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TRER > SEC Filings for TRER > Form 8-K on 10-Jun-2013All Recent SEC Filings

Show all filings for TEXAS RARE EARTH RESOURCES CORP. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

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

Appointment of Ms. Linda Lynch to the Registrant's Board of Directors

On June 4, 2013, Texas Rare Earth Resources Corp., a Delaware Corporation (the "Registrant") appointed Ms. Laura Lynch to serve as a member of the Registrant's Board of Directors (the "Board"). As of the date of this Current Report on Form 8-K, Ms. Lynch has not been appointed to serve on any committees of the Board.

Ms. Lynch is a graduate of the University of Texas at Austin. Ms. Lynch is currently a Partner at the CL Ranch, a ranching/farming/mining operation in Hudspeth County. CL ranch is active in the mining and distribution of gypsum. Ms. Lynch has deep ties to the El Paso, Ft. Worth and Austin business communities and currently works as a consultant to the Registrant pursuant to a consulting agreement in which Ms. Lynch assists the Registrant in community relations and land acquisition.

Ms. Lynch is not related by blood or marriage to any of the Registrant's directors or executive officers or any persons nominated by the Registrant to become directors or executive officers. Outside of her consulting agreement with the Registrant, the Registrant has not engaged in any transaction in which Ms. Lynch or a person related to Ms. Lynch had a direct or indirect material interest. To the Registrant's knowledge, there is no arrangement or understanding between any of its directors, officers and Ms. Lynch pursuant to which he was selected to serve as a director of the Registrant.

Consulting Agreement with Chief Financial Officer

On June 5, 2013, the Registrant entered into a consulting agreement, effective May 1, 2013 (the "Consulting Agreement"), with G.W. "Mike" McDonald, the Registrant's Chief Financial Officer. The Consulting Agreement provides for a monthly retainer in the amount of $2,000 (the "Retainer"). In addition to the Retainer, the Registrant agreed to reimburse Mr. McDonald for reasonable expenses incurred by Mr. McDonald in performance of his duties under the Consulting Agreement The Consulting Agreement is for an initial term of one year but may be extended by written agreement of the Registrant and Mr. McDonald.

The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the Consulting Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K which is hereby incorporated by reference into this Item 5.02.

Item 9.01. Exhibits.

Exhibit Description
10.1 Consulting Agreement, dated June 5, 2013 by and between the Registrant and Mr. McDonald.

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