MMEX Resources Corp (MMEX)

[flemsnopes]

From today's 8K filing. Never underestimate the "Monarch Bay Way"


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

In connection with the closing of the merger, and as contemplated by the definitive merger agreement, our executive officers (David Walters, President and Matt Szot, Chief Financial Officer) and directors (Mr. Walters) resigned, effective September 22, 2010, and we appointed designees of Maple Carpenter Creek Holdings (Jack W. Hanks and Bruce N. Lemons) as the new directors, all effective as of September 23, 2010. The board also named Mr. Hanks as our new President and Chief Executive Officer.

Mr. Hanks, 63, founded Map le Resources Corporation in 1987 and served as its President or Chairman of the Board of Maple Resources Corporation from inception to date. He co-founded Maple Carpenter Creek Holdings, and its predecessors, and has served as Chairman or managing member since 2007. Mr. Hanks also served as the Executive Chairman of Maple Energy plc, a publically listed company on the London Stock Exchange AIM and the Lima Bolsa. Prior to founding Maple, Mr. Hanks was a partner in the Washington Office of the law firm of Akin Gump Strauss in Washington, D.C. Mr. Hanks graduated from the University of Texas at Austin with a law degree in 1971 and a petroleum land management degree in 1968.


and (from most recent 10Q)

On April 2, 2009, the Company entered into that certain Amendment #1 Support Services Agreement, with Strands Management Company, LLC, David Walters, Matt Szot, and another principal (the “Amendment”), which Amendment amends that certain Support Services Agreement, dated as of January 8, 2009, between the Company and Strands. Pursuant to the Amendment, the Company agreed to issue to Messrs. Walters, Szot and another principal of Strands an aggregate of 1,625,000 shares of the Company’s common stock as a retainer, in exchange for Strands’ agreement to continue to provide services under the Support Services Agreement. The shares were issued on April 15, 2009, accordingly, the Company recorded a stock based compensation charge of $1,163,500 which is included in the statement of operations for the year ended April 30, 2009. See Note 3.

NOTE 9 - SUBSEQUENT EVENTS

On September 14, 2010, the Company entered into Amendment #2 to the Cardiff Agreement. Pursuant to the amendment, the Company agreed to issue to Messrs. Walters and Szot and another principal of Cardiff an aggregate of 2,000,000 shares of the Company’s common stock as a retainer, in exchange for Cardiff agreement to continue to provide services under the Support Services Agreement.


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