Houston American Energy Corp. Enters into Indemnification Agreements for Directors and Officers

On January 13, 2025, Houston American Energy Corp. (NYSE:HUSA) announced the execution of indemnification agreements with its directors and officers. The agreements, known as the “Indemnification Agreements,” serve to supplement the existing indemnification provisions outlined in the company’s Certificate of Incorporation and Bylaws.

These agreements stipulate that Houston American Energy Corp. will indemnify each officer and director to the fullest extent permitted by applicable law, barring certain exceptions. The indemnification covers expenses, damages, judgments, fines, and other pertinent amounts incurred by an individual in connection with any proceeding arising from their service as a director or officer of the company.

Moreover, the Indemnification Agreements necessitate the advancement of defense expenses under specified terms and conditions. In the event of a determination, subsequent to the final resolution of the proceeding, that the individual is not entitled to indemnification, repayment of such expenses by the individual is mandated.

The details of these agreements are outlined in a form filed as Exhibit 10.1 to the Current Report on Form 8-K, available for reference. Houston American Energy Corp. affirms that this summary does not purport to be comprehensive and is subject to the full text of the Indemnification Agreements.

This latest development falls under Item 1.01 of the 8-K filing, highlighting the company’s commitment to providing additional security and support for its key personnel during their tenures. As per the disclosure, the indemnification agreements serve as an essential mechanism for safeguarding the interests of Houston American Energy Corp.’s directors and officers.

The company’s common stock, trading under the symbol HUSA on the NYSE American exchange, remained stable following the announcement.

This information falls under Item 9.01, indicating the company’s compliance with financial reporting standards and regulations. Investors and stakeholders are urged to refer to the detailed provisions of the Indemnification Agreements for comprehensive insight into these protective measures.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Houston American Energy’s 8K filing here.

Houston American Energy Company Profile

Houston American Energy Corp., an independent oil and gas company, engages in the acquisition, exploration, exploitation, development, and production of natural gas, crude oil, and condensate. Its principal properties are located primarily in the Texas Permian Basin, the South American country of Colombia, and the onshore Louisiana Gulf Coast region.