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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 39 / 83

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Edgar Filing: TI

DELANDS

OIL & GAS CORP/WA - Form 10-K

Smith's

annual salar

employme

nt date. This

shows the mark fiscal year as t of 150,000 00 respectivel

(5) This column officers in that common stock gran $36,000 and $48,0

(6) Mr. initial

et value o follows: shares. D y, as dire y was $80, figure rep

f "All Other

Compensation"

awarded to

During 2005,

each director

received a

uring

2004

and

2003,

Mr.

Karim

received

ctor

compensation.

000

commencing August

16,

2003,

his

resents

salary

for

approximately

four

months employment

(7) Mr.

Dowies

initial

employme

nt

date.

Thi

. annual

salary

was $100, s figure

000

commencing

October 18, 2004,

his

represents

approximately

three

months

employment.

(8) Mr. Karim r

esigned his p

remains a member

of the board o

officer and dir

ector positio

severance payment

.

osition as

Vice

President

on June 27, 2005.

He

directo

rs.

on Oct

ober

(9) Mr.

Royis Ward

resigned his

1, 2003

and

received

and $25,000

f ns

Director Compensation

On April 11, 2001, the Company agreed to compensate Ahmed Karim, a director, for services provided at the rate of $5,000 per month until June 30, 2003 and $3,000

  • -

    33-

ar ended December 31,

2005, we

incurred $36,000

and issued a total of

450,000

common shares to

plan to

compensation Michael Ward,

Ahmed Karim and Carl Hessel. We al stock grant of 150,000 shares each.

s with an annu

oard of Direct

ors

per month thereafter.

for cash director

three

directors,

compensate director

Committees of the B

For the ye

Tidelands does not the Compensation outlining factors executive officers.

have a Compens

Committee.

Ti

and

criteria

ation committee. The Board of Director

s acts as

delands has no underlying

compensation written policies awards or payments in relation to

Employment and Cons

ulting Agreeme

nts with Management

The Company has ent

ered into empl

oyment agreements with the following officers:

MICHAEL WARD - Unde January 1, 2004, he Officer for a term annual salary may b directors acting as

r the terms of was employed

of five (5)

ye

e increased

f

the

Compensat

Mr. Ward's

employment

agreement,

commencing

as

the

Company's

President

and

Chief

Executive

ars.

His

base

annual

salary

is

$252,000.

The

rom ion

year to year, as determined by our board of

Committee,

by

at

least

the

Consumer

Price

Index. As additional compensation,

grant

of

One

Million

(1,000,000)

Mr. Ward shares.

will be entitled to

Stock

grant

dates

an annual stock are June 30 and

December 31 additional of the incre year ending the Company. allowance of

each year. As compensation

ase in

sales

2004.

Mr. Wa

He is entitl $12,000.

incentive

compensation,

Mr. Ward will be entitled to

equal to two percent of our net profits over a previous year's sales, effective

and one percent with the fiscal

rd

is

ed

to

entitled to all

employee

four weeks paid

vacation

benefits as provided by and an annual automobile

JAMES B. SMI October 1, 2 Chief Financ $168,000. Th our board of Consumer Pri

an annual

st

October 1

du

1, 2004.

As

TH: Under the

004,

he was

ial

Officer

e

annual

sala

directors

a

ce Index.

As

ock grant

of

ring

the

four

incentive

c

terms of Mr. Smit employed as the C for a term of four ry may be increase cting as the Comp additional compens

Five

Hundred

(500

year

term.

The

fi

ompensation,

Mr.

h's employment agreement,

commencing

ompany's

Senior

Vice

President

and

(4) years. His base d from year to year,

ensation

Committee,

annual salary is as determined by by at least the

ation,

Mr.

Smith

will

be

entitled

to

,000) shares. rst year stock

Stock grant dates are grant was paid October

Smith

will

be

entitled

to

additional

39

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