Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 20

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 20
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, and other material corporate actions. The holders of Series A Preferred Stock are provided no dividend rights, and in the event of liquidation, dissolution, or winding-up, Series A holders receive distributions pari passu with common shareholders, as if their shares were converted to common stock. The Series A Preferred Stock converts into PEDEVCO common stock automatically on the Automatic Conversion Date in a ratio of 10-for-1, subject to standard adjustments for splits, dividends, or recapitalizations. Support Agreements At the Closing, PEDEVCO entered into a Support Agreement with North Peak and certain officers, directors, and employees of the Company (collectively, the “Supporting Persons”), including Dr. Kukes, the SGK 2018 Revocable Trust, Mr. Schick, Mr. Moore, Mr. Paul Pinkston (Chief Accounting Officer), Mr. Crook, Mr. Howie (a then member of the Board), Mr. Scelfo (a then member of the Board), and Mr. Evans (a then member of the Board). Under the agreement, the Supporting Persons irrevocably delivered a written consent to approve certain corporate actions and agreed not to withdraw it, to refrain from any actions that could hinder or delay the transactions contemplated by the Merger Agreement, and to take all reasonable steps to ensure completion, including the Automatic Conversion of PEDEVCO Series A Preferred Stock. Until the Automatic Conversion occurs, they may not transfer, pledge, or encumber their PEDEVCO equity or act contrary to the agreement, except for transfers to controlled affiliates, estate planning vehicles, or bona fide gifts with transferee compliance. Support Agreements with Dr. Kukes and the SGK 2018 Revocable Trust also permit them to sell or transfer up to three million shares of PEDEVCO common stock without restriction. Restricted Stock Awards Contingent and effective upon the Closing, the Company granted (i) 2,000,000 shares of restricted PEDEVCO common stock under the Company’s 2021 Equity Incentive Plan, as amended (the “2021 Plan”) to Mr. J. Douglas Schick, a member of the Board and the President and Chief Executive Officer of the Company, (ii) 500,000 shares of restricted PEDEVCO common stock under the 2021 Plan to Mr. Clark R. Moore, the Company’s Executive Vice President, General Counsel and Secretary, (iii) 300,000 shares of restricted PEDEVCO common stock