SEC Form 4 · accession 0001214782-15-000228
HYDROCARB ENERGY CORP · HECC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
S Chris Herndon
Director
Period of report
Nov 16, 2015
Accepted (ET)
Nov 25, 2015 · 7:01 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001425808
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Nov 16, 2015 | J | 10,211,166 | — | A | 10,211,166 | I | Limited Voting Through Voting Agreements |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On or around August 25, 2015, Kent P. Watts and Christopher Watts (the "Watts") entered into voting agreements in favor of S. Chris Herndon, a member of the Board of Directors of the Registrant. Pursuant to the voting agreements, the Watts provided Mr. Herndon a voting proxy to vote all of the shares of common stock which they owned or may acquire in the future, to vote to elect or remove (as applicable) 66.6% of members of the Registrant's Board of Directors on any stockholder vote (i.e., 2 out of 3 directors). On November 16, 2015 the conditions to effectiveness of that agreement were removed, and the voting agreements went into effect. The voting rights remain in effect until the earlier of: (a) August 19, 2017; and (b) the due date of a certain convertible note which a company affiliated with Mr. Herndon (Duma Holdings, LLC) may choose to purchase from the Registrant in the future.