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| GNAU.OB > SEC Filings for GNAU.OB > Form 8-K/A on 4-Nov-2009 | All Recent SEC Filings |
4-Nov-2009
Change in Directors or Principal Officers, Financial Statements and Exhib
(b) On October 30, 2009 the General Automotive Company (GNAU) named Dan Valladao as it Chief Executive Officer, Tim Alford as its Chief Operating Officer and Shawn Powell Joseph as its Chief Financial Officer.
(c) Effective October 30, 2009, General Automotive Company (GNAU) entered into three-year employment agreements with Dan Valladao, its Chief Executive Officer, Tim Alford, its Chief Operating Officer, and Shawn Powell Joseph, its Chief Financial Officer. The employment agreements expire on December 31, 2012 and have the following provisions:
According to the terms of the agreement, in addition to his base salary of $120,000 per year, Mr. Valladao was granted the option to purchase 10,000,000 shares of common stock of General Automotive Company (GNAU), at an exercise price of 4 cents per share in consideration for becoming the Chief Executive Officer of the Company. The Company will also provide Mr. Valladao with health insurance, a monthly housing allowance and applicable bonuses in discretionary amounts to be determined by our Board of Directors.
According to the terms of the agreement, in addition to his base salary of $111,917 per year, Mr. Alford was granted the option to purchase 3,000,000 shares of common stock of General Automotive Company (GNAU), at an exercise price of 4 cents per share in consideration for becoming the Chief Operating Officer of the Company. The Company will also provide Mr. Alford with health insurance and applicable bonuses in discretionary amounts to be determined by our Board of Directors.
According to the terms of the agreement, in addition to his base salary of $65,000 per year, Ms. Powell Joseph was granted the option to purchase 2,000,000 shares of common stock of General Automotive Company (GNAU), at an exercise price of 4 cents per share in consideration for becoming the Chief Financial Officer of the Company. The Company will also provide Ms. Powell Joseph with health insurance and applicable bonuses in discretionary amounts to be determined by our Board of Directors.
The foregoing descriptions of the agreements are qualified in their entirety by reference to the agreements thereof, which are attached hereto in Exhibit 10.1 for Dan Valladao, Exhibit 10.2 for Tim Alford, and Exhibit 10.3 for Shawn Powell Joseph, and incorporated, herein by reference.
(c)(2) Prior to his appointment as Chief Executive Officer, Dan Valladao served as the Vice President of Business Development for the Registrant. Mr. Valladao is also Chairman of the Board of Directors for the Company.
Prior to his appointment as Chief Operating Officer, Tim Alford served as President of OE Source, a wholly owned subsidiary of the Registrant. Mr. Alford is also a member of the Board of Directors for the Company.
Prior to her appointment as Chief Financial Officer, Shawn Powell Joseph, 44 years old, served as the Chief Accounting Officer for the Registrant from July-October 2009. Ms. Powell Joseph served as the Controller of General Automotive Company from June 2008-July 2009. From 2006-2008 Ms. Powell Joseph was the Accounting Manager for Fulmer Logistics Corporation and its subsidiaries. Prior to joining Fulmer Logistics, Ms. Powell Joseph worked as accounting and management consultant.
(d) Exhibit.
Number Description of Exhibit
10.1 Employment Agreement between General Automotive Company and Dan
Valladao dated October 30, 2009
10.2 Employment Agreement between General Automotive Company and Tim
Alford dated October 30, 2009
10.3 Employment Agreement between General Automotive Company and Shawn
Powell Joseph dated October 30, 2009
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