Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 56

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 56
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    *
    Samuel Naparstek joined the Board as a Director subsequent to the end of fiscal 2024 effective July 30, 2024. Since 2021, Mr. Naparstek has served as a corporate consultant to the Company. In November 2024, the Company issued Mr. Naparstek 2,500,000 common shares at $0.04 per share for ongoing consulting services.
  
    **
    Mr. Lapinski resigned as Chairman subsequent to the end of fiscal 2024 effective July 30, 2024.

29 

Outstanding Equity Awards at Fiscal Year-End Table

The Company did not issue equity awards to executive
officers during the year ended June 30, 2025.

Employment Agreements

None.

Grants of Plan Based Awards

We did not make any plan-based equity or non-equity
awards grants to named executives during the years ended June 30, 2025 and 2024.

Option Exercises

There were no options exercised by our named officers
during the years ended June 30, 2025 and 2024.

Compensation of Directors

As of the year ended June 30, 2025, our directors
did not earn compensation for their service as a director for the years ended June 30, 2025 and 2024.

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide
pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant
to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted
at the discretion of the board of directors or a committee thereof.

Executive Compensation Philosophy

Our Board of Directors determines the compensation
given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executives or any future
executives a salary, and/or issue them shares of common stock issued in consideration for services rendered and/or to award incentive
bonuses which are linked to our performance, as well as to the individual executive officer’s performance. This package may also
include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our
long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date,
the Board of Directors reserves the right to grant such options