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GNAU.OB > SEC Filings for GNAU.OB > Form 8-K on 6-Nov-2009All Recent SEC Filings

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Form 8-K for GENERAL AUTOMOTIVE CO


6-Nov-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibi


Item 1.01 Entry into a Material Definitive Agreement.

On October 30, 2009, General Automotive Company (GNAU) entered into Business Consulting Agreements each with Byrd Financial Group, LLC. ("The Byrd Consulting Agreement"), Emerging Markets Consulting LLC("The Emerging Markets Consulting Agreement") and Douglas J. Nagel ("The Nagel Consulting Agreement"), collectively referred to as "the Consulting Agreements".

Effective October 30, 2009, General Automotive Company (GNAU) entered into twelve month business consultant agreement each with Byrd Financial Group and LLC and Emerging Markets Consulting, each referred to as "the Consultant". The Consulting Agreements expire on October 30, 2010 and have the following provisions:

The Byrd Consulting Agreement provides that the Consultant will spend up to 15 hours per week in the fulfillment of the obligations under the Consulting Agreement. According to the terms of the agreement in lieu of cash compensation, the Company shall pay for the services of the Consultant through the issuance of 4,000,000 shares of restricted common stock of General Automotive Company (GNAU). The Shares, collectively referred to as "the Securities", shall be issued immediately, and are deemed to be fully vested and earned upon the execution hereof. The Consulting Agreement can be terminated at any time, for any reason, by the Company; however, termination shall not effect the Securities that have been issued to the Consultant.

The Emerging Markets Consulting Agreement provides that the Consultant will fulfill the obligations under the Consulting Agreement during the term of the agreement. According to the terms of the agreement, in lieu of cash compensation, the Company shall pay for the services of the Consultant through the issuance of 4,000,000 shares of restricted common stock of General Automotive Company (GNAU). The Shares, collectively referred to as "the Securities", shall be issued immediately, and are deemed to be fully vested and earned upon the execution hereof. The Consulting Agreement can be terminated at any time, for any reason, by the Company, however, termination shall not effect the Securities that have been issued to the consultant.

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 The Byrd Financial Group, LLC and Exhibit 10.2 for Emerging Markets Consulting LLC, and incorporated, herein by reference.

Effective October 30, 2009, General Automotive Company (GNAU) entered into thirty-six month business consultant agreement with Douglas J. Nagel. The consulting agreement expires on October 30, 2012 and has the following provisions:

The Nagel Consulting Agreement provides that the Consultant will spend up to 20 hours per week in fulfillment of the obligations under the Consulting Agreement. According to the terms of the agreement, in lieu of cash compensation, the Company shall pay for the Consultant through the issuance of a options to purchase 13,500,000 shares of restricted common stock of General Automotive Company (GNAU), at an exercise price of 4 cents per share. The Options, collectively referred to as "the Securities", shall be issued immediately, and are deemed to be fully vested and earned upon the execution hereof. The Consulting Agreement can be terminated at any time, for any reason, by the Company, however, termination shall not effect the Securities that have been issued to the consultant.

The foregoing descriptions of the agreements are qualified in their entirety by reference to the agreements thereof, which are attached hereto in Exhibit 10.3 for Douglas J. Nagel, and incorporated, herein by reference.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibit.

Number           Description of Exhibit
10.1             Business Consulting Agreement between General Automotive Company
                 and The Byrd Financial Group, LLC dated October 30, 2009

10.2             Business Consulting Agreement between General Automotive Company
                 and Emerging Markets Consulting, LLC dated October 30, 2009

10.3             Business Consulting Agreement between General Automotive Company
                 and Douglas J. Nagel dated October 30, 2009


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