4//SEC Filing
Brda John A. 4
Accession 0001654954-20-009246
CIK 0001431959other
Filed
Aug 16, 8:00 PM ET
Accepted
Aug 17, 4:31 PM ET
Size
8.6 KB
Accession
0001654954-20-009246
Insider Transaction Report
Form 4
Brda John A.
10% Owner
Transactions
- Award
Stock Options
2020-07-15+1,875,000→ 1,875,000 totalExercise: $1.00→ Common Stock (1,875,000 underlying) - Award
Stock Options
2020-07-15+375,000→ 375,000 totalExercise: $0.50→ Common Stock (375,000 underlying)
Footnotes (3)
- [F1]The options will vest upon either (a) the closing of a change of control occurring prior to July 15, 2021, or (b) the issuer entering into a letter of intent with a third party prior to July 15, 2021 that contemplates a change of control, and the change of control transaction closes with that third party (or an affiliate(s) of that third party) at a date not later than July 15, 2022; subject, however, to acceleration and earlier vesting of all of the options in the event of (i) the termination of employment by the reporting person for "good reason" under his employment agreement or (ii) a determination of the Compensation Committee of the issuer, at its discretion. In the event of the death or disability of the reporting person prior to vesting or if the issuer terminates the reporting person's employment for reasons other than for "cause" under the employment agreement prior to vesting, the options will still vest upon the occurrence of the events described under clauses (a) or (b) above.
- [F2]The options, to the extent such options have not been exercised, will terminate and become null and void on July 15, 2025, if and only if the options vest as described above, or on July 15, 2021, if the options do not vest as described above, subject to the occurrence of the events contemplated under clause (b) above whereby the options would not terminate until July 15, 2022.
- [F3]The issuer granted these stock options under its Amended and Restated 2015 Stock Option Plan to the reporting person as executive compensation.
Documents
Issuer
TORCHLIGHT ENERGY RESOURCES INC
CIK 0001431959
Entity typeother
Related Parties
1- filerCIK 0001506919
Filing Metadata
- Form type
- 4
- Filed
- Aug 16, 8:00 PM ET
- Accepted
- Aug 17, 4:31 PM ET
- Size
- 8.6 KB