GLOBAL FUTURE CITY HOLDING INC. (OTCMKTS:FHWY) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02
| Termination of Material Definitive Agreement |
On January 25, 2017, GX-Life Global, Inc., a Nevada corporation
(GX-Life), a wholly owned subsidiary of Global Future City
Holding, Inc. (the Company), terminated that certain Employment
Agreement dated August 5, 2016, by and between GX-Life and Thomas
Leffler whereby Mr. Leffler was appointed to serve as GX-Lifes
Chief Executive Officer for a period of three years, starting
from August 1, 2016, through August 1, 2019 (the Employment
Agreement). Whereas, GX-Life believes it is in its best interests
to terminate the Employment Agreement to section 3.1.4, effective
immediately. The termination of the Employment Agreement was not
the result of any disagreement between the Company and/or
GX-Life, on the one hand, and Mr. Leffler, on the other hand,
with respect to the Company or GX-Lifes policies and practices.
The Employment Agreement was filed as Exhibit 10.16 to the
Companys Form 10-Q as filed with the Securities and Exchange
Commission (the Commission) on August 19, 2016.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Thomas Leffler- Termination
On January 25, 2017, Mr. Thomas Leffler was terminated as the
Chief Executive Officer of GX-Life, effective immediately. The
information disclosed in Item1.02 of this Current Report on Form
8-K is incorporated by reference into this Item5.02.
Stephen Tucker Termination
On January 18, 2017, Mr. Stephen Tucker was terminated as the
Chief Financial Officer of GX-Life, the Companys wholly-owned
subsidiary, effective immediately. The termination was not the
result of any disagreement with the Company or GX-Life on any
matter relating to the Company or GX-Lifes operations, policies,
or practices.
Michael Dunn Appointment
On January 25, 2017, the Board of Directors of GX-Life appointed
Mr. Michael Dunn, 65, as GX-Lifes Chief Executive Officer and
Chief Financial Officer, and Mr. Dunn accepted such appointments.
Mr. Dunn is also the sole Director of GX Life and the Companys
current President, Chief Operating Officer, Secretary, and sole
Director.
The biography for Mr. Dunn was filed with the Commission as part
of the Companys Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the Commission on April 13,
2016, and is incorporated by reference herein.
About GLOBAL FUTURE CITY HOLDING INC. (OTCMKTS:FHWY)
Global Future City Holding Inc. is a holding company focused in the areas of consumer product sales and EB-5 investments. The Company is engaged in the network and direct selling industry, selling wellness, herbal, beauty, lifestyle and home products. It sells consumer products, such as personal care, wellness and products under the brand, GX-Life, through direct sales to consumers and e-commerce channels on an international basis. GX-Life has developed a range of moisturizers, serums and creams designed to protect the skin and combat the signs of aging. In the nutrition category, GX-Life offers a range of nutraceutical and diet products, including a multivitamin, probiotic, digestive enzyme, joint reliever and detoxifier. In the energy category, GX-Life offers F.I.T.T. Energy two-ounce energy shots and one-ounce energy gel packs. In the tea category, GX-Life offers single-serve sachets of over six Authentea organic tea extracts, and approximately three Herbalsoul herbal tea extracts. GLOBAL FUTURE CITY HOLDING INC. (OTCMKTS:FHWY) Recent Trading Information
GLOBAL FUTURE CITY HOLDING INC. (OTCMKTS:FHWY) closed its last trading session at 0.800 with shares trading hands.