUST OF WHICH MR. MCANDREW IS A BENEFICIARY. THE LIMITED PARTNERS OF THE LIMITED PARTNERSHIP INCLUDE ANOTHER LIMITED LIABILITY COMPANY OWNED BY MR. MCANDREW WHICH OWNS 49.5% OF THE LIMITED PARTNERSHIP AND AN IMMEDIATE FAMILY MEMBER SHARING THE SAME HOUSEHOLD AS MR. MCANDREW WHO OWNS 49.5% OF THE LIMITED PARTNERSHIP. THIS FILING SHALL NOT BE DEEMED AN ADMISSION THAT MR. MCANDREW IS, FOR PURPOSES OF SECTION 16 OF THE SECURITIES EXCHANGE ACT OF 1934 OR OTHERWISE, THE BENEFICIAL OWNER OF THIS IMMEDIATE FAMILY MEMBER'S INTEREST IN THE LIMITED PARTNERSHIP.
Documents
Issuer
TORCHLIGHT ENERGY RESOURCES INC
CIK 0001431959
Entity typeoperating
IncorporatedNV
Related Parties
1- filerCIK 0001431959
Filing Metadata
- Form type
- 4
- Filed
- Oct 14, 8:00 PM ET
- Accepted
- Oct 15, 5:56 PM ET
- Size
- 11.3 KB