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United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): June 26, 2023
HOUSTON
AMERICAN ENERGY CORP.
(Exact
name of registrant as specified in its charter)
Delaware |
|
1-32955 |
|
76-0675953 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
801 Travis Street, Suite 1425
Houston,
Texas 77002
(Address of principal executive offices, including zip code)
713-222-6966
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
HUSA |
|
NYSE
American |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02. |
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On
June 27, 2023, Houston American Energy Corp’s (the “Company”) board of directors approved revised employment terms
for John Terwilliger, the Company’s chief executive officer, including payment of a cash bonus of $200,000 and an increase in base
salary, effective July 1, 2023, to $240,000 annually.
Item
5.03 |
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On
June 26, 2023, the Company’s board of directors approved an amendment of the Company’s Amended and Restated Bylaws (the “Bylaws”)
to change the quorum for stockholder meetings to one-third (33.33%) of the shares issued and outstanding and entitled to vote on the
matters at the meeting. The amended quorum standard was applied at the Company’s stockholders meeting held on June 27, 2023. The
change to the quorum requirement for stockholder meetings was made to improve the Company’s ability to hold stockholder meetings
when called in light of low voter participation that has resulted in the need to adjourn meetings in recent years to secure additional
votes to attain a quorum.
Item
5.07. |
Submission
of Matters to a Vote of Security Holders |
On
June 27, 2023, Company held its Annual Meeting of stockholders. The final results for each of the matters submitted to a vote of stockholders
at the Annual Meeting, as set forth in the Proxy Statement, are as follows:
Proposal
1. The nominees for election as Class C Directors were elected to serve until the 2026 Annual Meetings of Stockholders and until
their successors have been duly elected and qualified, or until such director’s earlier resignation, removal or death. The result
of the votes to elect the director was as follows:
Director | |
For | | |
Against | | |
Abstentions | | |
Broker Non-Votes | |
| |
| | |
| | |
| | |
| |
John Terwilliger (Class C) | |
| 1,706,304 | | |
| 461,988 | | |
| 14,216 | | |
| 2,202,709 | |
James Schoonover (Class C) | |
| 1,607,169 | | |
| 559,779 | | |
| 15,806 | | |
| 2,202,463 | |
Proposal
2. The appointment of Marcum LLP as the Company’s independent registered public accounting firm for fiscal 2023 was ratified
by the stockholders by the votes set forth in the table below:
For | | |
Against | | |
Abstentions | | |
Broker Non-Votes | |
| | | |
| | | |
| | | |
| | |
| 4,197,218 | | |
| 148,761 | | |
| 39,238 | | |
| 0 | |
Proposal
3. The compensation of the named executive officers as disclosed in the Company’s Proxy Statement was approved on an advisory
basis by the votes set forth in the table below:
For | | |
Against | | |
Abstentions | | |
Broker Non-Votes | |
| | | |
| | | |
| | | |
| | |
| 1,969,679 | | |
| 161,620 | | |
| 36,640 | | |
| 2,217,278 | |
Proposal
4. The stockholders recommended, on an advisory basis, that the frequency of the stockholder vote to approve the compensation of
the named executive officers be every year by the votes set forth in the table below:
1 Year | | |
2 Years | | |
3 Years | |
| | | |
| | | |
| | |
| 1,420,563 | | |
| 22,628 | | |
| 704,425 | |
After
consideration of the voting results, and other considerations, the Company’s board determined to hold annual non-binding advisory
votes of shareholders with respect to compensation of named executive officers.
Item
9.01 |
Financial
Statements and Exhibits |
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
HOUSTON
AMERICAN ENERGY CORP. |
|
|
Dated:
June 29, 2023 |
|
|
|
|
By: |
/s/
John Terwilliger |
|
Name: |
John
Terwilliger |
|
Title: |
Chief
Executive Officer |
Exhibit
3.1
AMENDED
AND RESTATED
BYLAWS
OF
HOUSTON
AMERICAN ENERGY CORP.
(Adopted
as of June 26, 2023)
ARTICLE
I
Offices
and Records
1.1
Delaware Office. The registered office of Houston American Energy Corp. (the “Company”) in the State of Delaware shall
be located in the City of Wilmington, County of New Castle, and the name and address of its registered agent is The Corporation Trust
Company, 1209 Orange Street, Wilmington, Delaware.
1.2
Other Offices. The Company may have such other offices, either within or without the State of Delaware, as the Company’s board
of directors (the “Board of Directors”) may from time to time designate or as the business of the Company may from time to
time require, including, without limitation, the Company’s principal business office in Houston, Texas.
1.3
Books and Records. The books and records of the Company may be kept outside the State of Delaware at such place or places as may
from time to time be designated by the Board of Directors.
ARTICLE
II
Stockholders
2.1
Annual Meeting. The annual meeting of stockholders of the Company shall be held at such place, either within or without the State
of Delaware, or by means of remote communication, and at such time and date as the Board of Directors, by resolution, shall determine
for the purpose of electing directors and for the transaction of such other business as may be properly brought before the meeting.
2.2
Special Meeting. Subject to the rights of the holders of any series of the Company’s preferred stock, par value $0.001 per
share (the “Preferred Stock”), as designated in any resolutions adopted by the Board of Directors and filed with the State
of Delaware (a “Preferred Stock Designation”), special meetings of the stockholders may be called by the Board of Directors
or by one or more stockholders holding at least one-tenth of the shares entitled to vote at any such meeting.
2.3
Place of Meeting. The Board of Directors may designate the place of meeting for any meeting of the stockholders, or if the meeting
is to be held solely by means of remote communication. If no designation is made by the Board of Directors, the place of meeting shall
be the principal business office of the Company in Houston, Texas.
2.4
Notice of Meeting. Written or printed notice, stating the place, day and hour of the meeting, the purpose or purposes for which the
meeting is called and, if the meeting is to be held by means of remote communication, the manner in which stockholders may participate
in such meeting, shall be prepared and delivered by the Company not less than 10 days nor more than 60 days before the date of the meeting,
either personally or by mail, to each stockholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed
to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at such stockholder’s
address as it appears on the stock transfer books of the Company. Such further notice shall be given as may be required by law. Only
such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Company’s
notice of meeting. Meetings may be held without notice if all stockholders entitled to vote are present, or if notice is waived by those
not present in accordance with Paragraph 7.4 of these Bylaws. Any previously scheduled meeting of the stockholders may be postponed by
resolution of the Board of Directors upon public notice given prior to the time previously scheduled for such meeting of stockholders.
2.5
Quorum and Adjournment. Except as otherwise provided by law or by the Certificate of Incorporation, the holders of more than one-third
(33.33%) of the voting power of the outstanding shares of the Company entitled to vote generally in the election of directors (the “Voting
Stock”), represented in person, participating by means of remote communication or by proxy, shall constitute a quorum at a meeting
of stockholders, except that when specified business is to be voted on by a class or series voting as a class, the holders of more than
one-third (33.33%) of the voting power of the shares of such class or series shall constitute a quorum for the transaction of such business.
The chairman of the meeting or a majority of the shares of Voting Stock so represented may adjourn the meeting from time to time, whether
or not there is such a quorum (or, in the case of specified business to be voted on by a class or series, the chairman or a majority
of the shares of such class or series so represented may adjourn the meeting with respect to such specified business). No notice of the
time and place of adjourned meetings need be given except as required by law. The stockholders present at a duly organized meeting may
continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
2.6
Proxies. At all meetings of stockholders, a stockholder may vote by proxy executed in writing by the stockholder or as may be permitted
by law, or by such stockholder’s duly authorized attorney-in-fact. Such proxy must be filed with the Secretary of the Company or
such stockholder’s representative at or before the time of the meeting.
2.7
Notice of Stockholder Business and Nominations.
A.
Annual Meetings of Stockholders.
(1)
Nominations of persons for election to the Board of Directors of the Company and the proposal of business to be considered by the stockholders
may be made at an annual meeting of stockholders (a) pursuant to the Company’s notice of meeting delivered pursuant to Paragraph
2.4 of these Bylaws, (b) by or at the direction of the Board of Directors, or (c) by any stockholder of the Company who is entitled to
vote at the meeting, who complied with the notice procedures set forth in clauses (2) and (3) of this Paragraph 2.7(A) and these Bylaws
and who was a stockholder of record at the time such notice is delivered to the Secretary of the Company.
(2)
For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (c) of Paragraph
2.7(A)(1) of these Bylaws, the stockholder must have given timely notice thereof in writing to the Secretary of the Company and such
other business must otherwise be a proper matter for stockholder action. To be timely, a stockholder’s notice shall be delivered
to the Secretary at the principal office of the Company not less than 70 days nor more than 90 days prior to the first anniversary of
the preceding year’s annual meeting; provided, however, that in the event that the date of an annual meeting is advanced by more
than 30 days, or delayed by more than 70 days, from the first anniversary date of the previous year’s annual meeting, notice by
the stockholder to be timely must be so delivered not earlier than the 90th day prior to such annual meeting and not later than the close
of business on the later of the 70th day prior to such annual meeting or the 10th day following the day on which public announcement
of the date of such meeting is first made by the Company. Such stockholder’s notice shall set forth (a) as to each person whom
the stockholder proposes to nominate for election or reelection as a director all information relating to such person that is required
to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the regulations promulgated thereunder,
including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected;
(b) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to
be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of
such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and (c) as to the stockholder giving the notice
and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as
they appear on the Company’s books, and of such beneficial owner, and (ii) the class and number of shares of the Company which
are owned beneficially and of record by such stockholder and such beneficial owner.
(3)
Notwithstanding anything in the second sentence of Paragraph 2.7(A)(2) of these Bylaws to the contrary, in the event that the number
of directors to be elected to the Board of Directors of the Company is increased and there is no public announcement by the Company naming
all of the nominees for director or specifying the size of the increased Board of Directors made by the Company at least 80 days prior
to the first anniversary of the preceding year’s annual meeting, a stockholder’s notice required by these Bylaws shall also
be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the
Secretary at the principal office of the Company not later than the close of business on the 10th day following the day on which such
public announcement is first made by the Company.
B.
Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Company’s notice of meeting pursuant to Paragraph 2.4 of these Bylaws. Nominations of persons
for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant
to the Company’s notice of meeting (a) by or at the direction of the Board of Directors, or (b) by any stockholder of the Company
who is entitled to vote at the meeting, who complies with the notice procedures set forth in these Bylaws and who is a stockholder of
record at the time such notice is delivered to the Secretary of the Company. Nominations by stockholders of persons for election to the
Board of Directors may be made at such a special meeting of stockholders if the stockholder’s notice as required by Paragraph 2.7(A)(2)
of these Bylaws shall be delivered to the Secretary at the principal executive offices of the Company not earlier than the 90th day prior
to such special meeting and not later than the close of business on the later of the 70th day prior to such special meeting or the 10th
day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the
Board of Directors to be elected at such meeting.
C.
General.
(1)
Only persons who are nominated in accordance with the procedures set forth in these Bylaws shall be eligible to serve as directors and
only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the
procedures set forth in these Bylaws. Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the chairman
of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting
was made or proposed in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in
compliance with these Bylaws, to declare that such defective proposal or nomination shall be disregarded.
(2)
For purposes of these Bylaws, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News
Service, Associated Press or comparable national news service or in a document publicly filed by the Company with the Securities and
Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.
(3)
Notwithstanding the foregoing provisions of these Bylaws, a stockholder shall also comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder with respect to the matters set forth in these Bylaws. Nothing in these Bylaws shall be
deemed to affect any rights of stockholders to request inclusion of proposals in the Company’s proxy statement pursuant to Rule
14a-8 under the Exchange Act.
2.8
Procedure for Election of Directors. Election of directors at all meetings of the stockholders at which directors are to be elected
may be by written ballot, and, subject to the rights of the holders of any series of Preferred Stock to elect additional directors under
specific circumstances, directors shall be elected by a plurality of the votes cast at such meetings. Except as otherwise provided by
law, the Certificate of Incorporation or these Bylaws, all matters other than the election of directors submitted to the stockholders
at any meeting shall be decided by a majority of the votes cast with respect thereto.
2.9
Inspectors of Elections; Opening and Closing the Polls.
A.
The Board of Directors by resolution shall appoint one or more inspectors, which inspector or inspectors may include individuals who
serve the Company in other capacities, including, without limitation, as officers, employees, agents or representatives of the Company,
to act at a meeting of stockholders and make a written report thereof. One or more persons may be designated as alternate inspectors
to replace any inspector who fails to act. If no inspector or alternate has been appointed to act, or if all inspectors or alternates
who have been appointed are unable to act at a meeting of stockholders, the chairman of the meeting shall appoint one or more inspectors
to act at the meeting. Each inspector, before discharging his duties, shall take and sign an oath faithfully to execute the duties of
inspector with strict impartiality and according to the best of his ability. The inspectors shall have the duties prescribed by the Delaware
General Corporation Law (the “DGCL”).
B.
The secretary of the meeting shall fix and announce at the meeting the date and time of the opening and the closing of the polls for
each matter upon which the stockholders will vote at a meeting.
2.10
Stockholder Action by Written Consent. Any action required to be taken at any annual or special meeting of stockholders, or any action
which may be taken at any such meeting, may be taken without a meeting, without prior notice and without a vote, if a consent or consents
in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number
of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present
and voted.
ARTICLE
III
Board
of Directors
3.1
General. The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall
be managed under the direction of, the Board of Directors. The Board of Directors shall be divided into three classes as provided in
the Company’s Certificate of Incorporation. In addition to the powers and authorities by these Bylaws expressly conferred upon
them, the Board of Directors may exercise all such powers of the Company and do all such lawful acts and things as are not by law or
by the Certificate of Incorporation or by these Bylaws required to be exercised or done by the stockholders.
3.2
Number, Tenure and Qualifications. Subject to the rights of the holders of any series of Preferred Stock to elect directors under
specific circumstances, the number of directors shall be fixed by, and may be increased from time to time by, the affirmative vote of
a majority of the members at any time constituting the Board of Directors. Each director shall hold office for the full term for which
such director is elected and until his successor shall have been duly elected and qualified or until his earlier death, resignation or
removal in accordance with the Certificate of Incorporation or these Bylaws. Directors need not be residents of the State of Delaware
or stockholders of the Company.
3.3
Place of Meeting; Order of Business. Except as otherwise provided by law, meetings of the Board of Directors, regular or special,
may be held either within or without the State of Delaware, at whatever place is specified by the person or persons calling the meeting.
In the absence of specific designation, the meetings shall be held at the principal office of the Company. At all meetings of the Board
of Directors, business shall be transacted in such order as shall from time to time be determined by the Chairman of the Board, or in
his absence by the President, or by resolution of the Board of Directors.
3.4
Regular Meetings. A regular meeting of the Board of Directors may be held without other notice than these Bylaws immediately after,
and at the same place as, each annual meeting of stockholders. The Board of Directors may, by resolution, provide the time and place,
and charges thereof, for the holding of additional regular meetings without other notice than such resolution.
3.5
Special Meetings. Special meetings of the Board of Directors shall be called at the request of the Chairman of the Board, the Chief
Executive Officer or a majority of the Board of Directors. The person or persons authorized to call special meetings of the Board of
Directors may fix the place and time of the meetings.
3.6
Notice of Special Meetings. Notice of any special meeting shall be given to each director at such director’s business or residence
in writing or by telegram or by telephone communication. If mailed, such notice shall be deemed adequately delivered when deposited in
the United States mail so addressed, with postage thereon prepaid, at least five days before such meeting. If by telegram, such notice
shall be deemed adequately delivered when the telegram is delivered to the telegraph company at least 24 hours before such meeting. If
by facsimile transmission, such notice shall be transmitted at least 24 hours before such meeting. If by telephone, the notice shall
be given at least 12 hours prior to the time set for the meeting. Neither the business to be transacted at, nor the purpose of, any regular
or special meeting of the Board of Directors need be specified in the notice of such meeting. A meeting may be held at any time without
notice if all the directors are present or if those not present waive notice of the meeting in writing, either before or after such meeting.
3.7
Quorum. A majority of the Board of Directors shall constitute a quorum for the transaction of business, but if at any meeting of
the Board of Directors there shall be less than a quorum present, a majority of the directors present may adjourn the meeting from time
to time without further notice. The act of the majority of the directors present at a meeting at which a quorum is present shall be the
act of the Board of Directors. The directors present at a duly organized meeting may continue to transact business until adjournment,
notwithstanding the withdrawal of enough directors to leave less than a quorum.
3.8
Vacancies. Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specific circumstances,
and except as provided in the Certificate of Incorporation, vacancies resulting from death, resignation or removal, and newly created
directorships resulting from any increase in the authorized number of directors, shall be filled by the affirmative vote of a majority
of the remaining directors then in office, though less than a quorum of the Board of Directors, and directors so chosen shall hold office
for the remainder of the full term of the class of directors in which the vacancy occurred or the new directorship was created and until
such director’s successor shall have been duly elected and qualified or until his earlier death, resignation or removal. No decrease
in the number of authorized directors shall shorten the term of any incumbent director.
3.9
Executive and Other Committees. The Board of Directors may, by resolution adopted by a majority of the whole Board, designate an
Executive Committee, and one or more additional committees, to exercise, subject to applicable provisions of law, such powers of the
Board in the management of the business and affairs of the Company as set forth in said resolution, but no such committee shall have
the power or authority in reference to the following matters: (i) approving or adopting, or recommending to the stockholders, any action
or matter expressly required to be submitted to the stockholders for approval or (ii) adopting, amending or repealing any Bylaw of the
Company. The Executive Committee and each such other committee shall consist of two or more directors of the Company. The Board of Directors
may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting
of the committee. Any such committee may to the extent permitted by law exercise such powers and shall have such responsibilities as
shall be specified in the designating resolution. In the absence or disqualification of any member of such committee or committees, the
member or members thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously
appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Each committee
shall keep written minutes of its proceedings and shall report such proceedings to the Board of Directors when required.
A
majority of any committee may determine its action and fix the time and place of its meetings, unless the Board of Directors shall otherwise
provide. Notice of such meetings shall be given to each member of the committee in the manner provided for in Paragraph 3.6 of these
Bylaws. The Board of Directors shall have power at any time to fill vacancies in, to change the membership of, or to dissolve any such
committee. Nothing herein shall be deemed to prevent the Board of Directors from appointing one or more committees consisting in whole
or in part of persons who are not directors of the Company; provided, however, that no such committee shall have or may exercise any
authority of the Board of Directors.
3.10
Action Without a Meeting. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or
permitted to be taken at a meeting of the Board of Directors, or any committee thereof, may be taken without a meeting if a consent in
writing, setting forth the action so taken, is signed by all the members of the Board of Directors, or such committee, as the case may
be, and filed with the Secretary.
3.11
Board and Committee Telephone Meetings. Subject to the provisions required or permitted by the DGCL for notice of meetings, unless
otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or members of any committee
designated by the Board of Directors, may participate in and hold a meeting by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to
this Paragraph 3.11 shall constitute presence in person at such meeting, except where a person participates in the meeting for the express
purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
3.12
Removal. Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specific circumstances,
any director, or the entire Board of Directors, may be removed from office at any time, with or without cause, by the holders of a majority
of the shares then entitled to vote at an election of directors.
ARTICLE
IV
Officers
4.1
Elected Officers. The elected officers of the Company shall be a Chairman of the Board, a Chief Executive Officer, one or more Vice
Presidents, a Secretary, and such other officers (including, without limitation, a President and a Treasurer) as the Board of Directors
from time to time may deem proper. The Chairman of the Board may also serve as the Chief Executive Officer. The Chairman of the Board
shall be chosen from the directors. All officers chosen by the Board of Directors shall each have such powers and duties as generally
pertain to their respective stockholders and of the Board of Directors.
4.2
Election and Term of Office. The elected officers of the Company shall be elected annually by the Board of Directors at the regular
meeting of the Board of Directors held at the time of each annual meeting of the stockholders. If the election of officers shall not
be held at such meeting, such election shall be held as soon thereafter as convenient. Subject to Paragraph 4.9 of these Bylaws, each
officer shall hold office until such officer’s successor shall have been duly elected and shall have qualified or until such officer’s
death or until such officer shall resign.
4.3
Chairman of the Board. The Chairman of the Board shall preside at all meetings of the stockholders and of the Board of Directors.
The Chairman shall make reports to the Board of Directors and the stockholders and shall perform all such other duties as are properly
required of him by the Board of Directors.
4.4
Chief Executive Officer. The Chief Executive Officer shall be responsible for the general management of the affairs of the Company
and shall perform all duties incidental to the Chief Executive Officer’s office which may be required by law and all such other
duties as are properly required of him by the Board of Directors. The Chief Executive Officer shall see that all orders and resolutions
of the Board of Directors and of any committee thereof are carried into effect.
4.5
President. The President (if one shall have been chosen by the Board of Directors) shall act in a general executive capacity and
shall assist the Chairman of the Board in the administration and operation of the Company’s business and general supervision of
its policies and affairs. The President shall, in the absence of or because of the inability to act of the Chairman of the Board, perform
all duties of the Chairman of the Board and preside at all meetings of stockholders and of the Board of Directors. The President may
sign, alone or with the Secretary, or an Assistant Secretary, or any other proper officer of the Company authorized by the Board of Directors,
certificates, contracts, and other instruments of the Company as authorized by the Board of Directors.
4.6
Vice Presidents. Each Vice President shall have such powers and perform such duties as from time to time may be assigned to him by
the Board of Directors or be delegated to him by the President. The Board of Directors may assign to any Vice President general supervision
and charge over any territorial or functional division of the business and affairs of the Company.
4.7
Secretary. The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors and all other notices
required by law or by these Bylaws, and in case of the Secretary’s absence or refusal or neglect so to do, any such notice may
be given by any person thereunto directed by the Chairman of the Board, the Chief Executive Officer, or by the Board of Directors, upon
whose request the meeting is called as provided in these Bylaws. The Secretary shall record all the proceedings of the meetings of the
Board of Directors, any committees thereof and the stockholders of the Company in a book to be kept for that purpose, and shall perform
such other duties as may be assigned to him by the Board of Directors, the Chairman of the Board or the Chief Executive Officer. The
Secretary shall have the custody of the seal of the Company and shall affix the same to all instruments requiring it, when authorized
by the Board of Directors, the Chairman of the Board or the Chief Executive Officer, and attest to the same.
4.8
Treasurer. The Treasurer, if there is one, shall have the custody of the corporate funds and securities and shall keep full and accurate
accounts of receipt and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the
name and to the credit of the Company in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse
the funds of the Company as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render
to the Chairman of the Board and the Board of Directors, at its regular meeting, or when the Board of Directors so requires, an account
of all his transactions as Treasurer and of the financial condition of the Company. If required by the Board of Directors, the Treasurer
shall give the Company a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the
faithful performance of the duties of his office and for the restoration to the Company, in case of his death, resignation, retirement
or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control
belonging to the Company.
4.9
Removal. Any officer elected by the Board of Directors may be removed by a majority of the members of the Board of Directors whenever,
in their judgment, the best interests of the Company would be served thereby. No elected officer shall have any contractual rights against
the Company for compensation by virtue of such election beyond the date of the election of such officer’s successor or such officer’s
death, resignation or removal, whichever event shall first occur, except as otherwise provided in an employment contract or an employee
plan.
4.10
Vacancies. A newly created office and a vacancy in any office because of death, resignation, or removal may be filled by the Board
of Directors for the unexpired portion of the term at any meeting of the Board of Directors.
ARTICLE
V
Stock
Certificates and Transfers
5.1
Stock Certificates; Uncertificated Shares. The shares of capital stock of the Company shall be represented by a certificate, unless
and until the Board of Directors of the Company adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption
of any such resolution providing for uncertificated shares, every holder of capital stock of the Company theretofore represented by certificates
and, upon request, every holder of uncertificated shares of capital stock, shall be entitled to have a certificate for shares of capital
stock of the Company signed by, or in the name of the Company by, (a) the Chairman of the Board, the Vice Chairman of the Board, the
Chief Executive Officer, the President or any Executive Vice President, and (b) the Chief Financial Officer, the Secretary or an Assistant
Secretary, certifying the number of shares owned by such stockholder in the Corporation.
5.2
Signatures. Any or all of the signatures on a certificate evidencing shares of capital stock may be a facsimile. In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such
officer, transfer agent or registrar before such certificate is issued, it may be issued by the Company with the same effect as if such
person were such officer, transfer agent or registrar at the date of issue.
5.3
Lost Certificates. The Board of Directors may direct a new certificate evidencing shares of capital stock to be issued in place of
any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon the making of an affidavit of
that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate,
the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen
or destroyed certificate, or the owner’s legal representative, to advertise the same in such manner as the Board of Directors shall
require and/or to give the Company a bond in such sum as it may direct as indemnity against any claim that may be made against the Company
with respect to the certificate alleged to have been lost, stolen or destroyed or the issuance of such new certificate.
5.4.
Transfers. Stock of the Company shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of
stock shall be made on the books of the Company, and in the case of certificated shares of stock, only by the person named in the certificate
or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefore, properly endorsed
for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer
instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment
of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided,
however, that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers
of the Company shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchange, returned
or surrendered to the Company shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary
of the Company or the transfer agent thereof. No transfer of stock shall be valid as against the Company for any purpose until it shall
have been entered in the stock records of the Company by an entry showing from and to whom transferred.
ARTICLE
VI
Indemnification
6.1
Mandatory Indemnification. Each person who was or is made a party or is threatened to be made a party, or who was or is a witness
without being named a party, to any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative
or investigative, any appeal in such an action, suit or proceeding, and any inquiry or investigation that could lead to such an action,
suit or proceeding (a “Proceeding”), by reason of the fact that such individual is or was a director or officer of the Company,
or while a director or officer of the Company is or was serving at the request of the Company as a director, officer, partner, venturer,
proprietor, trustee, employee, agent or similar functionary of another corporation, partnership, trust, employee benefit plan or other
enterprise, shall be indemnified and held harmless by the Company from and against any judgments, penalties (including excise taxes),
fines, amounts paid in settlement and reasonable expenses (including court costs and attorneys’ fees) actually incurred by such
person in connection with such Proceeding if it is determined that he acted in good faith and reasonably believed (A) in the case of
conduct in his official capacity on behalf of the Company that his conduct was in the Company’s best interests, (B) in all other
cases, that his conduct was not opposed to the best interests of the Company, and (C) with respect to any Proceeding which is a criminal
action, that he had no reasonable cause to believe his conduct was unlawful; provided, however, that in the event a determination is
made that such person is liable to the Company or is found liable on the basis that personal benefit was improperly received by such
person, the indemnification is limited to reasonable expenses actually incurred by such person in connection with the Proceeding and
shall not be made in respect of any Proceeding in which such person shall have been found liable for willful or intentional misconduct
in the performance of his duty to the Company. The termination of any Proceeding by judgment, order, settlement, conviction, or upon
a plea of nolo contendere or its equivalent, shall not, of itself be determinative of whether the person did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any Proceeding
which is a criminal action, had no reasonable cause to believe that his conduct was unlawful. A person shall be deemed to have been found
liable in respect of any claim, issue or matter only after the person shall have been so adjudged by a court of competent jurisdiction
after exhaustion of all appeals therefrom.
6.2
Determination of Indemnification. Any indemnification under the foregoing Paragraph 6.1 (unless ordered by a court of competent jurisdiction)
shall be made by the Company only upon a determination that indemnification of such person is proper in the circumstances by virtue of
the fact that it shall have been determined that such person has met the applicable standard of conduct. Such determination shall be
made (A) by a majority vote of a quorum consisting of directors who at the time of the vote are not named defendants or respondents in
the Proceeding; (B) if such quorum cannot be obtained, by a majority vote of a committee of the Board of Directors, designated to act
in the matter by a majority of all directors, consisting solely of two or more directors who at the time of the vote are not named defendants
or respondents in the Proceeding; (C) by special legal counsel (in a written opinion) selected by the Board of Directors or a committee
of the Board of Directors by a vote as set forth in clause (A) or (B) of this Paragraph 6.2, or, if such quorum cannot be obtained and
such committee cannot be established, by a majority vote of all directors (in which directors who are named defendants or respondents
in the Proceeding may participate); or (D) by the stockholders of the Company in a vote that excludes the shares held by directors who
are named defendants or respondents in the Proceeding.
6.3
Advance of Expenses. Reasonable expenses, including court costs and attorneys’ fees, incurred by a person who was or is a witness
or who was or is named as a defendant or respondent in a Proceeding, by reason of the fact that such individual is or was a director
or officer of the Company, or while a director or officer of the Company is or was serving at the request of the Company as a director,
officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another corporation, partnership, trust,
employee benefit plan or other enterprise, shall be paid by the Company at reasonable intervals in advance of the final disposition of
such Proceeding, and without the determination specified in the foregoing Paragraph 6.2, upon receipt by the Company of a written affirmation
by such person of his good faith belief that he has met the standard of conduct necessary for indemnification under this Article 6, and
a written undertaking by or on behalf of such person to repay the amount paid or reimbursed by the Company if it is ultimately determined
that he is not entitled to be indemnified by the Company as authorized in this Article 6. Such written undertaking shall be an unlimited
obligation of such person and it may be accepted without reference to financial ability to make repayment.
6.4
Permissive Indemnification. The Board of Directors of the Company may authorize the Company to indemnify employees or agents of the
Company, and to advance the reasonable expenses of such persons, to the same extent, following the same determinations and upon the same
conditions as are required for the indemnification of and advancement of expenses to directors and officers of the Company.
6.5
Nature of Indemnification. The indemnification and advancement of expenses provided hereunder shall not be deemed exclusive of any
other rights to which those seeking indemnification may be entitled under the Certificate of Incorporation, these Bylaws, any agreement,
vote of stockholders or disinterested directors or otherwise, both as to actions taken in an official capacity and as to actions taken
in any other capacity while holding such office, shall continue as to a person who has ceased to be a director, officer, employee or
agent of the Company and shall inure to the benefit of the heirs, executors and administrators of such person.
6.6
Insurance. The Company shall have the power and authority to purchase and maintain insurance or another arrangement on behalf of
any person who is or was a director, officer, employee or agent of the Company, or who is or was serving at the request of the Company
as a director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic
corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any liability,
claim, damage, loss or risk asserted against such person and incurred by such person in any such capacity or arising out of the status
of such person as such, irrespective of whether the Company would have the power to indemnify and hold such person harmless against such
liability under the provisions hereof. If the insurance or other arrangement is with a person or entity that is not regularly engaged
in the business of providing insurance coverage, the insurance or arrangement may provide for payment of a liability with respect to
which the Company would not have the power to indemnify the person only if including coverage for the additional liability has been approved
by the stockholders of the Company. Without limiting the power of the Company to procure or maintain any kind of insurance or other arrangement,
the Company may, for the benefit of persons indemnified by the Company, (A) create a trust fund; (B) establish any form of self-insurance;
(C) secure its indemnity obligation by grant of a security interest or other lien on the assets of the Company; or (D) establish a letter
of credit, guaranty, or surety arrangement. The insurance or other arrangement may be procured, maintained, or established within the
Company or with any insurer or other person deemed appropriate by the Board of Directors regardless of whether all or part of the stock
or other securities of the insurer or other person are owned in whole or part by the Company. In the absence of fraud, the judgment of
the Board of Directors as to the terms and conditions of the insurance or other arrangement and the identity of the insurer or other
person participating in the arrangement shall be conclusive and the insurance or arrangement shall not be voidable and shall not subject
the directors approving the insurance or arrangement to liability, on any ground, regardless of whether directors participating in the
approval are beneficiaries of the insurance or arrangement.
6.7
Notice. Any indemnification or advance of expenses to a present or former director of the Company in accordance with this Article
6 shall be reported in writing to the stockholders of the Company with or before the notice or waiver of notice of the next stockholders’
meeting or with or before the next submission of a consent to action without a meeting and, in any case, within the next twelve-month
period immediately following the indemnification or advance.
6.8
Change of Control. Following any “change of control” of the Company of the type required to be reported under Item 1
of Form 8-K promulgated under the Exchange Act, any determination as to entitlement to indemnification shall be made by independent legal
counsel selected by the claimant which independent legal counsel shall be retained by the Board of Directors on behalf of the Company.
6.9
Amendment. Any amendment or repeal of this Article VI shall not adversely affect any right or protection existing hereunder in respect
of any act or omission occurring prior to such amendment or repeal.
ARTICLE
VII
Miscellaneous
Provisions
7.1
Fiscal Year. The fiscal year of the Company shall be determined by resolution of the Board of Directors.
7.2
Dividends. The Board of Directors may from time to time declare, and the Company may pay, dividends on its outstanding shares in
the manner and upon the terms and conditions provided by law and its Certificate of Incorporation.
7.3
Seal. The corporate seal may bear in the center the emblem of some object, and shall have inscribed thereunder the words “Corporate
Seal” and around the margin thereof the words “Houston American Energy Corp.”
7.4
Waiver of Notice. Whenever any notice is required to be given to any stockholder or director of the Company under the provisions
of the DGCL, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated
therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any annual
or special meeting of the stockholders or of the Board of Directors need be specified in any waiver of notice of such meeting.
7.5
Audits. The accounts, books and records of the Company shall be audited upon the conclusion of each fiscal year by an independent
certified public accountant selected by the Board of Directors, and it shall be the duty of the Board of Directors to cause such audit
to be made annually.
7.6
Resignations. Any director or any officer, whether elected or appointed, may resign at any time by serving written notice of such
resignation on the Chairman of the Board, the Chief Executive Officer, the President, if any, or the Secretary, and such resignation
shall be deemed to be effective as of the close of business on the date said notice is received by the Chairman of the Board, the Chief
Executive Officer, the President, if any, or the Secretary or at such later date as is stated therein. No formal action shall be required
of the Board of Directors or the stockholders to make any such resignation effective.
7.7
Exclusive Forum. Unless the Company consents in writing to the selection of an alternative forum, the United States District Court
for the District of Delaware or, if such court lacks jurisdiction, any state court of the State of Delaware that has jurisdiction, shall,
to the fullest extent permitted by law, be the sole and exclusive forum for (1) any derivative action or proceeding brought on behalf
of the Company, (2) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the
Company to the Company or the Company’s shareholders, (3) any action asserting a claim arising pursuant to any provision of the
General Corporation Law of the State of Delaware, the certificate of incorporation or the by-laws of the Company, and (4) any action
asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest
in shares of capital stock of the Company shall be deemed to have notice of and consented to the provisions of this Section 7.7.
7.8
Costs of Stockholder Litigation.
A.
To the fullest extent permitted by law, in the event that, (i) any current or prior stockholder or anyone on their behalf (“Claiming
Party”) initiates or asserts any claim or counterclaim (“Claim”) or joins, offers substantial assistance to, or has
a direct financial interest in any Claim against the Company and/or any director, officer, employee or affiliate (together, the “Company
Parties”), and (ii) the Claiming Party (or the third party that received substantial assistance from the Claiming Party or in whose
Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the merits that substantially achieves, in substance
and amount, the full remedy sought, then each Claiming Party shall be obligated jointly and severally to reimburse the Company Parties
the greatest amount permitted by law of all fees, costs and expenses of every kind and description (including but not limited to, all
reasonable attorney’s fees and other litigation expenses) (collectively, “Litigation Costs”) that the Company Parties
may incur in connection with such Claim.
B.
To the fullest extent permitted by law, in the event that any Claiming Party initiates or asserts any Claim or joins, offers substantial
assistance to, or has a direct financial interest in any Claim against any Company Parties, then, regardless whether the Claiming Party
is successful on its Claim in whole or in part, (i) the Claiming Party shall bear its own Litigation Costs, and (ii) the Claiming Party
and the Claiming Party’s attorneys shall not be entitled to recover any Litigation Costs or, in a derivative or class action, to
receive any fees or expenses as the result of the creation of any common fund, or from a corporate benefit purportedly conferred upon
the Company.
ARTICLE
VIII
Amendments
8.1
Amendments. These Bylaws may be amended, added to, rescinded or repealed by the Board of Directors or by the affirmative vote of
the holders of a majority of the Company’s stock, outstanding and entitled to vote at the meeting at which any Bylaw is adopted,
amended or repealed.
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