DALECO RESOURCES CORP - Recent Material Event

Item 3.02         Unregistered Sales of Equity Securities - See Item 5.02.

 

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

 

(c) On August 23, 2012, the Registrant, entered into an agreement with Michael D. Parrish to become the Chief Executive Officer and a director of the Board of Directors of the Registrant, the terms of which were described in the Company’s latest 10Q filed on 20 August 2012.

 

The initial term of Mr. Parrish’s employment (effective May 18, 2012), will expire on November 20, 2012 unless certain performance targets have been achieved. Such targets include the obtainment of at least $1 million of capital from a third party and cash-on-hand in an amount of at least $650,000 by November 1, 2012. The agreement provides for base salary of $250,000 per annum during the initial term and escalations thereof upon the attainment of certain performance targets as well as renewal provisions. Mr. Parrish was granted an option for the purchase of 1.2 million shares of Common Stock at $0.15 per share. Such option vests 50% on each of the first and second anniversary dates of the effective date of his employment agreement and expire on the third anniversary date. Further, should certain performance benchmarks be met during the initial year of the agreement, Mr. Parrish shall be awarded 600,000 shares of Common Stock over a six month period issuable on the last day of each such month and the shares shall be valued based on the closing price of the Common Stock on the day before such issuance.

 

There is no family relationship between Mr. Parrish and any other executive officer or director of the Registrant, and there is no arrangement or understanding under which he was appointed. There are no transactions to which the Registrant or any of its subsidiaries is a party and in which Mr. Parrish has a material interest subject to disclosure under Item 404(a) of Regulation S-K.

 

Item 8.

 

A copy of the press release announcing Mr. Parrish’s appointments is attached as Exhibit 99.3 hereto.

 

Item 9.01         Financial Statements and Exhibits

 

(d) Exhibits
   
  10.26 Employment Agreement (effective May 18, 2012) between the Registrant and Michael D. Parrish dated August 23, 2012
   
  99.3 Press Release dated August 28, 2012

 

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.

 

Date: August 28, 2012 DALECO RESOURCES CORPORATION     
   
  /s/ Gary Novinskie
  Gary Novinskie, President