GSTX Graphene and Solar Technologies Ltd (PK)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) Effective September 16, 2019, Frank Herrera resigned as the Company’s Chief Financial Officer. The Company is actively searching for a replacement for Mr. Herrera.

(c) Effective September 19, 2019, Nils Ollquist was appointed as the Company’s Chief Executive Officer replacing Roger May who continues to act as Executive Chairman. Pursuant to a Business Consulting Agreement, Mr. Ollquist will receive an annual salary of Australian $150,000 to be accrued monthly with an initial pay of Australian $10,000 to be paid on execution of the Agreement and 10,000,000 shares of the Company’s Common Stock. The Agreement is for an initial term of twelve months. The summary of the Business Consulting Agreement is qualified in its entirety by reference to the Agreement attached hereto as Exhibit 10.1.

Mr. Ollquist has over 30 years’ experience in finance, international investment banking and as a senior public servant. He graduated with degrees in Economics and Law from the Australian National University and spent 5 years in the Australian Federal Treasury in Canberra, Australia. His roles in Treasury included Research Officer in the Capital Markets Group; Senior Finance Officer in the Loan Council Secretariat, where he was involved in the Australian Federal/State Government allocation of revenue and grants for infrastructure and general funding purposes; Senior Executive Assistant to the Department Head and with the office of the then Federal Treasurer John Howard (a subsequent Australian Prime Minister). Mr. Ollquist extensive banking career included Barclays Bank (Sydney); the Australian merchant banking subsidiary of Amro Bank of the Netherlands where he served as Senior Manager Corporate Finance, Amro Banks’ project finance department in Amsterdam, Security Pacific Bank of California ( Corporate Finance in Sydney and Los Angeles servicing US operations of Australasian multinational companies); Security Pacific Merchant Bank (New York- Head of Corporate Finance for the amalgamation of the corporate finance operations of brokers Macintosh Hampson of Melbourne, Hoare Govett of London and Burns Fry of Canada); and Bank of America (San Francisco- Head of Asian Corporate Finance & Hong Kong- Head of Mergers & Acquisitions for Asia). Mr. Ollquist established an investment banking firm, Orient Financial Services, licensed by the Hong Kong Securities & Futures Commission (SFC). Orient Financial and its associate OFS Capital Group concentrated in corporate finance and advisory including fund raising and listing assignments in both Australia and the US for Asian based companies and has completed over 25 listing transactions and raised over $100 million for its clients in recent years. Mr. Ollquist is skilled in the field of risk management and has been active in direct investment in Asia, including privatization, listing and divesting companies in China, India, Indonesia and Singapore.