Torchlight Energy Resources, Inc. (NASDAQ:TRCH) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.
Torchlight Energy Resources, Inc. (NASDAQ:TRCH) Files An 8-K Submission of Matters to a Vote of Security Holders
On November 13, 2019, we held our Annual Meeting of Stockholders for the following purposes:
(1) To elect nominees to our Board of Directors, including John A. Brda, Gregory McCabe, Robert Lance Cook, Michael J. Graves and Alexandre Zyngier;
(2) To ratify the selection of Briggs & Veselka Co. as our independent registered public accounting firm for the fiscal year ending December 31, 2019;
(3) To approve a non-binding advisory resolution on executive compensation;
(4) To vote on an advisory basis on whether advisory votes on executive compensation should occur every one, two or three years; and
(5) To transact such other business as may properly come before the meeting.
Based on the votes received in person and by proxy, all of the above-named nominees to the Board were elected; the selection of Briggs & Veselka was ratified; the non-binding advisory resolution on executive compensation was approved; and the stockholders voted to hold advisory votes on executive compensation every three years. There were no other matters presented for action at the Annual Meeting. The exact results of the stockholder vote are as follows:
Item 1:
Election of Directors
Additionally, there was a total of 20,043,176 broker non-votes for the election of directors.
Additionally, there was a total of 20,043,176 broker non-votes for approval of the non-binding advisory resolution on executive compensation.
Additionally, there was a total of 20,043,176 broker non-votes for approval of whether the advisory votes on executive compensation should occur every one, two or three years.
In light of the stockholder vote above to include advisory votes on executive compensation in our proxy materials every three years, our Board of Directors decided that future advisory votes on named executive officer compensation will be held every three years until the next stockholder advisory vote on the frequency of such votes, which in accordance with applicable regulations, will occur no later than our Annual Meeting held in 2025.
About Torchlight Energy Resources, Inc. (NASDAQ:TRCH)
Torchlight Energy Resources, Inc. (Torchlight) is engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. The Company focuses on drilling and working interest programs within the United States. The Company has interests in approximately four oil and gas projects: the Marcelina Creek Field Development in Wilson County, Texas; the Ring Energy Joint Venture in Southwest Kansas; Hunton wells in partnership with Husky Ventures in Central Oklahoma, and the Orogrande Project in Hudspeth County, Texas. The Company also operates through two other subsidiaries, including Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. The Marcelina Creek Field Development is located over the Austin Chalk, Buda and Eagle Ford Formations.
