ECO TEK 360, INC. (OTCMKTS:GFTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ECO TEK 360, INC. (OTCMKTS:GFTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02(c) Appointment of Certain Officers, and Item 5.02(e) Compensatory Arrangements of Certain Officers

On February 14, 2017, the Board of Directors of Eco Tek 360, Inc., a Nevada corporation (the “Company”) held its annual meeting and elected the following persons as officers of the Company. Christopher Giordano was elected to continue to serve as the President of the Company. Paul Serbiak was elected to serve as the Treasurer of the Company in addition to his existing position as the Chief Executive Officer of the Company. Peter Vazquez was elected to serve as the Secretary of the Company.
As compensation for serving as the Company’s President, the Board of Directors approved an employment contract for Christopher Giordano. Although his duties as President shall begin immediately, his salary shall not be earned or payable until such time that the Company raises at least $2,000,000 in its upcoming private placement. The base salary for Mr. Giordano shall initially be set at $90,000 per year, but has the potential to incrementally increase up to $200,000 per year based on the Company achieving certain revenue goals. Moreover, Mr. Giordano’s contract provides for a minimum annual bonus of thirty-percent(30%) of his base salary, but gives the Company the discretion to award an annual bonus of up to two-hundred-percent(200%) of his base salary.
As a signing bonus, Mr. Giordano received 250,000 options to purchase shares of the Company’s common stock that are exercisable for a period of five years at a strike price of $0.50 per share. In addition, Mr. Giordano’s contract provides for up to ten incentive stock option awards of 0.75% of the shares of common stock outstanding per $1,000,000 in net income received by the Company over the next ten years. Such options would be exercisable at the closing bid price for the ten days preceding the Company’s achievement of each award milestone.
Mr. Giordano does not have any family relationships with any other director or officer of the Company, and there are no transactions in which the directors have an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Serbiak will not receive any additional compensation for taking on the role of Treasurer in addition to his duties as Chief Executive Officer. Further, Mr. Serbiak does not have any family relationships with any other director or officer of the Company, and there are no transactions in which the directors have an interest requiring disclosure under Item 404(a) of Regulation S-K.
For serving as Secretary, the Company approved the issuance of stock options to Mr. Vazquez. Mr. Vazquez will receive 125,000 options to purchase shares of the Company’s common stock that are exercisable for a period of five years at a strike price of $0.50 per share, along with an additional 125,000 options to purchase shares of the Company’s common stock that are exercisable for a period of five years at a strike price of $1.50 per share. Finally, Mr. Vazquez does not have any family relationships with any other director or officer of the Company, and there are no transactions in which the directors have an interest requiring disclosure under Item 404(a) of Regulation S-K.

Item 5.03(a) Amendments to Articles of Incorporation or Bylaws
On February 14, 2017, the Board of Directors of the Company approved the adoption of new bylaws for the Company.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
3(ii) – Bylaws adopted on February 14, 2017.

About ECO TEK 360, INC. (OTCMKTS:GFTI)

Eco Tek 360, Inc., formerly Global Fashion Technologies, Inc., is a textile and apparel technology company. The Company is engaged in developing a portfolio of technologies for the textile and apparel industries. The Company focuses on offering branded fabrics and apparel to the corporate, hotel, hospital, military markets. The Company also focuses on offering branded fabrics and apparel to the retail markets for fashionable clothing. The Company collects and rejuvenates used uniforms into new uniforms. The Company rejuvenates old uniforms and recovers the fiber to spin yarn, make fabric, and cut and sew new uniforms in its facility based in the United States. The Company offers customer care service for online ordering, order status, shipment tracking, billing and payment. The Company supports bulk shipping to its clients or online ordering and direct to employee shipment.

ECO TEK 360, INC. (OTCMKTS:GFTI) Recent Trading Information

ECO TEK 360, INC. (OTCMKTS:GFTI) closed its last trading session 00.000 at 0.300 with 4,970 shares trading hands.

An ad to help with our costs