Gulf United Energy, Inc. 4
4 · Gulf United Energy, Inc. · Filed Sep 15, 2010
Insider Transaction Report
Form 4
Gulf United Energy, Inc.GLFE.OB
CONNALLY JOHN B III
DirectorPresident and CEO10% Owner
Transactions
- Gift
Common Stock
2010-03-30−6,500,000→ 29,750,000 total - Other
Common Stock
2010-07-13+14,000,000→ 43,750,000 total - Gift
Common Stock
2010-07-22−2,500,000→ 41,250,000 total - Other
Common Stock
2010-09-09+2,700,000→ 43,950,000 total
Footnotes (2)
- [F1]On July 13, 2010, the Issuer entered into a farmout agreement (the "Farmout Agreement"), pursuant to which the Issuer acquired the right to earn an undivided forty percent (40%) participation interest in Block Z-46, an approximately 2.8 million acre offshore block in Peru. The Issuer acquired the right to enter into the Farmout Agreement from the Reporting Person and other third parties (collectively the "Assignors") pursuant to an assignment agreement dated as of April 5, 2010 (the "Assignment"). In connection with the execution of the Assignment, the Issuer agreed to pay the Assignors, including the Reporting Person, a $1,680,000 fee by issuing to each of the Assignors, including the Reporting Person, 14,000,000 shares of the Issuer's common stock.
- [F2]On September 9, 2010, the Issuer and Reporting Person entered into an employment agreement (the "Employment Agreement") pursuant to which the Reporting Person was issued 2,700,000 shares of the Issuer's restricted common stock as inducement stock on the date of execution.