VSUT .0045 up 100% News Entry into a Material De
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VSUT .0045 up 100% News >
Entry into a Material Definitive Agreement, Material Modification to Rights
Item 1.01 Entry into a Material Definitive Agreement
The Company has entered into a private debt settlement agreement. The Company's Preferred A shares will be held in escrow by an Attorney. The Preferred A Senior shares will be transferred to Mr. John Campo once the debt settlement agreement is fully effectuated.
Item 3.03 Material Modification to Rights of Security Holders
Cherish Adams will return to the Company treasury approximately 4,000,000 (Four Million Shares of Common Stock.
Kyle Gotshalk will return to the Company treasury approxamatily 3,750,000 (Three Million Seven Hundred Fifty Thousand Shares of Common Stock.
Therefore reducing the issued and outstanding of Common Stock by 7,750,000
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 19,, 2012, VSUS Technologies, Inc., a Delaware corporation (the "Company"), the Board of Directors and a majority of the shareholders of the Company approved and accepted the following; Kyle Gotshalk, and Cherish Adams will resign, as Officers and Directors of the Company. Mr. Juan "John" Campo, will be the President and Sole Director. The Officer will receive stock in lieu of cash payments quarterly until such time that they are able to receive a salary. The Officer will also be given a stock bonus at each year end for their services to the Company.
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