Spotlight Innovation Inc. (OTCMKTS:STLT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.

On December 13, 2016, the Board of Directors (the Board) of
Spotlight Innovation Inc. (the Company) adopted the 2016 Equity
Incentive Plan of Spotlight Innovation Inc. (the 2016 Plan).The
2016 Plan provides for the grant of incentive stock options
(subject to applicable shareholder approval), nonstatutory stock
options, restricted stock awards (which may be registered to a
Registration Statement on Form S-8), stock appreciation rights,
restricted share units, and performance awards. Eligible
recipients under the 2016 plan include the Companys directors,
employees and individual consultant(s) who render(s) bona fide
services (other than services in connection with the offering or
sale of securities of the Company or one of its subsidiaries in a
capital-raising transaction or as a market maker or promoter of
securities of the Company).

The maximum number of shares of common stock that may be issued
under the 2016Planis 5,000,000. The 2016 Plan will be
administered by the Companys board of directors or a committee
appointed by the Board (the Administrator).

The Administrator has full authority to determine who will
receive awards and to determine the types of awards to be granted
as well as the amounts, terms, and conditions of any awards.

In the event of a stock dividend, stock split or other change in
our capital structure, the Administrator will make appropriate
adjustments to the limits described above and will also make
appropriate adjustments to the number and kind of shares of stock
or securities subject to awards, any exercise prices relating to
awards and any other provisions of awards affected by the change.

The Administrator may at any time or times amend the 2016Planor
any outstanding award for any purpose which may at the time be
permitted by law, and may at any time terminate the 2016Planas to
any future grants of awards. The Administrator may not, however,
alter the terms of an award so as to affect adversely the
participants rights under the award without the participants
consent, unless the Administrator expressly reserved the right to
do so at the time of the award.

The 2016 Plan is filed with this report as Exhibit 10.1 and is
incorporated herein by reference. The foregoing description is
subject to, and qualified in entirety, to the 2016 Plan.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit

The following document is filed as Exhibit:

About Spotlight Innovation Inc. (OTCMKTS:STLT)

Spotlight Innovation Inc., formerly American Exploration Corporation, is a bioscience company. The Company is focused on acquiring the rights, through acquisition, license or otherwise, to various technologies. The Company is engaged in identifying and targeting technology candidates, including cancer drugs and treatment therapies for various disease states; drug and related treatment therapies for various infectious diseases, and other technology candidates. The Company focuses on diseases that are rare, which are known as orphan diseases, or new or common but underserved, such as feline chronic kidney disease. As of December 31, 2015, the Company had three subsidiaries: Celtic Biotech Iowa, Inc., CDT Veterinary Therapeutics, Inc. and Memcine Pharmaceuticals, Inc. Through its subsidiary, Celtic Biotech Iowa, Inc., it develops a range of drug candidates, such as Crotoxin, Cardiotoxin, VRCTC310 and Crotamine. Through its subsidiary, Memcine Pharmaceuticals, Inc., it offers Immunoplex.

Spotlight Innovation Inc. (OTCMKTS:STLT) Recent Trading Information

Spotlight Innovation Inc. (OTCMKTS:STLT) closed its last trading session down -0.017 at 0.675 with 32,180 shares trading hands.