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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 23 / 83

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23 / 83

Edgar Filing: TIDELANDS OIL

& GAS CORP/WA - Form 10-K

As of December

reported by

ou

shares

are

he

estimate

the

n

broker

dealer

r transfer

agent,

Signature

ld in the

"street"

names of

31, 2005,

we had an

aggregat

umber of accounts

stockholders which may exceed 5,000.

ma

e of 86 Stock

stockholders Transfer Co.,

of record as

Inc.

Certain

securities broker y be represented by

dealers and we such securities

Dividends and

Dividend Policy

There are no

declare or

pa

corporation

l

dividends

wer

foreseeable

fu

restrictions

imposed

on the

y dividends

on its

common

aw.

During the year ended

e declared ture.

or

paid

and

Company stock, December none are

which

limit its ability to

except as 31, 2005, expected

limited

by

state

no cash

or

stock

to

be

paid

in

the

We expect to c for the devel determine whe earnings, fina

earnings

generated

our busi

ness. The

by our future operations

Board

of

Directors

will

ontinue

to retain all

opment

and growth of

pay dividends

in the future

capital requir

ements and other

ther

or not to

ncial

condition,

our

in light factors.

of

Securities Aut

horized for Issuance under Equi

ty Compensation Plans

The following December 31, 2 approved by ou

table summarizes our equity c 005. Information is included r security holders.

ompensation for equity

plan information as of

compensation

plans

not

Table 1.

Equity Compensation Plan Information

---------------------------- ------------------------ --------------------- ---------------------

Plan Category

Number of Securities to be issued upon exercise of outstanding options,

Weighted-average Exercise price of outstanding optio

ns,

Number of Securities remaining available f future issuance under

warrants and rights

warrants, and rights

equity compensation plans (excluding securities reflected column (a)

(a) (b) (c) ---------------------------- ------------------------ --------------------- ---------------------

Equity Compensation Plans approved by security holders None None None ---------------------------- ------------------------ --------------------- ---------------------

Plans not approved by

5,000,000 (1)

$ 0.287

-0-

security holders

5,000,000 (2)

$ 0.87

4,350,122

Equity Compensation

---------------------------- ------------------------ --------------------- --------------------- Total 10,000,000 4,350,122 ---------------------------- ------------------------ --------------------- ---------------------

(1) On May 27, 2003, the Company adopted the 2003 Non-Qualified Stock Grant and Option Plan. The Plan reserved 5,000,000 shares. The Plan is administered by our

Board of Directors.

Directors,

officers,

employees consultants,

attorneys, and

others

who

provide

services

to our

Company

are

eligible

participants.

Participants compensation.

are We

eligible to be granted 210,122

granted warrants, options, shares from this plan during

common

stock as

2005,

200,000

for

legal services, 10,000 shares to Robert Dowies under Agreement and 122 shares to James Smith as a part of bonus. The balance of this bonus was issued from the below.

the his

Plan

terms of his Employment

150,000

share

employee

outlined

in

footnote

2

(2) and

On November 2, 2004, the company adopted Option Plan. The Plan reserved 5,000,000

the 2004 Non-Qualified

Stock Grant

shares.

The

Plan

is

administered

by

23

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