Torchlight Energy enters resignation, settlement pact with COO McAndrew
In a regulatory filing, Torchlight Energy said that, on September 28, it entered into a resignation and settlement agreement with COO and director Willard G. McAndrew, effective October 5. On October 6, 2016, one day after the Effective Date, Mr. McAndrew will resign as COO and director of Torchlight Energy Resources, Inc. and all of its subsidiaries, and his Employment Agreement dated June 16, 2015, will terminate. Under the Resignation Agreement, McAndrew will continue to be bound by confidentiality and non-compete provisions of his terminated Employment Agreement. The company has agreed to file a registration statement covering the resale of 1,500,000 shares underlying other outstanding stock options and 900,000 shares underlying warrants he beneficially owns, for a total of 2,400,000 shares-all of which have an exercise price of $2.09. The Resignation Agreement also provides mutual release and indemnification provisions, as well as an arbitration provision.