Tidelands 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report: March 15, 2007
(Date
of
earliest event reported)
TIDELANDS
OIL & GAS CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Nevada
|
0-29613
|
66-0549380
|
(State
of Other Jurisdiction Incorporation)
|
(Commission
File No.)
|
(IRS
Employer Identification No.)
|
1862
West
Bitters Rd. San Antonio, TX 78248
(Address
of Principal Executive Offices)
(Zip
Code)
Registrant's
telephone number: (210) 764 - 8642
________________________________________________________
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CAR
230.425)
|
|
|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CAR
240.14a-12)
|
|
|
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CAR
240.14d-2(b))
|
|
|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CAR
240.13e-4(c))
|
Item
5.01 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain
Officers.
On
March
15, 2007, Tidelands Oil & Gas Corporation (the “Company”) entered into a new
employment agreement with James B. Smith in his capacities as Chief Executive
Officer and President. Mr. Smith was appointed Chief Executive Officer and
President in December 2006. The employment agreement replaces Mr. Smith’s
previous employment agreement, which was entered into when Mr. Smith was
appointed Chief Financial Officer in October 2004.
Mr.
Smith’s employment agreement has a term of five (5) years, with an annual cash
salary of $300,000. In addition, Mr. Smith is entitled to annual stock grants
with a fair market value of $1 million. Therefore, the number of shares granted
to Mr. Smith each year will vary based on the Company’s stock price. Mr. Smith
may also be awarded additional equity grants or cash bonuses, in the sole
discretion of the Board of Directors. Mr. Smith is entitled to all employee
benefits generally provided by the Company to employees. He is also entitled
to
four weeks paid vacation, an annual automobile allowance of $12,000,
supplemental disability insurance and a life insurance policy payable to his
heirs in the amount of $2 million. Mr. Smith continues to serve as Chief
Financial Officer, but does not receive any additional compensation specifically
for such duties. If the Company terminates Mr. Smith’s employment without cause,
as defined in the employment agreement, Mr. Smith is entitled to continue to
receive payment of his cash and annual equity compensation for the remainder
of
the five year term.
The
foregoing summary of the employment agreement with Mr. Smith is qualified in
its
entirety by reference to the full and complete terms of the employment agreement
with Mr. Smith, which is attached hereto as Exhibit 10.1.
Item
9.01. Financial
Statements and Exhibits.
Exhibit
No.
|
Description
of Exhibit
|
|
|
10.1
|
Employment
Agreement with James B.
Smith
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
|
|
|
|
TIDELANDS
OIL & GAS
CORPORATION
|
|
|
|
Date: April
2, 2007 |
By: |
/s/ James
B.
Smith |
|
James
B. Smith |
|
President
and Chief Executive Officer
|
EXHIBIT
INDEX
Exhibit
No.
|
Description
of Exhibit
|
|
|
10.1
|
Employment
Agreement with James B. Smith
|