Item 1.01. Entry into a Material Definitive Agreement.
On August 6, 2021, the Board of Directors of Genufood Energy Enzymes Corp. (the
"Company") modified compensation levels for its officers, directors and
consultants, effective that date, as follows:
· The monthly salary of the President/Chief Executive Officer is $2,500.00.
· The monthly salary of the Treasurer/Chief Financial Officer/Secretary is
$2,300.00.
· The monthly consultancy fee paid to Kuang Ming Tsai is $1,500.00.
· The fee paid to the Chairman of the Board for attending meetings of the Board
of Directors is $1,000.00 per meeting.
· The fee paid to all other non-employee directors for attending meetings of the
Board of Directors is $500.00 per meeting; employee directors will not be paid
a fee for attending Board meetings beyond their officer salary.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers.
On August 1, 2021, the Board of Directors of the Company provisionally voted to
remove Jui Pin Lin as President and Chief Executive Officer of the Company. On
August 6, 2021, on a motion for reconsideration, that provisional vote was
affirmed by the Board of Directors. Also on August 6, 2021, the Board of
Directors voted to appoint Jai-Tian (Jeffrey) Lin as President and Chief
Executive Officer of the Company. Jui Pin Lin will continue to serve as a
director of the Company. Jai-Tian Lin and Jui Pin Lin are not related.
Jai-Tian Lin, age 54, has been a director of the Company since July 5, 2021. He
co-founded ZWINIC Holdings Corporation in Taiwan, a company engaged in
biotechnology, in November 2017 and has served as a director of the company
since that time. He also co-founded Touchin Intelligent Co., Ltd. in Taiwan, a
company engaged in artificial intelligent marketing, in July 2017 and has served
as a marketing consultant to the company since that time. Mr. Lin has been
employed at Prudential of Taiwan since August 2003, in various sales capacities
from August 2003 through November 2009, and as a financial consultant since
December 2009. Mr. Lin received his undergraduate degree in electrical
engineering in 1988 from National Taipei University of Technology, a Masters
degree in in industrial engineering in 2015 from National Taiwan University and
is currently a Ph.D. candidate in mechanical engineering at National Taiwan
University.
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