SEC Form 4 · accession 0001140361-15-024437
TORCHLIGHT ENERGY RESOURCES INC · TRCH
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John A. Brda
Officer — President and CEO
Period of report
Jun 11, 2015
Accepted (ET)
Jun 16, 2015 · 4:45 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001431959
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF2,F1 | $1.57 | Jun 11, 2015 | A | 3,000,000 | A | Jun 11, 2015 | Jun 11, 2020 | Common Stock | 3,000,000 | 3,000,000 | D |
Explanation of responses
- F1The Stock Options were granted under the issuer's 2015 Stock Option Plan which plan was approved by the Board of Directors on June 10, 2015 and will be presented for approval to the issuer's stockholders at the upcoming 2015 annual meeting. The Stock Options will be subject to a two-year vesting schedule with one-half vesting immediately (subject to stockholders approving the 2015 Stock Option Plan), one-fourth vesting after one year of the grant date, and the remaining one-fourth vesting after the second year, provided however that the Stock Options will be subject to earlier vesting under certain events set forth in the 2015 Stock Option Plan, including without limitation a change in control. Further, the Stock Options cannot be exercised prior to obtaining stockholder approval of the 2015 Stock Option Plan, and the Stock Options will be cancelled if stockholder approval is not obtained.
- F2Executive compensation.