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ROYL > SEC Filings for ROYL > Form 8-K on 1-Jul-2013All Recent SEC Filings

Show all filings for ROYALE ENERGY INC



Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders

On June 28, 2013, the Company held its annual meeting of shareholders. The following proposals were submitted to the holders of the Company's capital stock for a vote:

(1) The election of seven (7) directors to serve until the next annual meeting of shareholders, and until their successors shall be duly elected and qualified; and

(2) The approval of, in a nonbinding advisory vote, the compensation of the Company's named executive officers;

(3) The determination of, in a nonbinding advisory vote, the frequency of the nonbinding resolution to approve the compensation of the named executive officers every year, every two years, or every three years;

(4) The amendment of the Company's Articles of Incorporation to increase the authorized shares of the Company's capital stock from 30,000,000 to 60,000,000 shares, including 50,000,000 common shares and 10,000,000 preferred shares;

(5) The approval of the issuance of shares of common stock in excess of 20% of the outstanding shares in connection with (x) conversions of convertible notes due December 31, 2014, and (y) to the extent Proposal (6) is approved, exercises of warrants issued pursuant to the October 28, 2012, Securities Purchase Agreement; and

(6) The approval of any future adjustments of the exercise prices for the Series E warrants that were issued in accordance with the terms of such warrants that were issued pursuant to the October 28, 2012, Securities Purchase Agreement, to the extent that Proposal 5 is approved.

At the meeting, only 27% of the Company's voting capital stock was present or present through their proxy. Since a quorum of the shareholders was not present, no actions nor votes were taken during the shareholder meeting.

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