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

during 2005. 2. James Smith filed on late Form 4 on November 11, 2005 for a June 27, 2005 transaction.

ITEM 11. EXECUTIVE COMPENSATION -------------------------------

The for

following table contains

compensation data for our named

the

fiscal

years

ended

December

31,

2005,

2004

and

2003.

executive

officers

  • -

    32-

Table 1.

James B. Smith

2005

68,000

19,500

--

--

Chief Financial

2004

130,200

11,996

--

--

--

Officer

2003

131,333 (6)

--

525,816

--

500,000

Ahmed Karim, V.P.

2005

--

--

--

--

(8)

2004

--

--

--

--

2003

--

--

--

500,000

SUMMARY COMPENSATION TABLE

Annual Compensation

Bonus ($)

Other Annual Compensation ($)(2)

10,500 28,500 --

-- -- --

4,167

8,350

4,167

--

--

--

--

--

--

--

25,000

--

Fiscal Year

Salary ($)

2005 2004 2003

252,000 252,500 120,000

Royis Ward,

2005

--

Sec/Treas (9)

2004

--

Robert Dowies

2005

100,000

Vice President,

2004

19,444

Marketing

2003

--

94,900

-- -- --

Name and Principal Position (1)

Michael Ward President & CEO

Long-Term Compensation

2003

90,000 (9)

-- -- 500,000

(7)

1,230,000

--

845,000

--

--

500,000

Restricted Stock Award

($)(3)

s

Securities Underlying Options (#)

(4)

(1) During the periods

reflected,

certain of the off

received perquisites and other personal benefits

their respective did not, for any

annual salaries or bonuses. The

individual

in

any

year,

exceed

not r dolla the l

icers named in this table eflected in the amounts of r amount of these benefits esser of $50,000 or 10% of

the total annual salary unless otherwise noted. (2) This column shows the

and

bonus

reported

for

that

market value of "Other Annua

Mr. Smith 52,800 shares

of its

common stock valued at

2004,

issued

500,000

common

shares valued at $435,

officers in that fiscal

year as follows:

On January 8

The shares were iss

$8,350.

$10,000 shares valued Grant and Option Plan.

at

individual

in

any

year,

l Compensation" awarded to , 2004, the Company issued $90,816 and on November 1,

000.

Mr.

Dowies

received

ued

from

the

company

Stock

(3) This column

shows the market value of

restricted

performance

in

that

fiscal

year

as

follows:

Year

20

shares and Mr. Dowies,100,000 shares; 2004: Mr.

(4)

This

column

shows

common

stock

options

Ward 1 grant

Michael 500,000

Ward, shares

Royis Ward and Ahmed

Karim

each

at

$0.22

per

share.

On

common

August

16,

s

common stock options were

options to purchase 500,000 shares exercised on September 14, 2004.

at

$0.

stock awards

granted for

05: Mr. Ward,

1,000,000

,000,000.

ed on tock

February 5, 2003 to

options

to

purchase

2003, we granted Mr.

22

per

share.

These

Smith stock

38

All Comp ($

199

199

199 36 48

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