GFYF Talk about being overpaid!
Form 8-K for GFY FOODS INC
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12-May-2004
Other Events and Financial Statements & Exhibits
Item 5. Other Events.
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On May 7, 2004, the Registrant issued 2.5 billion shares of commonstock to its president, Edward Schwalb. Under the terms of the Registrant'semployment agreement with Mr. Schwalb, Mr. Schwalb is authorized to maintain anownership percentage of seventy percent (70%) of the outstanding shares of theRegistrant. After this stock issuance, Mr. Schwalb owns 3,782,250,000 shares, or62.77%, of the Registrant's 6,025,265,161 shares outstanding.
On May 5, 2004, the aforementioned employment agreement with Mr.Schwalb was amended to include a monthly salary of $25,000 per month.Additionally, Mr. Schwalb is due an acquisition fee of $70,000 for eachacquisition that he initiates and the Registrant closes during the term of theemployment agreement.
Item 7. Financial Statements and Exhibits.
The following exhibits are included as part of this report:
Exhibit No. Name of Exhibit ----------- --------------- 10.1 Employment Agreement by and between the Registrant and Edward Schwalb dated January 16, 2004
10.2 First Amendment to the Employment Agreement by and between the Registrant and Edward Schwalb dated May 5, 2004 |
