Item 5.02 - Departure of Directors or Certain Officers
On November 10, 2014, Mr. William Chady, Chief Financial Officer and a member of the Board of Directors of US Fuel Corporation (the "Company"), notified the Company of his decision to resign from all of his positions with the Company (the "Resignation"); our Board of Directors accepted the Resignation on November 10, 2014, effective immediately. Pursuant to his resignation, Mr. Chady waived any accrued cash compensation owed to him.
On November 5, 2014, Mr. Craig Conner, Senior Energy Consultant of US Fuel Corporation (the "Company"), notified the Company of his decision to resign from such position with the Company (the "Resignation"); our Board of Directors accepted the Resignation on November 6, 2014, effective immediately. Pursuant to his resignation, the consulting agreement between the Company and Mr. Conner was terminated; Mr. Conner agreed to waive any accrued salaries owed to him thereunder, or otherwise and also returned the 5 million shares issued to him under the agreement.
Neither Mr. Chady nor Mr. Conner's decision to resign involved any disagreement with the Company pertaining to the Company’s operations, policies or practices or with the Company's management or remaining board members. Rather, in light of the Company's dire cash position, Mr. Chady and Mr. Conner were forced to resign to seek out and obtain more gainful employment opportunities
