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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 40 / 83

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40 / 83

Edgar Filing: TIDELANDS OIL & GAS CORP/WA -

Form 10-K

compensation increase in Smith is ent entitled to $12,000. Mr.

equal to two

percent of our net

sales itled

over a to all

previous year's sales,

employee

benefits

as

profits and on effective Oct provided by the

four weeks paid Smith joined our

vacation board of

and an annual automobi directors on June 27, 20

e percent of the ober 1, 2004. Mr.

Company. He is le allowance of 05.

ROBERT W. D President of three (3) ye stock grant

OWIES: We employed Mr. Gas Markets and Supply.

Dowies on

October

26,

His

employment

agreement

ars. His annual of 100,000 common

salary is shares.

$100,000.

The

first

He is

50,000

enti

shares

2004 as our Vice is for a term of tled to an annual will vest and be

Apr

il 18,

Oct

ober 18

payable months,

2005. Thereafter, stock and April 18 for the term

six Mr.

grants will be p of the employment

ayable every agreement.

Dowies is entitled to two (2) weeks paid provided by the Company.

vacatio

n and all employee

benefits as

Code of Ethical Conduct

Our board of directors

adopted a Code of Ethical

Conduct

which applies to all

our Company directors, officers and employees, including our principal executive officer and principal financial officer, principal accounting officer or comptroller, or other persons performing similar functions.

ITEM

12.

SECURITY

OWNERSHIP

OF

CERTAIN

BENEFICIAL

OWNERS

AND

MANAGEMENT AND

------

-------------------------------------------------------------------------- RELATED STOCKHOLDER MATTERS

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

PRINCIPAL SHAREHOLDERS

The following table se December 31, 2005, wi the beneficial owner of director of the Compan designated stockholders beneficial ownership was named. Unless otherwis investment power with re are based on 78,495,815 December 31, 2005.

ts th

forth the Common Stock

ownership

respect

to

(i)

each

person

known

to

information

the

Company

as

of

to

be

more than 5% of the Company's

y;

and of the

(iii) all

directors,

Company

as a group.

Common Stock;

(ii)

executive

officers

This

information

each and

as

to

furnished to the Company by or on behalf of the persons

e

indicated,

spect

to

the

we believe

that each has

shares

beneficially

owned.

sole voting and The percentages

shares

of

our

common

stock

issued

and

outstanding

as

of

(a) Beneficial Ownership

of more than 5% based on 78,495,815 common shares.

Beneficial Ownership of

5%.

Table 1.

(1) Title of Class Common Stock

(2) Name and Address

(3) Amount and Nature

(4) Percent of Class

Common

Mercator Momentum Fund, LP (1) 555 S. Flower St. Suite 4500 Los Angeles, CA 90071

751,974 Common Stock Warrants (4)

0.957%

Common

Mercator Momentum Fund III, LP(1) 555 S. Flower St. Suite 4500 Los Angeles, CA 90071

521,928 Common Stock/ Warrants (5)

0.66%

Common

Monarch Pointe Fund, Ltd. (1) c/o Bank of Ireland Securities Services Ltd.

1,690,462(6) Common Stock Warrants

2.15%

40

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