GETH Green Envirotech Holdings Corporation (CE)

ITEM 5.02—DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On January 30, 2018, Green EnviroTech Holdings Corp. announced that Gary De Laurentiis will resign as our chief financial officer. Mr. De Laurentiis will remain as our Secretary-Treasurer and Chairman of our board of directors.

Our new chief financial officer will be Hernan Rizo, 43. Mr. Rizo has been the president of The CFO Group, an interim and permanent chief financial officer services organization since 2015, has also been the chief financial officer of Tatum, a financial and technology consulting and advisory firm since 2008, and was the chief financial officer of Fleetserve LLC from 2012 to 2014. In his work with The CFO Group, he has served as the chief financial officer of a number of entities, including Real Estate Acquisition Development Sales, LLC, the entity that has provided us with a lease and working capital credit facility. Mr. Rizo has a BS in finance and accounting from Externado University of Colombia and an MBA from the University of Texas at Arlington.

Mr. Rizo will receive a salary of $240,000 per year, the majority of which will be accrued rather than paid until we are financially able to pay salaries. Additionally, he will be eligible for bonuses, computed quarterly and paid no less frequently than annually, based on the performance of the company and on his own performance. Upon his engagement with us, we granted to Mr. Rizo an option to purchase 250,000 shares of our common stock at an exercise price of $0.10 per share, vesting monthly over a four-year period.