UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,WASHINGTON, D.C. 20549

 

 

SCHEDULE 14A

(Rule 14a-101)

 

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act ofPROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. __)

 

Filed by the Registrant [X][X]
Filed by a Party other than the Registrant[  ]

 

Check the appropriate box:

 

[X]Preliminary Proxy Statement
  
[  ]Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
  
[  ]Definitive Proxy Statement
  
[  ]Definitive Additional Materials
  
[  ]Soliciting Material Pursuant to §240.14a-12

 

GREENWAY TECHNOLOGIES, INC.

(Name of Registrant as Specified in itsIts Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

Payment of Filing Fee (Check the appropriate box):

 

[X]No fee required.
  
[  ]Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 (1)

Title of each class of securities to which transaction applies:

 (2)

Aggregate number of securities to which transaction applies:

 (3)

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 (4)

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 (5)

Total fee paid:

 

[  ]Fee paid previously with preliminary materials.materials:
  
[  ]Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

 (1)

Amount Previously Paid:

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Date Filed:

 

 

 

 
 

 

February 22,

1521 North Cooper Street, Suite 205

Arlington, Texas 76011

November 8, 2019

 

Dear Greenway Technologies Stockholder:Stockholders:

 

I am pleased to invite youYou are cordially invited to attend a special meeting (our “Special Meeting”) of the 2019 Annual Meeting of Stockholders (the “Annual Meeting”)stockholders of Greenway Technologies, Inc. (“Greenway”, a Texas corporation (our “Company) to be held onMarch 29, Wednesday, December 11, 2019, at9:00 AMat the Hilton Hotel,Arlington, 2401 East Lamar Blvd., Arlington, Texas 76006. Our Special Meeting will start promptly at 10:30 a.m. Central Standard Time.

Whether or not you plan to attend our Special Meeting in person, your vote is important. Pursuant to the rules promulgated by the Securities and Exchange Commission (the “SEC”), on or about November 20, 2019, we will begin mailing to our stockholders our proxy statement, a proxy card, and a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on April 19, 2019, as amended by Amendment No. 1 on form 10-K/A, filed with the SEC on May 15, 2019 (collectively, our “Proxy Materials”). You may vote (i) in person at our Special Meeting, (ii) via a toll-free telephone number, (iii) over the Internet, or (iv) by completing, signing, dating, and promptly returning the proxy card you receive with our Proxy Materials. Please review the instructions on our Proxy Materials regarding your voting options.

 

Details regarding the meeting and the business to be conducted at the Special Meeting are more fully described in the accompanying Notice of 2019 AnnualSpecial Meeting of the Stockholders and Proxy Statement.

Pursuant to the Securities and Exchange Commission rules that allow issuers to furnish proxy materials to stockholders over the Internet, we are posting the proxy materials on the Internet and delivering a notice of the Internet availability of the proxy materials. On or about March 4, 2019, we will begin mailing to our stockholders a Notice of Internet Availability (the “Notice”) containing instructions on how to access or request a copy of our Proxy Statement for the 2019 Annual Meeting of Stockholders and our Annual Report on Form 10-K for the year ended December 31, 2017.

Your vote is important. Whether or not you plan to attend the Annual Meeting, I hope you will vote as soon as possible. You may vote over the Internet or in person at the Annual Meeting or, if you requested printed copies of proxy materials, you also may vote by mailing a proxy card or voting by telephone. Please review the instructions on the Notice or on the proxy card regarding your voting options.Materials.

 

Thank you for being a Greenway stockholder.stockholder of our Company. We look forward to seeing you at our Annualthe Special Meeting.

 

Sincerely,

Very truly yours,
/s/ Raymond Wright
 Raymond Wright
Raymond Wright, Chairman of the Board of Directors

 

 
 

 

GREENWAY TECHNOLOGIES, INC.

 

1521 North Cooper Street, Suite 205

Arlington, Texas 76011

NOTICE OF A SPECIAL MEETING OF THE STOCKHOLDERS
TO BE HELD ON
DECEMBER 11, 2019

DEAR STOCKHOLDER:

 

Formerly

(8851 Camp Bowie West Blvd. Suite 240

Fort Worth, Texas,76116)

NOTICE OF 2019 ANNUAL MEETING OF SHAREHOLDERS

March 29, 2019

9:00 a.m. Central Standard Time

ToPlease take notice that a special meeting (our “Special Meeting”) of the shareholders of Greenway Technologies, Inc.:

Notice is hereby given that the 2019 annual meeting of shareholders (thestockholders (ourAnnual MeetingStockholders”) of Greenway Technologies, Inc., a Texas corporation (the(ourCompany”), will be held on Friday, March 29,Wednesday, December 11, 2019, at 9:0010:30 a.m. Central Standard Time, at the Hilton Hotel,Arlington, 2401 East Lamar Boulevard, Arlington, Texas 76006 for the following purposes, as more fully described in the accompanying proxy statement (the “Proxy Statement”):purposes:

 

 1.To elect the Company’s Boardamend our certificate of Directors (theformation of our Company (ourBoardCertificate”). The Board of Directors on January 21, 2019, by a majority vote, amended Section 2.12 of the Company’s Bylaws to reduceincrease the number of Directorsauthorized shares of Class A Shares of our Company, par value $0.0001 per share (the “Class A Shares”) from seven300,000,000 to five. The Company intends to present for election the following five nominees: Raymond Wright, Kevin Jones, Kenton J. Harer, Ransom Jones and John Olynick;500,000,000;
   
 2.To amend our Certificate to change the Company’s Articlesname of Incorporation to increase the authorizedour Class A common shares from 300 million common sharesShares to 450 million common shares;“common stock” (our “Common Stock”), with the same $0.0001 par value per share, designations, powers, privileges, rights, qualifications, limitations, and restrictions as the current Class A Shares;
   
 3.To amend Section 3.14our Certificate to eliminate the Class B Shares of the Company’s Bylaws entitled “Special Meetings” to increase the percentageour Company, par value $0.0001 per share (the “Class B Shares”), as a class of Shareholders necessary to call a Special Shareholders meeting from 10% to 25%;stock of our Company;
   
 4.To ratifyamend our Certificate to specify the appointment of Soles, Heyn & Company, LLPvote required to approve certain actions before our Stockholders, including “fundamental actions,” as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018;defined by Texas Business Organizations Code (the “TBOC”) Section 21.364, and “fundamental business transactions,” as defined by TBOC Section 1.002(32);
   
 5.To transact such other business as may properly come before the Annualour Special Meeting orand any adjournment or postponement thereof.

 

Only shareholders of record as of the closeThe above-listed items of business are more fully described in the proxy statement (our “Proxy Statement”) accompanying this notice of our Special Meeting (this “Meeting Notice”).

Our board of directors (our “Board of Directors”) has fixed 5:00 p.m. Central Daylight Time on February 28,Tuesday, October 29, 2019, areas the record date for determining our Stockholders entitled to receive notice of, to attend,our Meeting Notice and to vote at our Special Meeting and for any adjournment or postponement thereof. Pursuant to the Annual Meeting.

As you may know from our 8-K Filingrules promulgated by the Securities and Exchange Commission, on Februaryor about November 20, 2019, D. Patrick Six has resigned fromwe will begin mailing to our Stockholders our Proxy Statement, a groupproxy card (our “Proxy Card”), and a copy of dissident Shareholders known as The Greenway Technologies Shareholder Committee. Prior to his resignation fromour Annual Report on Form 10-K for the Committee,fiscal year ended December 31, 2018, filed with the group held approximately 17% of the issued and outstanding common shares of the Company’s stock. Following his resignation, the Company calculates that the percentage is approximately 12%. The Committee has set a Special meeting of the ShareholdersSEC on April 4,19, 2019, in an attempt to take control ofas amended by Amendment No. 1 on form 10-K/A, filed with the company. The Committee leader is Mr. David Deison. Their Special meeting is an attempt to hold an annual meeting without authority granted bySEC on May 15, 2019 (collectively, our Bylaws. Two current Board members, Mr. Six and Mr. Takacs, were originally among the list of dissident shareholders. As stated above, and filed in our 8-K, Mr. Six has resigned from the group and has asked that his name be removed from the dissident’s Board of Directors ballot. I must be very clear, the Company, its management, and the majority of the Board of Directors are united in opposition to the actions of the Committee and their proposals, as will be thoroughly spelled out in the section titledOpposition to Special Meeting.Proxy Materials”).

 

You are cordially invitedWhether or not you expect to attend the Annualour Special Meeting in person. To ensure thatperson, you are urged to vote (i) via a toll-free telephone number, (ii) over the Internet, or (iii) by completing, signing, dating, and promptly returning the Proxy Card. Instructions regarding all three methods of voting are included in our Proxy Materials. If you vote and then decide to attend our Special Meeting to vote your voteshares in person, you may still do so. Your proxy is counted atrevocable in accordance with the Annual Meeting, however, please vote as promptly as possible.procedures set forth in our Proxy Statement.

 

Sincerely,By Order of our Board of Directors,
  
/S/ John Olynicks/ Kent Harer
John OlynickKent Harer
Acting President
 Arlington, Texas
November 8, 2019

Arlington, Texas

February 22, 2019

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS

FOR THE SHAREHOLDER MEETING

TO BE HELD ON March 29, 2019:

The Notice of Internet Availability of Proxy Materials, Notice of Meeting and

Proxy Statement is available free of charge at:www.proxyvote.com

 

 
 

 

GREENWAY TECHNOLOGIES, INC.

 

1521 North Cooper Street, Suite 205

Arlington, Texas 76011

PROXY STATEMENT

FOR

2019 ANNUAL MEETING OF SHAREHOLDERS

GENERAL INFORMATION

Why am I receiving these materials?

Greenway Technologies, Inc. (the “Company”) has made these materials available to you on the Internet or, upon your request, has delivered printed versions of these materials to you by mail, in connection with the Company’s solicitation of proxies for use at the 2019 annual meeting of shareholders (the “Annual Meeting”) to be held on Friday March 29, 2019 at 9:00 a.m. Central Standard Time, and at any postponement(s) or adjournment(s) thereof. These materials were first sent or made available to shareholders on March 4, 2019. You are invited to attend the Annual Meeting and are requested to vote on the proposals described in this proxy statement (the “Proxy Statement”). The Annual Meeting will be held at Hilton Hotel, 2401 East Lamar Boulevard, Arlington, Texas 76006.

What is included in these materials?

These materials include:

This Proxy Statement for the Annual Meeting; and
Information in opposition to those proposals set forth in a certain Proxy Statement filed by the so-called Greenway Technologies Shareholder Committee; and
The Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission (the “SEC”) on April 5, 2018 (the “Annual Report”), Form 10 Q for the period ended March 31, 2018, as filed on May 21, 2018 with the Securities and Exchange Commission (the “SEC”), Form 10-Q for the period ended June 30, 2018, as filed on August 20, 2018, with the Securities and Exchange Commission (the “SEC”), Form 10-Q for the period ended September 30, 2018, as filed on November 23, 2018, with the Securities and Exchange Commission (the “SEC”) can be viewed on our web site at.http://gwtechinc.com/sec-filings/or onwww.sec.gov. Printed versions of these filings are also available to you within 24 hours, upon request to the Company and if you requested printed versions by mail, these materials also include the proxy card or voting instruction form for the Annual Meeting.

What items will be voted on at the Annual Meeting?

The Company is aware of four items that shareholders may vote on at the Annual Meeting. Four items are listed on the Company’s proxy card that will only be voted upon at the Annual Meeting. The following items are each listed on the Company’s proxy card:

The election to the Company’s Board of Directors (the “Board”) of the five nominees named in this Proxy Statement (Proposal No. 1); (The Board of Directors reduced the number of board members from 7 to 5 on January 21, 2019 by amending Section 2.12 of the Bylaws. The vote was 5 in favor and 2 opposed);
The amendment of the Company’s Articles of Incorporation to increase the authorized Class A common shares from 300 million common shares to 450 million common shares (Proposal 2);
The amendment Section 3.14 of the Company’s Bylaws entitled “Special Meetings” to increase the percentage of Shareholders necessary to call a Special Shareholders meeting from 10% to 25%; (Proposal No. 3);
Ratification of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018 (Proposal No. 4).

What are the Board’s voting recommendations?

The Board recommends that you vote your shares:

“FOR” each of the nominees to the Board (Proposal No. 1);
“FOR” the amendment of the Company’s Articles of Incorporation to increase the authorized Class A common shares from 300 million common shares to 450 million common shares (Proposal No. 2);
“FOR” the amendment of Section 3.14 of the Company’s Bylaws entitled “Special Meetings” to increase the percentage of Shareholders necessary to call a Special Shareholders meeting from 10% to 25% (Proposal No. 3);
“FOR” the ratification of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018 (Proposal No. 4).

Where are the Company’s principal executive offices located and what is the Company’s main telephone number?

The Company’s principal executive offices are located at 1521 North Cooper Street, Suite 205, Arlington, Texas 76011. Our telephone number 800-289-2515. Our former address was 8851 Camp Bowie West Blvd. Suite 240, Fort Worth, Texas,76116.

What is the Company’s fiscal year?

The Company’s fiscal year is December 31. Unless otherwise stated, all information presented in this Proxy Statement is based on the Company’s fiscal calendar.

Why did I receive a one-page notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?

Pursuant to rules adopted by the SEC, the Company uses the Internet as the primary means of furnishing proxy materials to shareholders. Accordingly, the Company is sending a Notice of Internet Availability of Proxy Materials (the “Notice”) to the Company’s shareholders. All shareholders will have the ability to access the proxy materials on the website referred to in the Notice or request a printed set of the proxy materials. Instructions on how to access the proxy materials over the Internet or to request a printed copy may be found in the Notice. In addition, shareholders may request to receive proxy materials in printed form by mail or electronically by email on an ongoing basis. The Company encourages shareholders to take advantage of the availability of the proxy materials on the Internet to help reduce the environmental impact of its annual meetings and the cost to the Company associated with the physical printing and mailing of materials.

I share an address with another shareholder, and we received only one paper copy of the proxy materials. How may I obtain an additional copy of the proxy materials?

The Company has adopted an SEC-approved procedure called “house-holding.” Under this procedure, the Company delivers a single copy of the Notice and, if applicable, this Proxy Statement and the Annual Report to multiple shareholders who share the same address unless the Company has received contrary instructions from one or more of the shareholders. This procedure reduces the Company’s printing and mailing costs, and the environmental impact of its annual meetings. Shareholders who participate in house-holding will continue to be able to access and receive separate proxy cards. Upon written or oral request, the Company will deliver promptly a separate copy of the Notice and, if applicable, this Proxy Statement and the Annual Report to any shareholder at a shared address to which the Company delivered a single copy of any of these documents.

To receive free of charge a separate copy of the Notice and, if applicable, this Proxy Statement or the Annual Report, shareholders may write or call the Company at the following:

Greenway Technologies, Inc.GREENWAY TECHNOLOGIES, INC.

1521 North Cooper Street, Suite 205

Arlington, Texas 76011

800-289-2515PROXY STATEMENT

FOR A SPECIAL MEETING OF THE STOCKHOLDERS

TO BE HELD ON DECEMBER 10, 2019

 

Table of Contents

Page
I.GENERAL INFORMATION1
A.About This Proxy Statement2
B.Interest of certain persons in or opposition to matters to be acted upon6
C.Security Ownership Of Certain Beneficial Owners And Management7
II.PROPOSALS TO BE VOTED ON AT OUR SPECIAL MEETING9
A.Proposal no. 1: approval of amendment no. 1 to increase the number of authorized class a shares from 300,000,000 to 500,000,0009
B.Proposal no. 2: approval of amendment no 2. To change the name of our class a shares to common stock10
C.Proposal no. 3: approval of amendment no. 3 to eliminate the class b shares11
D.Proposal no. 4: approval of amendment no. 4 to specify the vote required to approve certain actions before our stockholders12
III.ADDITIONAL INFORMATION14
A.Stockholder proposals14
B.Other matters to be presented at our special meeting14
C.Delivery of documents to stockholders sharing an address14
D.Financial statements and form 10-k annual report14
E.Voting results of our special meeting14
APPENDIX A

 
 

 

Shareholders who hold shares in “street name” (as described below) may contact their brokerage firm, bank, broker-dealer or other similar organization to request information about house-holding.

1521 North Cooper Street, Suite 205

Arlington, Texas 76011

PROXY STATEMENT

 

How can I get electronic access to the proxy materials?

The Notice will provide you with instructions regarding how to use the Internet to:

View the Company’s proxy materials for the Annual Meeting; and
Instruct the Company to send future proxy materials to you by email.

The Company’s proxy materials are also available at www.gwtechinc.com. This website address is included for reference only. The information contained on the Company’s website is not incorporated by reference into this Proxy Statement.

Choosing to receive future proxy materials by email will save the Company the cost of printing and mailing documents to you and will reduce the impact of the Company’s annual meetings on the environment. If you choose to receive future proxy materials by email, you will receive an email message next year with instructions containing a link to those materials and a link to the proxy voting website. Your election to receive proxy materials by email will remain in effect until you terminate it.

Who may vote at the Annual Meeting?I. GENERAL INFORMATION

 

Each shareGreenway Technologies, Inc., a Texas corporation, is soliciting your proxy to vote your shares at our Special Meeting of the Stockholders to be held on Wednesday, December 11, 2019, at 10:30 a.m. Central Standard Time (“CST”) at the Hilton Arlington, 2401 East Lamar Boulevard, Arlington, Texas 76006.

Our proxy statement (our “Proxy Statement”) contains important information regarding our Special Meeting. Specifically, it identifies the proposals on which you are being asked to vote, provides information that you may find useful in determining how to vote, and describes voting procedures.

We use several abbreviations in our Proxy Statement. We refer to Greenway Technologies, Inc. as our “Company.” We call our board of directors of our Company our “Board of Directors” and each of the directors serving on our Board of Directors, a “Director,” and collectively, our “Directors.” References to “2018” mean our fiscal period 2018, which began on January 1, 2018, and ended on December 31, 2018. We refer to our special meeting of the Stockholders to be held on December 11, 2019, as our “Special Meeting” and the notice of our Special Meeting as our “Meeting Notice.” References to our “Annual Report” mean our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 19, 2019, and amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 13, 2019. “Class A Shares” means our Company’s common stock has one vote on each matter. Only shareholdersClass A Shares, par value $0.0001 per share, and holders of our Class A Shares are collectively referred to as “Stockholders.”

On or about November 20, 2019, we plan to mail to all of our Stockholders of record (our “Stockholders of Record”) as of the close of business5:00 p.m. Central Daylight Time on March 4,Tuesday, October 29, 2019 (the “Record Date”) our Meeting Notice, our Proxy Statement, a proxy card (our “Proxy Card”) and a copy of our Annual Report (together with our Meeting Notice, Proxy Statement, and Proxy Card, our “Proxy Materials”). Our Proxy Materials provide instructions for how to vote your Class A Shares.

You are accordingly urged to vote (i) via a toll-free telephone number, (ii) over the Internet, or (iii) by completing, signing, dating, and promptly returning our Proxy Card. Instructions regarding all three methods of voting are included in our Proxy Materials. If you vote and then decide to attend our Special Meeting to vote your shares in person, you may still do so. Your proxy is revocable in accordance with the procedures set forth in our Proxy Statement. Our Company will bear all attendant costs of the solicitation of proxies for our Special Meeting.

Our Company will reimburse brokerage firms and other persons representing beneficial owners (“Beneficial Owners”) of shares for their expenses in forwarding solicitation materials to such Beneficial Owners. Proxies may be solicited by certain of our Company’s Directors, officers, and regular employees, without additional compensation, personally or by telephone, facsimile, or email, or by a third party.

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A. About this Proxy Statement

A copy of our Annual Report is included with our Proxy Materials, but is available on our website (gwtechinc.com/investors) or upon request by contacting us via mail at Greenway Technologies, Inc. 1521 N. Cooper Street, Suite 205, Arlington, TX 76011, Attn: Investor Relations, or via email atir@gwtechinc.com. The following questions provide information about our Proxy Materials and our Special Meeting.

Who may attend our Special Meeting and vote at our Special Meeting?

Our Board of Directors has fixed 5:00 p.m. CDT on Tuesday, October 29, 2019, as the Record Date for determining Stockholders entitled to receive notice of, to attend,our Meeting Notice and to vote their Class A Shares at the Annual Meeting. As of February 15, 2019, there were 286,448,677 shares of the Company’s common stock issuedour Special Meeting and outstanding, held 512 holders of record. In addition to shareholders of record of the Company’s common stock, beneficial owners of shares held in street nameat any adjournment or postponement thereof. Each Stockholder as of the Record Date canis entitled to one (1) vote usingfor each Class A Share owned as of the methods described below.Record Date. On the Record Date there were 290,148,677 Class A Shares issued and outstanding.

At least 10 days before our Special Meeting, we will make a complete list of Stockholders entitled to vote at our Special Meeting open to the examination of any Stockholder, for any purpose germane to our Special Meeting, at our offices located at 1521 N. Cooper Street, Suite 205, Arlington, TX 76011. The list will also be made available to Stockholders present at our Special Meeting.

 

What is the difference between holding shares as a shareholderStockholder of Record and as a Beneficial Owner?

Most Stockholders hold their shares through a broker, bank, or other nominee rather than directly in such Stockholder’s own name as the Stockholder of Record. As summarize below, there are some distinctions between Class A Shares held of record and a beneficial owner of shares held in street name?

Shareholder of Record. If your shares are registered directly in your name with the Company’s transfer agent, Transfer Online, you are considered the shareholder of record with respect to those shares, and the Notice was sent directly to you by the Company.

Beneficial Owner of Shares Held in Street Name. If your shares are held in an account at a brokerage firm, bank, broker-dealer, or other similar organization, then you are the “beneficial owner” of shares held in “street name,” and a Notice was forwarded to you by that organization. As a beneficial owner, you have the right to instruct your broker, bank, trustee, or nominee how to vote your shares.

If I am a shareholder of record of the Company’s shares, how do I vote?

If you are a shareholder of record, there are four ways to vote:owned beneficially.

 

 In personStockholder of Record. You may - If your Class A Shares are registered directly in your name with our transfer agent, Transfer Online, Inc., you are considered, with respect to those Class A Shares, as the Stockholder of Record. As the Stockholder of Record, you have the right to grant your voting proxy directly to our Company or to vote in person at the Annual Meeting by requesting a ballot from an usher when you arrive. You must bring valid picture identification such as a driver’s license or passport and may be requested to provide proof of stock ownership as of the Record Date.our Special Meeting.
   
 ViaBeneficial Owner - If your Class A Shares are held in a stock brokerage account or by a bank or other nominee, you are considered the InternetBeneficial Owner of Class A Shares held in street name and your broker or nominee is considered, with respect to those Class A Shares, the Stockholder of Record. As the Beneficial Owner, you have the right to direct your broker or nominee on how to vote those Class A Shares and are also invited to attend our Special Meeting. However, since you are not the Stockholder of Record, you may not vote these Class A Shares in person at our Special Meeting unless you receive a proxy from your broker or nominee. Your broker or nominee should provide voting instructions for you to use to vote the Class A Shares for which you are the Beneficial Owner. If you wish to attend our Special Meeting and vote in person, please contact your broker or nominee so that you can receive a legal proxy to present at our Special Meeting.

-2 -

How do I vote?

As a Stockholder, you have the right to vote on specified business matters affecting our Company. The proposals that will be presented at our Special Meeting, and upon which you are being asked to vote, are discussed in the sections of our Proxy Statement beginning with “Proposal No. 1” as outlined in our Meeting Notice. Each Class A Share you own entitles you to one vote.

If you are a Stockholder of Record, you may vote in person at our Special Meeting or by proxy. There are three ways to vote by proxy:

By Telephone. You may - Stockholders of Record located in the United States can vote by proxy via the Internettelephone by calling 1 (866) 390-5236 and following the instructions provided in the Notice.recorded instructions;
   
 By TelephoneInternet. If you request printed copies of the proxy materials by mail, you - You may vote over the Internet at http://www.proxypush.com/GWTI by proxy by callingfollowing the toll-free number foundinstructions on the proxy card.Proxy Card; or
   
 By Mail. If you request printed copies of the proxy materials by mail, you will receive a proxy card and you - You may vote by proxy by filling out the proxy cardcompleting, signing, dating, and returning it in the envelope provided.mailing our Proxy Card to: Proxy Tabulator for Greenway Technologies, Inc., P.O. Box 8016, Cary, NC 27512-9903.

 

Telephone and Internet voting facilities for Stockholders of Record will be available 24-hours-a-day and will close at 11:59 p.m., CST on Tuesday, December 10, 2019. All Proxy Cards submitted by mail must bereceived by Tuesday, December 10, 2019.

If you vote by proxy, you enable the individuals named in your proxy to vote your Class A Shares at our Special Meeting in the manner you indicate. We encourage you to vote by proxy even if you plan to attend our Special Meeting. In this way, your Class A Shares will be voted even if you are unable to attend our Special Meeting.

Your Class A Shares will be voted as you direct on your proxy, whichever way you choose to submit it. If you attend our Special Meeting, you may deliver your completed Proxy Card in person or fill out and return a ballot that will be supplied to you.

If you are a Beneficial Owner, you should follow the voting instructions provided by your broker or nominee.

What constitutes a quorum?

The holders of record of a majority of the voting power of the issued and outstanding shares of capital stock entitled to vote at the Special Meeting must be present in person or represented by proxy to constitute a quorum for our Special Meeting. Abstentions and “broker non-votes” are counted as present for purposes of determining a quorum.

-3 -
 

 

If I am a beneficial owner of shares held in street name, how do I vote?What items will be voted on at our Special Meeting?

 

If youOur Company is aware of eight items that Stockholders may vote on at our Special Meeting. Those eight items are a beneficial owner of shares held in street name, there are four ways to vote:each listed below and on our Proxy Card:

 

 In person. If you are a beneficial ownerProposal 1: The approval of an amendment to our certificate of formation (our “Certificate”) to increase the number of authorized shares held in street name and wishof Class A Shares of our Company, par value $0.001 per share (our “Class A Shares”), from 300,000,000 to vote in person at the Annual Meeting, you must obtain a “legal proxy” from the organization that holds your shares. A legal proxy is a written document that will authorize you to vote your shares held in street name at the Annual Meeting. Please contact the organization that holds your shares for instructions regarding obtaining a legal proxy.500,000,000, (such amendment, “Amendment No. 1”);

You must bring a copy of the legal proxy to the Annual Meeting and ask for a ballot from an usher when you arrive. You must also bring valid picture identification such as a driver’s license or passport. In order for your vote to be counted, you must hand both the copy of the legal proxy and your completed ballot to an usher to be provided to the inspector of election.

 Via the Internet. You may vote by proxy via the Internet by visiting www.proxyvote.com and entering the control number found in your Notice. The availability of Internet voting may depend on the voting process of the organization that holds your shares.
   
 By TelephoneProposal 2: The approval of an amendment to the Certificate to change the name of our Class A Shares from “Class A” to “common stock” (our “Common Stock”). If you request printed copies ofThe Common Stock would have the proxy materials by mail, you may vote by proxy by callingsame par value $0.0001 per share, designations, powers, privileges, rights, qualifications, limitations, and restrictions as the toll-free number found on the voting instruction form. The availability of telephone voting may depend on the voting process of the organization that holds your shares.current Class A Shares (such amendment, “Amendment No. 2”);
   
 By Mail. If you request printed copiesProposal 3: The approval of the proxy materials by mail, you will receivean amendment to our Certificate to eliminate Class B Shares of our Company, par value $0.0001 per share (the “Class B Shares”), as a voting instruction formclass of capital stock of our Company (such amendment, “Amendment No. 3”); and you may vote by proxy by filling out the voting instruction form and returning it in the envelope provided.

What is the quorum requirement for the Annual Meeting?

A majority of the shares entitled to vote at the Annual Meeting must be present at the Annual Meeting in person or by proxy for the transaction of business. This is called a quorum. Your shares will be counted for purposes of determining if there is a quorum if you:

 Are entitled to vote and you are present in person at the Annual Meeting; or
   
 Have properly votedProposal 4: The approval of an amendment to our Certificate to specify the vote required to approve certain actions before our Stockholders, including “fundamental actions,” as defined by proxy on the Internet,Texas Business Organizations Code (the “TBOC”) Section 21.364, and “fundamental business transactions,” as defined by telephone or by submitting a proxy card or voting instruction form by mail.TBOC Section 1.002(32) (such amendment, “Amendment No. 4”).

 

If a quorum is not present, we may propose to adjourn the Annual Meeting to solicit additional proxies.

How are proxies voted?What does our Board of Directors recommend?

 

All shares represented by valid proxies received prior to the takingOur Board of the vote at the Annual Meeting will be voted and, where a shareholder specifies by means of the proxy a choice with respect to any matter to be acted upon, the shares will be voted in accordance with the shareholder’s instructions.

Directors recommends that you vote:

What happens if I do not give specific voting instructions?

Shareholders of Record. If you are a shareholder of record and you:

 Indicate when voting onFORProposal 1: The approval of Amendment No. 1 to increase the Internet or by telephone that you wishnumber of authorized shares of Common Stock from 300,000,000 to vote as recommended by the Board; or500,000,000;
   
 Sign“FOR” Proposal 2: The approval of Amendment No. 2 to change the name of our Class A Shares to Common Stock, with the same $0.0001 par value per share, designations, powers, privileges, rights, qualifications, limitations, and returnrestrictions as the current Class A Shares;
FORProposal 3: The approval of Amendment No. 3 to eliminate Class B Shares as a proxy card without giving specific voting instructions,class of stock of our Company; and
FORProposal 4: the approval of Amendment No. 4 to specify the vote required to approve certain action before our Stockholders, including “fundamental actions,” as defined by the TBOC Section 21.364, and “fundamental business transactions,” as defined by TBOC Section 1.002(32).

 

then the persons named as proxy holders, will vote your shares in the manner recommended by the Board on all matters presented in this Proxy Statement and as the proxy holders may determine in their discretion with respect to any other matters properly presented for a vote at the Annual Meeting

Beneficial Owners of Shares Held in Street Name. If you are a beneficial owner of shares held in street name and do not provide the organization that holds your shares with specific voting instructions then, under applicable rules, the organization that holds your shares may generally vote on “routine” matters but cannot vote on “non-routine” matters. If the organization that holds your shares does not receive instructions from you on how to vote your shares on a non-routine matter, that organization will inform the inspector of election that it does not have the authority to vote on this matter with respect to your shares. This is generally referred to as a “broker non-vote.”

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Which ballot measures are considered “routine” or “non-routine”?What vote is required for approval of each proposal?

 

Our outstanding Class A Shares represent the only voting capital stock of our Company, and each Class A Share is entitled to cast one vote. The election of directors (Proposal No. 1), the other proposalfollowing votes are required for the amendmentapproval of the Company’s Articles (Proposalproposals:

Proposal Nos. 1, 2, and 3 -The affirmative vote of the holders of at least66 2/3%in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Proposal Nos. 1, 2, and 3. Abstentions will have the same effect as a vote against the approval of Proposal Nos. 1, 2, and 3. As the vote for each of Proposal Nos. 1, 2, and 3 is considered a “routine” matter under applicable rules, your bank, broker, or other nomineemay vote on Proposal Nos. 1, 2, and 3 without instructions from you. Therefore, your bank, broker, or other nominee will be permitted to exercise its discretion to vote uninstructed Class A Shares on Proposal Nos. 1, 2 and 3. Also, unless instructions to the contrary are specified in a Proxy Card properly voted and returned through available channels, the proxies will be voted “FOR” Proposal Nos. 1, 2, and 3.
Proposal No. 4 -The affirmative vote of the holders of at least66 2/3%in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Proposal No. 4. Abstentions will have the same effect as a vote against the approval of Proposal No. 4. As the vote on Proposal No. 4 is considered a “non-routine” matter under applicable rules, your bank, broker, or other nomineemay not vote on Proposal No. 4 without instructions from you. Therefore, broker “non-votes” will have the same effect as a vote against Proposal No. 4. Unless instructions to the contrary are specified in a Proxy Card properly voted and returned through available channels, the proxies will be voted “FOR” Proposal No. 4.

An automated system administered by Mediant Communications Inc., our master tabulator and inspector of elections (“Mediant”), will tabulate votes by proxy at our Special Meeting, and a representative of Mediant will tabulate votes cast in person at our Special Meeting.

What if I sign and return my Proxy Card without making any selection?

If you sign and return your Proxy Card without making any selections, your Class A Shares will be voted as recommended by our Board of Directors. If other matters properly come before our Special Meeting, the proxy holders will have the authority to vote on those matters for you at their discretion. As of the date of our Proxy Statement, we are not aware of any matters that will come before our Special Meeting, other than those disclosed in our Proxy Statement.

What if I am a Beneficial Owner and I do not give the nominee voting instructions?

Brokerage firms have the authority to vote shares for which their customers do not provide voting instructions on certain “routine” matters. However, for “non-routine” matters, brokerage firms may not vote shares for which their customers have not provided voting instructions. A broker “non-vote” occurs when a nominee who holds shares of stock for another does not vote on a particular item, because the nominee does not have discretionary voting authority for that item and has not received instructions from the owner of the shares of stock. Broker “non-votes” are included in the calculation of the number of votes considered to be present at our Special Meeting for purposes of determining the presence of a quorum, but broker non-votes are not counted as shares present and entitled to be voted with respect to a matter on which the nominee has expressly not voted.Without your voting instructions, a brokermay vote your Class A Shares with respect to Proposal Nos. 1-3, but maynot vote your Class A Shares with respect Proposal No. 2),4.

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What if I abstain or withhold authority to vote on a proposal?

For all proposals, if you sign and return your proxy marked “ABSTAIN,” or withhold authority to vote, it will have the same effect as a vote “AGAINST” such proposal, because an abstention represents a share entitled to amendvote and thus is included in the Bylaws (Proposal 3) aredenominator in determining the percentage approved.

Also, as the vote on Proposal No. 4 is considered non-routine matters under applicable rules. A broker or other nominee cannot vote without instructions on non-routine matters, and therefore broker non-votes may exist in connection with Proposals No. 1 through No. 3

The ratification of the appointment of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018 (Proposal No. 4); is considered a routine matter under applicable rules. Arules, your bank, broker, or other nominee may generallynot vote on routine matters, and therefore nothis matter without instructions from you. Therefore, broker non-votes are expected to exist in connection with Proposals No. 4.

What is the voting requirement to approve each of the proposals?

With respect to the election of directors (Proposal No. 1), the bylaws provide for majority voting in elections of directors. An “uncontested election of directors” means an election of directors in which, at the expiration of the time fixed pursuant to the Company’s bylaws requiring advance notice of director candidates, the number of candidates for election does not exceed the number of directors to be elected by the shareholders at that election. Therefore, majority voting policy“non-votes” will apply to the election taking place at the Annual Meeting.

Amending the Company’s Articles (Proposal No. 2) and amending the Company’s Bylaws (Proposal No. 3) each require the affirmative vote of a majority of the Company’s outstanding shares. If Proposal No. 2 is approved, then the Board will separately amend the Company’s Articles at the meeting of the Board immediately following the Annual Meeting to adopt the majority voting standard and that standard will apply to future elections to amend the Articles. If Proposal No. 3 is approved the Board will separately amend the Company’s Bylaws at the meeting of the Board immediately following the Annual Meeting to adopt changes to the Bylaws.

How are broker non-votes and abstentions treated?

Broker non-votes and abstentions are counted for purposes of determining whether a quorum is present. Only “FOR” and “AGAINST” votes are counted for purposes of determining the votes received in connection with each proposal.

With respect to the election of directors (Proposal No. 1), under the majority voting policy adopted by the Company and described above, broker non-votes and abstentions, which have the same effect as “against” votes, could cause a nominee to fail to obtain the required affirmative vote of (i) a majority of the shares present or represented by proxy and voting at the Annual Meeting and (ii) a majority of the shares required to constitute the quorum.

With respect to the proposals to amend the Company’s Articles (Proposals No. 2), and the Company’s bylaws (Proposal No. 3), broker non-votes and abstentions could prevent the proposal from receiving the required affirmative vote of a majority of the Company’s outstanding shares.

With respect to each of the other proposals, broker non-votes and abstentions could prevent the proposal from receiving the required affirmative vote of (i) a majority of the shares present or represented by proxy and voting at the Annual Meeting and (ii) a majority of the shares required to constitute the quorum.

In order to minimize the number of broker non-votes, the Company encourages you to vote or to provide voting instructions with respect to each proposal to the organization that holds your shares by carefully following the instructions provided in the Notice or voting instruction form.“AGAINST” these proposals.

 

CanWhat does it mean if I receive more than one full set of Proxy Materials?

If you receive more than one full set of Proxy Materials by mail, you will need to vote once for each set of Proxy Materials you receive, either (i) via a toll-free telephone number, (ii) over the Internet, or (iii) by completing, signing, dating, and promptly returning our Proxy Card, which you received with our Proxy Materials.

May I change my vote after I have voted?proxy?

 

YouYes, a proxy may revoke yourbe revoked by the Stockholder giving the proxy, and change your vote at any time before the taking of the vote at the Annual Meeting. Prior to the applicable cutoff time, you may change your vote using the Internet or telephone methods described above, in which case only your latest Internet or telephone proxy submitted prior to the Annual Meeting will be counted. You may also revoke your proxy and change your vote by signing and returning a new proxy card or voting instruction form dated as of a later date, or by attending the Annual Meeting and voting in person. However, your attendance at the Annual Meeting will not automatically revoke your proxy unless you properly vote at the Annual Meeting or specifically request that your prior proxy be revokedit is voted, by delivering a written notice of revocation to our Company at its principal executive offices located at 1521 North Cooper Street, Suite 205, Arlington, Texas 76011 prior to our Special Meeting. A prior proxy is automatically revoked by a Stockholder giving a subsequent proxy or attending and voting at our Special Meeting. To revoke a proxy previously submitted by telephone or through the Company’s SecretaryInternet, you may simply vote again at a later date, using the same procedures, in which case your later-submitted vote will be recorded, and your earlier vote revoked. Attendance at our Special Meeting in and of itself does not revoke a prior proxy.

B. Interest of Certain Persons in or Opposition to Matters to be Acted Upon

None of our officers, Directors, or any “associate” (as defined under Regulation 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of such persons has any substantial interest in the matters to be voted upon by our Stockholders, other than in such person’s role as an officer, Director, or Stockholder.

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C. Security Ownership of Certain Beneficial Owners and Management

The following table sets forth, as of the Record Date, the number of Class A Shares beneficially owned and the percentage ownership for: (i) each person or entity known by our Company to beneficially own more than 5% of any class of our voting securities, based on our review of any statements filed with the SEC under Section 13(d) or Section 13(g) of the Exchange Act; (ii) each Director; (iii) each of our chief executive officer and our two other most highly compensated executive officers whose annual compensation exceeded $100,000 for 2018 (collectively, our “Named Executive Officers”); and (iv) all of our current Directors and Named Executive Officers as a group. Unless otherwise indicated the address for each person named below is: c/o Greenway Technologies, Inc., 1521 North Cooper Street, Suite 205, Arlington, Texas, 76011 prior to the Annual Meeting.

Who will serve as the inspector of election?76011.

 

A representative from Broadridge Financial Solutions will serve as the inspectorAs of the election.Record Date, there were 290,148,677 outstanding Class A Shares, which are the only outstanding voting securities of our Company.

Title and Class of Securities Beneficially Owned Name of Beneficial Owner Amount and Nature of
Beneficial Ownership (1)
 
5% Stockholders: Number  Percent of Class 
Class A Shares Paul Alfano (2)  21,500,000   7.4%
Class A Shares Richard Halden (3)  19,205,911   6.6%
Class A Shares Kevin Jones (4)  22,492,843   7.8%
Class A Shares Randy Moseley (5)  22,178,302   7.6%
Class A Shares D. Patrick Six (6)  15,333,272   5.3%
Class A Shares Raymond Wright (7)  17,500,000   6.0%
           
Directors and Named Executive Officers:  Number   Percent of Class 
Class A Shares Paul Alfano(2)  21,500,000   7.4%
Class A Shares Kent Harer (8)  4,000,000   1.4%
Class A Shares Kevin Jones (4)  22,492,843   7.8%
Class A Shares Ransom Jones (9)  4,125,000   1.4%
Class A Shares Raymond Wright (7)  17,500,000   6.0%
Class A Shares Michael Wykrent (10)  8,799,999   3.0%
Class A Shares Thomas Phillips (11)  2,500,000   0.9%
Class A Shares All current Directors and Named Executive Officers as a group
(7 persons) (12)
  80,917,842   27.9%
Class A Shares John Olynick (13)  500,000   0.2%

(1)Applicable percentages are based on 290,148,677 Class A Shares outstanding as of the Record Date. Beneficial ownership is determined by rules promulgated by the SEC and generally includes voting or investment power with respect to securities. Class A Shares underlying options, warrants, and convertible notes currently exercisable or convertible, or exercisable or convertible within 60 days of the Record Date are deemed outstanding for computing the percentage of the person holding such securities but are not deemed outstanding for computing the percentage of any other person. Unless otherwise indicated in the footnotes to this table, we believe that each of the individuals named in the table has sole voting and investment power with respect to the Class A Shares indicated as beneficially owned by such individual. The table includes Class A Shares and options, warrants, and convertible notes exercisable or convertible into Class A Shares that are either vested or may vest within 60 days of the Record Date. Other than as stated in this table or the footnotes to this table, there are no arrangements or understandings known to our Company, including any pledge by any person of our securities, the operation of which may, result in a change in control of our Company.

 

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Is my vote confidential?

Proxy instructions, ballots and voting tabulations that identify individual shareholders are handled in a manner that protects your voting privacy. Your vote will not be disclosed either within the Company or to third parties, except:

(2)As necessary to meet applicable legal requirements;Paul Alfano. Mr. Alfano is a 5% Stockholder and a Director.
(3)Richard Halden. Mr. Halden is a 5% Stockholder. The total number of Class A Shares listed includes Class A Shares beneficially owned through various entities and through a spousal interest, as reported by Mr. Halden on his most recent Form 4 filed on July 27, 2015. Additionally, Mr. Halden is the beneficial owner of securities convertible into Class A Shares, including: (a) 2,000,000 pursuant to that Severance and Release Agreement by and between the Company and Mr. Halden, dated February 1, 2017, and filed asExhibit 10.30 to the Company’s Form 10-Q/A, filed with the SEC on September 21, 2017; and (b) 2,083,333 pursuant to that Subordinated Convertible Promissory Note, dated December 20, 2017, by and between the Company and Tunstall Canyon Group, LLC, an entity controlled by Mr. Halden, filed asExhibit 10.34 to the Company’s Form 10-K filed with the SEC on April 5, 2018.
(4)To allow for the tabulation and certification of votes; and
To facilitate a successful proxy solicitation.

Occasionally, shareholders provide written comments on their proxy cards, which may be forwarded to the Company’s management and the Board.

Where can I find the voting results of the Annual Meeting?

Preliminary voting results will be announced at the Annual Meeting. Final voting results will be tallied by the inspector of election after the taking of the vote at the Annual Meeting. The Company will publish the final voting results in a Current Report on Form 8-K, which the Company is required to file with the SEC within four business days following the Annual Meeting.

Who is paying the costs of this proxy solicitation?

The Company is paying the costs of the solicitation of proxies. The Company has retained Broadridge Investor Communication Solutions to assist in obtaining proxies by mail, facsimile or email from brokerage firms, banks, broker-dealers or other similar organizations representing beneficial owners of shares for the Annual Meeting. We have agreed to a fee of approximately $9,892 plus out-of-pocket expenses for an uncontested proxy solicitation and approximately $15,584 for a contested proxy solicitation with Broadridge Investor Communication Solutions which may be contacted at 631-254-7400.

The Company must also pay brokerage firms, banks, broker-dealers or other similar organizations representing beneficial owners of shares held in street name certain fees associated with:

Forwarding the Notice to beneficial owners;
Forwarding printed proxy materials by mail to beneficial owners who specifically request them; and
Obtaining beneficial owners’ voting instructions.

In addition, certain of the Company’s directors, officers and regular employees, without additional compensation, may solicit proxies on the Company’s behalf in person, by telephone, or by electronic communication.

How can I attend the Annual Meeting?

Only shareholders as of the Record Date are entitled to attend the Annual Meeting. Admission will be on a first-come, first-served basis. Admission will begin at 7:30 a.m. Central Standard Time on the date of the Annual Meeting, and each shareholder must present valid picture identification such as a driver’s license or passport and, if asked, provide proof of stock ownership as of the Record Date. The use of mobile phones, pagers, recording or photographic equipment, tablets and/or computers is not permitted at the Annual Meeting.

What is the deadline to propose actions for consideration or to nominate individuals to serve as directors at the 2019 annual meeting of shareholders?

Requirements for Shareholder Proposals to Be Considered for Inclusion in the Company’s Proxy Materials. Proposals that a shareholder intends to present at the 2019 annual meeting of shareholders and wishes to be considered for inclusion in the Company’s proxy statement and form of proxy relating to the 2019 annual meeting of shareholders must be received no later than March 4, 2019. All proposals must comply with Rule 14a-8 under the Exchange Act, which lists the requirements for the inclusion of shareholder proposals in company-sponsored proxy materials. Shareholder proposals must be delivered to the Company’s Secretary by mail at 800-289-2515, or by email at IR@gwtechinc.com.

Requirements for Other Shareholder Proposals to Be Brought Before the 2019 Annual Meeting of Shareholders and Director Nominations. Notice of any proposal that a shareholder intends to present at the 2019 annual meeting of shareholders, but does not intend to have included in the Company’s proxy statement and form of proxy relating to the 2019 annual meeting of shareholders, as well as any director nominations, must be delivered to the Company’s Secretary by mail at 1521 North Cooper Street, Arlington, TX. 76011, or by email at IR@gwtechinc.com, not later than the close of business on March 4, 2019. The notice must be submitted by a shareholder of record and must set forth the information required by the Company’s bylaws with respect to each director nomination or other proposal that the shareholder intends to present at the 2019 annual meeting of shareholders. If you are a beneficial owner of shares held in street name, you can contact the organization that holds your shares for information about how to register your shares directly in your name as a shareholder of record.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Directors

Listed below are the Company’s five nominated directors. Four are current Board members that have been nominated for re-election at the Annual Meeting. The fifth nominee is John Olynick, current president of Greenway Technologies, Inc. Each director elected at the Annual Meeting will serve a one-year term. At the Annual Meeting, proxies cannot be voted for a greater number of individuals than the five nominees named in this Proxy Statement. Each of the directors listed below has consented to serving as a nominee, being named in this proxy statement, and to serving if elected. There are no transactions involving the nominees that are reportable under Item 404(a) of Regulation S-K

The biographies below describe the skills, qualities, attributes, and experience of the nominees.

Name Position with the Company Age as of the
Annual Meeting
 Director Since  
Raymond Wright Director, Chairman of the Board, President Greenway Innovative Energy 822017
       
Kevin Jones Director 532017
       
Kenton J. Harer Director 612017
       
Ransom Jones Director, Secretary and CFO 702017
       
John Olynick President, GWTI 71NA

Raymond Wright – Chairman of the Board, Co-Founder and President of the wholly owned subsidiary Greenway Innovative Energy (GIE)

Mr. Wright has served as the President of Greenway Innovative Energy, Inc. since August 2012. Mr. Wright was a co-founder of DFW Genesis in 2009, where he began working on the natural gas-to-liquids (GTL) process and worked through 2012, when he and the late Conrad Greer formed Greenway Innovative Energy, Inc. to continue working on GTL solution development and what would become the company’s proprietary G-Reformer®. Previously, Mr. Wright worked with Dallas-based Texas Instruments (TI) managing operations and opening up new markets for (TI) in England. He developed and built a materials manufacturing facility for TI’s European operation and introduced TI’s Light Sensor technology in Europe. Mr. Wright was named Chairman of the Board in May, 2018.

Kevin Jones - Board Member

. Mr. Kevin Jones founded Dallas-based All Commercial Floorsis a 5% Stockholder and a Director. Kevin Jones and Ransom Jones are brothers. Mr. K. Jones has sole voting and dispositive power with respect to 5,250,000 Class A Shares. In addition, the number of Class A Shares beneficially owned by Mr. K. Jones includes: (a) 4,875,000 Class A Shares held by Mabert, LLC, a Texas limited liability company (“Mabert”), in 1999which Mr. K. Jones has an ownership interest and for which he serves as a manager; (b) 8,500,000 Class A Shares owned by Mr. K. Jones’s spouse, Ms. Christine Mary Earley, in which Mr. K. Jones has a spousal interest; and (c) 1,867,843 Class A Shares issuable to Mr. K. Jones pursuant to that certain Loan Agreement by and between Mabert and the Company, dated September 14, 2018, filed asExhibit 10.49 to the Company’s Form 10-K/A, filed with the SEC on May 13, 2019.(5)Randy Mosley. Mr. Mosely is responsible for its overall operation. Under his leadership, ACF has growna 5% Stockholder.(6)D. Patrick Six. Mr. Six is a 5% Stockholder. Mr. Six also served as our president and a Director, but resigned from those positions effective as of May 10, 2018, and February 19, 2019, respectively.(7)Raymond Wright. Mr. Wright is a two-person business5% Stockholder, our chairman of our Board of Directors, and president of Greenway Innovative Energy, Inc., our wholly-owned subsidiary.(8)Kent Harer. Mr. Harer is a Director and our acting president, making him a Named Executive Officer. The Class A Shares beneficially owned by Mr. Harer are those immediately issuable upon Mr. Harer’s exercise of that certain Stock Purchase Warrant, dated January 8, 2018, by and between the Company and Mr. Harer, filed asExhibit 10.37 to one ofour Annual Report on Form 10-Q/A, filed with the largestSEC on May 22, 2018.(9)Ransom Jones. Mr. Ransom Jones is a Director and most respected commercial flooring companies in the country with offices throughout the United States,our secretary, treasurer, and with annual sales exceeding $60 million. Mr. Jones attended Texas Tech University in Lubbock, Texas.chief financial officer, making him a Named Executive Officer. Ransom B. Jones and Kevin Jones are brothers.

Mr. R. Jones has sole voting and dispositive power with respect to 250,000 Class A Shares. In addition, the number of Class A Shares beneficially owned by Mr. R. Jones includes 3,875,000 Class A Shares owned by Mr. R. Jones’s spouse, Ms. Jan Jones, in which Mr. R. Jones has a spousal interest.(10)Kenton J. HarerMichael Wykrent. Mr. Wykrent is a Director.(11)Thomas Phillips. Mr. Phillips is Vice President of Operations, and receives more than $100,000 in annual compensation, making him a Named Executive Officer.(12)All current Directors and Named Executive Officers as a group. This ownership includes only the ownership of current Named Executive Officers and Directors.(13)John Olynick. Mr. Olynick served as our president from May 10, 2018, to July 19, 2019.

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II. PROPOSALS TO BE VOTED ON AT OUR SPECIAL MEETING

 

Kenton J. HarerA.Proposal No. 1: Approval of Amendment No. 1 to Increase the Number of Authorized Class A Shares from 300,000,000 to 500,000,000

Background and Purpose of Proposal No. 1

On November 7, 2019, our Board of Directors approved Amendment No. 1 to increase the number of authorized Class A Shares from 300,000,000 to 500,000,000. The purpose of Amendment No. 1 is to provide our Company with the ability to raise capital through stock issuances so that our Company can achieve its objectives for product development, staffing, reduction of debt, general operating expenses, and other general corporate purposes.

Text of Amendment No. 1

The proposed text of Amendment No. 1 described above is provided inAppendix A to our Proxy Statement, which provides the text of each of the proposed amendments to our Certificate (the “Certificate Amendments”). If Proposal No. 1 is approved by our Stockholders, we will file an amendment to our Certificate with the Secretary of State of the State of Texas, which includes Amendment No. 1, and such amendment will become effective upon its filing with the Secretary of State of the State of Texas, which is anticipated to occur promptly after our Special Meeting.

Required Vote for Approval of Proposal No. 1

The affirmative “FOR” vote of the holders of at least66 2/3% in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Amendment No. 1. As this is a “routine” matter, without voting instructions from you, your brokermay vote your Class A Shares with respect to Proposal No. 1. However, abstentions will have the same effect as a vote against the approval of Proposal No. 1.

OUR BOARD OF DIRECTORS RECOMMENDS A VOTE
“FOR”
THE APPROVAL OF AMENDMENT NO. 1

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B.Proposal No. 2: Approval of Amendment No 2. to Change the Name of our Class A Shares to Common Stock

Background and Purpose of Proposal No. 2

On November 7, 2019, our Board of Directors approved Amendment No. 2 to change the name of our Class A Shares to Common Stock. Amendment No. 2 would not change the $0.0001 par value per share, designations, powers, privileges, rights, qualifications, limitations, or restrictions of the Class A Shares. However, Amendment No. 2 would change the name of the Class A Shares to Common Stock to make it consistent with the name of the capital stock registered with the SEC under the Securities Act of 1933.

Text of Amendment No. 2

The proposed text of Amendment No. 2 described above is provided inAppendix A to our Proxy Statement, which provides the text of each of the Certificate Amendments. If Proposal No. 1 is approved by our Stockholders, we will file an amendment to our Certificate with the Secretary of State of the State of Texas, which includes Amendment No. 2, and such amendment will become effective upon its filing with the Secretary of State of the State of Texas, which is anticipated to occur promptly after our Special Meeting.

Required Vote for Approval of Proposal No. 2

The affirmative “FOR” vote of the holders of at least66 2/3% in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Amendment No. 2. As this is a “routine” matter, without voting instructions from you, your brokermay vote your Class A Shares with respect to Proposal No. 2. However, abstentions will have the same effect as a vote against the approval of Proposal No. 2.

OUR BOARD OF DIRECTORS RECOMMENDS A VOTE
“FOR”
THE APPROVAL OF AMENDMENT NO. 2

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C.Proposal No. 3: Approval of Amendment No. 3 to Eliminate the Class B Shares

Background and Purpose of Proposal No. 3

On November 7, 2019, our Board of Directors approved Amendment No. 3 to eliminate the Class B Shares as a class of capital stock of our Company. Currently, there are no issued and outstanding Class B Shares. Our Board of Directors has determined there is ade minimis benefit to the existence of the Class B Shares. Moreover, assuming Proposal No. 2 is approved by our Stockholders, eliminating the Class B Shares would eliminate confusion as to whether there was another outstanding class of capital stock of our Company.

Text of Amendment No. 3

The proposed text of Amendment No. 3 described above is provided inAppendix A to our Proxy Statement, which provides the text of each of the Certificate Amendments. If Proposal No. 3 is approved by our Stockholders, we will file an amendment to our Certificate with the Secretary of State of the State of Texas, which includes Amendment No. 3, and such amendment will become effective upon its filing with the Secretary of State of the State of Texas, which is anticipated to occur promptly after our Special Meeting.

Required Vote for Approval of Proposal No. 3

The affirmative “FOR” vote of the holders of at least66 2/3% in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Amendment No. 3. As this is a “routine” matter, without voting instructions from you, your broker may vote your Class A Shares with respect to Proposal No. 3. However, abstentions will have the same effect as a vote against the approval of Proposal No. 3.

OUR BOARD OF DIRECTORS RECOMMENDS A VOTE
“FOR”
THE APPROVAL OF AMENDMENT NO. 3

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D.Proposal No. 4: Approval of Amendment No. 4 to Specify the Vote Required to Approve Certain Actions before our Stockholders

Background and Purpose of Proposal No. 4

On November 7, 2019, our Board of Directors approved Amendment No. 4 to specify the vote required to approve certain actions before our Stockholders. If a Texas corporation does not specify what action constitutes the action of its stockholders, the default requirement for many actions is that a majority of the shares entitled to vote on, and who voted for, against, or expressly abstained with respect to the matter at a meeting of the shareholders at which a quorum is present.1 Additionally, Texas law states that both “fundamental actions” and “fundamental business transactions” require the affirmative vote of two-thirds of the outstanding shares of capital stock entitled to vote on such action to approve such actions, unless a different voting requirement is specified in an entity’s certificate of formation.2 Under the TBOC, (i) a “fundamental action” of an entity includes an amendment to the entity’s certificate of formation, a voluntary winding up of the entity, a revocation of a voluntary decision to wind up the entity, a cancellation of an event requiring winding up, or a reinstatement of the entity, and (ii) a “fundamental business transaction” of an entity is a merger, interest exchange, conversion, or sale of all or substantially all of an entity’s assets.3

To modify the TBOC’s default voting requirement, a corporation must amend its certificate of formation to specify another voting requirement for actions of stockholders. Amendment No. 4 would specify that the vote required to approve certain actions before our Stockholders, including fundamental actions and fundamental business transactions, would be as follows:

1.Fundamental Actions: The affirmative vote of the holders of the majority of the shares entitled to vote on a “fundamental action,” as defined by Section 21.364 of the TBOC, is required to approve such “fundamental action.”
2.Fundamental Business Transactions: The affirmative vote of the holders of the majority of the shares entitled to vote on a recent addition“fundamental business transaction,” as defined by Section 1.002(32) of the TBOC, is required to approve such “fundamental business transaction.”
3.All Other Matters: For matters other than the Greenway Boardelection of Directorsdirectors, “fundamental actions,”4 and joined“fundamental business transactions,”5the affirmative vote of the holders of a majority of the shares entitled to vote on that matter and represented in early 2017. He began his career working forperson or by proxy at a meeting of the oilfield division of LTV Corporation in 1981. In 1984, he began workingstockholders at which a quorum is present.

Our Board of Directors believes Amendment No. 4 will facilitate investment in our Company, eliminate confusion as to which actions by our Stockholders require a certain number of votes, and align our Company’s governing documents with those of other public companies.

1Texas Bus. Orgs. Code Ann. § 21.363 (West 2019).

2Id. § 1.002(32);id. § 21.364.

3Id. § 21.364.

4Id§ 1.002(32).

5Id. § 21.364.

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Text of Amendment No. 4

The proposed text of Amendment No. 4 described above is provided inAppendix A to our Proxy Statement, which provides the text of each of the Certificate Amendments. If Proposal No. 4 is approved by our Stockholders, we will file an amendment to our Certificate with the Secretary of State of the State of Texas, which includes Amendment No. 4, and such amendment will become effective upon its filing with the Secretary of State of the State of Texas, which is anticipated to occur promptly after our Special Meeting.

Required Vote for Approval of Proposal No. 4

The affirmative “FOR” vote of the holders of at least66 2/3% in voting power of the then-outstanding Class A Shares entitled to vote on the matter, voting together as a single class, is needed to approve Amendment No. 4. As this is a “non-routine” matter, without voting instructions from you, your brokermay not vote your Class A Shares with respect to Proposal No. 4. Thus, broker non-vote and abstentions are will have the same effect as a vote against the approval of Proposal No. 4.

OUR BOARD OF DIRECTORS RECOMMENDS A VOTE
“FOR”
THE APPROVAL OF AMENDMENT NO. 4

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III. ADDITIONAL INFORMATION

A. Stockholder Proposals

In accordance with Rule 14a-8 promulgated by the SEC under the Exchange Act (“Rule 14a-8”), our Stockholders may submit a written proposal for business to be brought before our Special Meeting by November 13, 2019, which is five days before we anticipate that we will mail our Proxy Materials to our Stockholders.

Among other requirements, a Stockholder’s intent to bring any proposal of business, including but not limited to Director nominations, before our 2020 annual Stockholder meeting (our “2020 Annual Meeting”) must be made in accordance with Rule 14a-8 and received at our principal executive offices, located at 1521 North Cooper Street, Arlington, Texas, 76011, no later than the close of business on the 120th day (January 24, 2020) in advance of the anniversary of the filing of our 2019 Schedule 14A filed on Form DEF14A, which we filed with the SEC on May 23, 2019. If our 2020 Annual Meeting is not held within 30 days before or after June 26, 2020, then such business must be delivered to or mailed and received by our Company at our principal executive offices a reasonable time before our Company begins to print and send our 2020 Annual Meeting proxy solicitation materials. Any proxy that management solicits for our 2020 Annual Meeting will confer on the holder of the proxy discretionary authority to vote on the proposal so long as such proposal is properly presented at the 2020 Annual Meeting.

Our Company may require any proposed Director nominee or nominating Stockholder to furnish such other information as may reasonably be required to determine the eligibility of such proposed Director nominee to serve as a Director of our Company. If such procedures are not complied with, the chairman of our 2020 Annual Meeting may determine and declare to the meeting that the nomination was defective, and such nomination will be disregarded.

B. Other Matters to be Presented at our Special Meeting

We know of no other matters that will be presented for consideration at our Special Meeting. If any other matters properly come before our Special Meeting, it is intended that proxies in the enclosed form will be voted in respect thereof in accordance with the judgments of the persons voting the proxies.

It is important that the proxies be returned promptly and that your Class A Shares are represented. Stockholders are urged to vote via toll-free telephone number, via the Internet, or by mail, by completing, signing, dating, and promptly returning the Proxy Card you received with our Proxy Materials.

C. Delivery of Documents to Stockholders Sharing an Address

Only one set of our Proxy Materials is being delivered to multiple security holders sharing an address, unless we received contrary instructions from one or more of the security holders at such address. We will promptly deliver, upon written or oral request, a separate copy of our Proxy Materials to a security holder at a shared address to which a single set of our Proxy Materials was delivered. A security holder may notify us that the security holder wishes to receive a separate set of our Proxy Materials by requesting via the Internet at www.investorelections.com/GWTI, via telephone at 1 (866) 648-8133, via mail at Greenway Technologies, Inc., 1565 North Central Expressway, Suite 220 Richardson, TX 75080, Attn: Investor Relations, or via email at paper@investorelections.com. If you request a separate copy of our Proxy Materials via e-mail, please send a blank e-mail with the provided 12-digit control number in the subject line. A security holder may use the same website, telephone number, mailing address or e-mail address to request either separate copies or a single copy for a single address for all future information statements and proxy statements, if any, and annual reports of our Company.

D. Financial Statements and Form 10-K Annual Report

Our audited financial statements for the year ended December 31, 2018, and other related financial and business information of our Company are contained in our Annual Report (including exhibits), are herein incorporated by reference.Copies of our Annual Report, including our audited financial statements,are included with your Proxy Materials, but may also be obtained without charge by contacting us via mail at Greenway Technologies, Inc., 1521 North Cooper Street, Arlington, TX. 76011, Attn: Investor Relations or by email at IR@gwtechinc.com.

E. Voting Results of our Special Meeting

Preliminary voting results will be announced at our Special Meeting. Final voting results will be tallied by Mediant, as inspector of elections, after the taking of the vote at our Special Meeting. Our Company will publish the final voting results in a Current Report on Form 8-K, which our Company is required to file with the SEC within four business days following our Special Meeting.

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APPENDIX A

Text of Proposed Certificate Amendments

Current Language in the industrial gas industry where he developed an extensive knowledgeCertificateProposed Text of the industrial gas businessCertificate Giving Effect to Proposed Amendments Nos. 1-4Included Amendments

ARTICLE FOUR

The Corporation may issue two classes of shares, designed “Class A” and the various technologies“Class B”. The Corporation may issue a total of the diverse industries it serves. He has been and remains an instrumental part320,000,000 shares. The authorized number of the operation of world-renowned French company Air Liquide in the United States. In his capacity at Air Liquide, Mr. Harer was involved in the development of the G-Reformer® utilizing existing technologies and was instrumental in negotiating agreements between Air Liquide and Greenway that allowed Greenway to develop and commercialize the G-Reformer™ technology. He graduated from the University of South DakotaClass A shares is 300,000,000 with a Bachelorpar value of Science in Business Administration in 1980.$.0001 per share. The authorized number of Class B shares is 20,000,000 with a par value of $.0001 per share. The Class B shares must be issued as fully paid non-assessable shares.

ARTICLE FOUR

A.       The Corporation is authorized to issue a total of 500,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”).

 

Ransom JonesB.        - Board Member, Secretary, and Chief Financial OfficerAs of the date of filing of this Certificate, all authorized or issued shares of the Corporation designated “Class A” shall hereby be designated as Common Stock.

 

Ransom B. Jones has over 40 years of diverse business experience. He is a retired partner of KPMG Peat Marwick and former Chief Financial Officer of two publicly traded corporations, Western Preferred Corporation and El Paso Refining, Inc. He has also served as an officer of someC.       As of the largest and most prestigious global financial institutions including Goldman Sachs, Citicorp, ABN-AMRO Bank, and AIG. Mr. Jones serveddate of filing of this Certificate, all authorized or issued shares of the Corporation designated “Class B” shall hereby be eliminated.

Amendment No. 1
(Article VI.A)

Amendment No. 2
(Article VI.B)

Amendment No. 3
(Article VI.C)

ARTICLE FIVE

5.01       A merger of the corporation of the lease or conveyance of all or substantially all of its assets is not considered a liquidation, dissolution, or winding up of the corporation’s affairs within the meaning of this article.

5.02       On any voluntary dissolution, liquidation, or winding up of the corporation’s affairs, the Class B shareholders are entitled to be paid in full the respective amounts fixed in accordance with Paragraph 4.02, together with accrued dividends (whether or not earned or declared) to the last distribution-payment date, before any distribution or payment may be made to the Class A shareholders.

5.03       On any voluntary liquidation, dissolution, or winding up of the corporation’s affairs, the Class B shareholders are entitled to be paid in full the respective amounts fixed in accordance with Paragraph 4.02, together with accrued dividends (whether or not earned or declared) to the last distribution-payment date, before any distribution or payment may be made to the Class shareholders.

5.04       If, on any voluntary or involuntary liquidation, dissolution, or winding up on the corporation’s affairs, the corporation’s assets are insufficient to permit full payment to the Class B shareholders as President and Interim Chief Executive Officerprovided in these articles, then the Class B shareholders of UMED through April 2017. He graduated fromany series must share ratably in any distribution of assets incorporation to the Universityfull amounts to which they would otherwise be entitled.

ARTICLE FIVE

(Delete Article V in its entirety as it only relates to rights of Texas at El Paso in 1971 with a BBA, Accounting.Class B Shares)

Amendment No. 3

Appendix A

 

 
 

 

Current Language in the CertificateProposed Text of Certificate Giving Effect to Proposed Amendments Nos. 1-4Included Amendments

ARTICLE TEN

(Not in current Certificate)

ARTICLE TEN

John OlynickA.       – President Greenway Technologies, Inc.

John Olynick has over 40 years of experience in senior management positions at industry leading technology corporations including Digital Equipment Corporation, CISCO Systems, Inc., and Philips Electronics. Over his career, John has helped build businesses and has led turnarounds including serving as CEO and ChairmanThe affirmative vote of the Board of an Arizona-based public company that grew both organically and through acquisition under his leadership. Since July 2017, he has been assisting Greenway Technologies, Inc. as a business development consultant with a focus on securing operational funding and developing joint venture partnerships. John currently serves as Presidentholders of the Company. He is a graduatemajority of the New York University School of Engineering and the Harvard Business School Professional Development program. Mr. Olynick has been president of GWTI since May 2018.

Roleshares entitled to vote on a “fundamental action,” as defined by Section 21.364 of the Board; Corporate Governance Matters

The Board oversees the Company’s President and other senior management in the competent and ethical operation of the Company and assures that the long-term interests of the shareholders are being served.

The Board met a total of five times during 2018. The Board has determined that all Board members, other than Mr. Ransom Jones, and Mr. Raymond Wright, are independent.

Board Leadership Structure

The Board believes that its current leadership structure best serves the objectives of the Board’s oversight of management, the ability of the BoardTBOC (a “Fundamental Action”), is required to carry out its roles and responsibilities on behalf of the shareholders, and the Company’s overall corporate governance. The Board also believes that the current separation of the Chairman and President roles allows the President to focus his time and energy on operating and managing the Company and leveraging the experience and perspectives of the Chairman. The Board periodically reviews the leadership structure and may make changes in the future.

Board Committees

There is an Executive Committee consisting of Raymond Wright, Ransom Jones, Kenton Harer, and Peter Hauser.

Family Relations

Ransom Jones and Kevin Jones are brothers.

Board Oversight of Risk Management

The Board believes that evaluating how the executive team manages the various risks confronting the Company is one of its most important areas of oversight. In carrying out this critical responsibility, the Board has the primary responsibility for overseeing enterprise risk management.

Code of Ethics

The Company has a code of ethics, that applies to all of the Company’s employees, including its principal executive officer and principal financial and accounting officer, as well as the Board. A copy of this code is available on the Company’s website at www.gwtechinc.com. The Company intends to disclose any changes in or waivers from its code of ethics by postingapprove such information on its website or by filing a Form 8-K.

Compensation of Directors

The Board of Directors are not compensated at this time.

Communications with the Board

Any matter intended for the Board, or for any individual member or members of the Board, should be directed to the Company’s offices at 1521 North Cooper Street, Suite 205, Arlington, Texas 76011

Attendance of Directors at 2019 Annual Meeting of Shareholders

All directors are expected to attend the Company’s Annual Meeting of Shareholders.

Executive Officers

The following sets forth certain information regarding executive officers of the Company. Biographical information pertaining to

John Olynick, President

Biographical information pertaining to Mr. John Olynick, who is an executive officer of the Company, may be found in the section entitled “Directors.”

Ransom Jones, Secretary and Chief Financial Officer

Biographical information pertaining to Mr. Ransom Jones, who is both a director and an executive officer of the Company, may be found in the section entitled “Directors.”

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTFundamental Action.

 

B.The following table shows certain informationaffirmative vote of the holders of the majority of the shares entitled to vote on a “fundamental business transaction,” as defined by Section 1.002(32) of February 15, 2019 (thethe TBOC (aTable DateFundamental Business Transaction”), unless otherwise indicated, with respectis required to the beneficial ownership of the Company’s common stock by: (i) each person the Company believes beneficially holds more than 5% of the outstanding shares of the Company’s common stock based solely on the Company’s review of SEC filings; (ii) each director and nominee; (iii) each named executive officer listed in the table entitled “Summary Compensation Table—under the section entitled “Executive Compensation”; and (iv) all directors and executive officers as a group. As of the Table Date, 286,488,677 shares of the Company’s common stock were issued and outstanding. Unless otherwise indicated, all persons named as beneficial owners of the Company’s common stock have sole voting power and sole investment power with respect to the shares indicated as beneficially owned. In addition, unless otherwise indicated, the address for each person named below is c/o the Company’s offices at 1521 North Cooper Street, Suite 205, Arlington, Texas 76011

Name of Beneficial Owner 

Shares of

Common Stock
Beneficially Owned

  

Percent of

Common Stock
Outstanding

 
CURRENT DIRECTORS      
Raymond Wright, Director and President, Greenway Innovative Energy  17,000,000   5.93 
Kevin Jones (1)  20,625,000   7.20 
Ransom Jones  250,000   0.09 
Kenton Harer (2)  4,000,000   1.40 
Peter Hauser  3,200,000   1.12 
         
DISSIDENT DIRECTORS        
T. Craig Takacs  3,666,953   1.28 
         
OFFICERS        
John Olynick  550,000   0.19 
Raymond Wright (see above)        
         
Total Directors, Dissident Directors, Officers  48,279,982   16.85 
         
HOLDERS 5% OR MORE        
Paul Alfano  21,250,000   7.42 
Richard Halden  10,340,777   3.61 
Randy Moseley  22,178,992   7.74 
D. Patrick Six (3)  15,610,774   5.45 
         
Total 5% or More Shareholders  69,380,543   24.22 

(1)As reported on Form 4, 02/21/19
(2)Warrants currently exercisable
(3)Includes JABEZ Capital

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCEapprove such Fundamental Business Transaction.

 

Section 16(a) of the Exchange Act requires the Company’s officers and directors, and persons who own moreC.       For matters other than 10% of a registered class of the Company’s equity securities, to file reports of securities ownership and changes in such ownership with the SEC. Officers, directors and greater than ten percent shareholders also are required by SEC rules to furnish the Company with copies of all Section 16(a) forms they file.

Based solely upon a review of the copies of such forms furnished to the Company and any written representations the Company believes that all Section 16(a) filing requirements were timely met during 2018.

REVIEW, APPROVAL OR RATIFICATION OF TRANSACTIONS WITH RELATED PERSONS

The Board has adopted policy for approval of transactions between the Company and its directors, director nominees, executive officers, greater than five percent beneficial owners, and their respective immediate family members.

TRANSACTIONS with RELATED PERSONS

During the three months ended September 30, 2018, shareholders made loans and advances of $399,430, consisting of advances made by Kevin Jones of $299,430 and Randolph Patterson of $100,000. As of June 30, 2018, the company reflected loans and advances from shareholders in the amounts of $129,348 and $1,400 made by Kevin Jones and Greg Sanders, respectively.

With respect to the Patterson loan, Mr. Jones holds the direct collateral interest in the note through his wholly-owned Maybert LLC, and the parties share such interests on a pro rata basis. On October 23, 2018, Christine Early (Kevin Jones’ spouse and separate shareholder) made a $100,000 loan to the Company, and on November 6, 2018, Michael Wykrent (shareholder) made a $100,000 loan to the Company, both loans being secured by Maybert LLC, a Texas company controlled by Kevin Jones. With respect to these loans, Mr. Jones holds the direct collateral interest in the note through his wholly-owned Maybert LLC, and the parties share such interests on a pro-rata basis.

EXECUTIVE and EQUITY COMPENSATION PLAN INFORMATION

In August 2012, the Company entered into employment agreements with the president and chairman of the board of Greenway Innovative Energy, Inc., Raymond Wright, for a term of 5 years with compensation of $90,000 per year. In June of 2014, Mr. Wright’s employment agreement was amended to increase his annual pay to $180,000. The employment agreement terminated August 12, 2017. During the three-months ended March 31, 2017, the Company paid and accrued a total of $45,000 on the employment agreement.

As part of the August 2012 acquisition agreement with Greenway Innovative Energy, Inc., the Company agreed to issue an additional 7,500,000 shares of restricted common stock to Mr. Wright, under the agreement, when the first GTL unit is built and becomes operational and is capable of producing 2,000 barrels of diesel or jet fuel per day and pay Greenway Innovative Energy a 2% royalty on all gross production sales on each unit placed in production.

Effective May 10, 2018, the Company entered into employment agreements with John Olynick, as President and Ransom Jones, as Chief Financial Officer, respectively. The terms and conditions of their employment agreements are identical. John Olynick, as President earns a salary of $120,000 per year. Ransom Jones, as Chief Financial Officer earns a salary of $120,000 per year. Mr. Jones also serves as the Company’s Secretary and Treasurer. During each year that their Agreements are in effect, they are each entitled to receive a bonus (“Bonus”) equal to at least Thirty-Five Thousand Dollars ($35,000) per year. Under their employment agreements, Mr. Olynick and Mr. Jones were each issued 250,000 shares of Common Stock, par value $.0001 during the three months ended September 30, 2018. On the date of issuance, the stock was valued at $.06 per share and the Company recorded an expense of $30,000. They are also entitled to participate in the Company’s benefit plans.

Our management and employee teams are not currently receiving regular wages; wages are largely being accrued and deferred due to lack of working capital.

OVERVIEW OF PROPOSALS IN THIS NOTICE OF 2019 ANNUAL MEETING OF SHAREHOLDERS CALLED BY THE COMPANY

AND

THE NOTICE OF A SPECIAL MEETING SET BY THE GREENWAY TECHNOLOGIES, INC. SHAREHOLDER COMMITTEE

This Proxy Statement submitted by the Company contains four proposals requiring shareholder action. Proposal No. 1 requests the election of five directors, to the Board. Proposal No. 2 requests an amendment to the Company’s Articles of Incorporation to increase the authorized Class A common shares from 300 million common shares to 450 million common shares. Proposal No. 3 requests to amend Section 3.14 of the Company’s Bylaws entitled “Special Meetings” to increase the percentage of Shareholders necessary to call a Special Shareholders meeting from 10% to 25%. Proposal No. 4 requests the ratification of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018

PROPOSAL NO. 1

Election of Directors

The Company has nominated four current directors Raymond Wright, Kevin Jones, Ransom Jones,Fundamental Actions, and Kenton J. Harer, as well as John Olynick, current president of GWTI, to be elected to serve until the next annual meeting of shareholders and until their successors are duly elected and qualified.

At the Annual Meeting, proxies cannot be voted for a greater number of individuals than the five nominees named in this Proxy Statement. Holders of proxies solicited by this Proxy Statement will vote the proxies received by them as directed on the proxy card or, if no direction is made, for the election of the Board’s five nominees. If any nominee is unable or declines to serve as a director at the time of the Annual Meeting, the proxy holders will vote for an alternate nominee designated by the present Board to fill the vacancy.

Vote Required

In accordance with the policy of majority voting in uncontested director elections previously adopted by the Board, nominees receivingFundamental Business Transactions, the affirmative vote of (i)the holders of a majority of the shares presententitled to vote on that matter and represented in person or represented by proxy and voting at the Annual Meeting and (ii) a majoritymeeting of the shares required to constitute thestockholders at which a quorum will be elected as directors to serve until the next annual meeting of shareholders and until their successors are duly elected and qualified.is present.

Amendment No. 4

Appendix A

 

Any nominee for election who does not receive the affirmative vote of (i) a majority of the shares present or represented by proxy and voting at the Annual Meeting and (ii) a majority of the shares required to constitute the quorum will promptly submit in writing his or her irrevocable offer of resignation to the Secretary of the Company, subject only to the Board’s acceptance of that offer of resignation in accordance with the Board’s policies and procedures.

Recommendation of the Board

The Board recommends that shareholders vote FOR the election of Messrs. Raymond Wright, Kevin Jones, Kenton J. Harer, John Olynick, and Ransom Jones.

PROPOSAL NO. 2

Amendment of Articles of Incorporation

The Company’s shareholders are being asked to approve the amendment of the Articles of Incorporation (the “Articles”). If approved, the amendment would increase the authorized Class A common shares from 300 million common shares to 450 million common shares. The Company needs additional capital to meet its objectives for product development, staffing, reduction of debt, and general operating expenses. Approximately 280 million Class A common shares are issued and outstanding leaving only 20 million shares available to offer certain investors. The Company is of the opinion that the additional shares are needed.

Recommendation of the Board

The Board recommends a vote FOR Proposal No. 2.

PROPOSAL NO. 3

Amendment of the Bylaws

The Company is recommending that Section 3.14 of the Bylaws entitled “Special Meetings” be amended to increase the percentage of Shareholders necessary to call a Special Shareholders meeting from 10% to 25%. The purpose of this change is to minimize distractions from small groups of shareholders.

Recommendation of the Board

The Board recommends a vote FOR Proposal No. 3.

PROPOSAL NO. 4

Ratification of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018

The Company is recommending that Soles, Heyn & Company, LLP be retained as the Company’s independent registered accounting firm. Note that auditors are in favor of Proposal 3.

Fees Paid to Auditors

The following table shows the fees accrued or paid to the Company’s independent registered public accounting firms for the years ended December 31, 2017 and December 31, 2018.

  Soles, Heyn & Co LLP 
  2018
($)
  

2017

($)

 
Audit Fees (1) $26,150  $28,700 
Audit-Related Fees (2)  0   0 
Tax Fees (3)  0   0 
All Other Fees  0   0 
         
Total $26,150  $28,700 

(1)Audit fees relate to professional services rendered in connection with the audit of the Company’s annual financial statements and internal control over financial reporting, quarterly review of financial statements included in the Company’s Quarterly Reports on Form 10-Q and audit services provided in connection with other statutory and regulatory filings.
(2)Audit-related fees comprise fees for professional services that are reasonably related to the performance of the worldwide audit or review of the Company’s financial statements.
(3)Tax fees relate to professional services rendered in connection with tax audits, international tax compliance, and international tax consulting and planning services.

Policy on Pre-Approval of Audit and Non-Audit Services Performed by the Independent Registered Public Accounting Firm

The Company maintains a policy that bans its auditors from performing non-financial consulting services, such as information technology consulting and internal audit services. This policy mandates that the Board approve the audit and non-audit services and related budget in advance, and that the Board be provided with quarterly reporting on actual spending. This policy also mandates that the Company may not enter into auditor engagements for non-audit services without the express approval of the Board. In accordance with this policy, the Board pre-approved all services to be performed by the Company’s independent registered public accounting firm.

Vote Required

Approval of Proposal No. 4 requires the affirmative vote of (i) a majority of the shares present or represented by proxy and voting at the Annual Meeting and (ii) a majority of the shares required to constitute the quorum.

Recommendation of the Board

The Board recommends a vote FOR Proposal No. 4.

OPPOSITION TO SPECIAL MEETING

Will any other business be conducted at the meeting?

A group of shareholders formed a committee known as The Greenway Technologies Shareholder Committee, consisting of approximately 12% of the shareholders, (the Committee). Our Bylaws at the time of the formation of the Committee allowed a Special Shareholders meeting to be called by, among other provisions, 10% of the Shareholders. The Committee filed numerous Proxy Statements the last dated February 6, 2019 setting a Special meeting for April 4, 2019. The Committee has submitted through its Proxy Statement the following proposals that the Company opposes.

That if the current president of Greenway Technologies refuses to act as the chairman of the 2019 Special Meeting, to elect David Deison as the chairman of the 2019 Special Meeting;
A proposal by the Committee that seven nominees be elected to the Company’s Board of Directors;
A proposal by the Committee for the approval of the reimbursement by the Company of the Committee for all of the Committee’s expenses in connection with numerous Schedules 14 A, (Notice and Proxy Statements) filed by the Committee”
Ratification of the appointment of Soles, Heyn & Company, LLP as the Company’s independent registered accounting firm for our fiscal year ending December 31, 2018

The Company is hereby advising the Shareholders

as to what has transpired and why the Company is opposed to the actions proposed by the “Greenway Technologies Shareholder Committee”

The statements made by the Committee as disclosures found under the heading “Why is the 2019 Special Meeting Being Called?” are a distortion of facts, are mostly false, and omit material information that is necessary for shareholders to make an informed voting decision at the proposed Special Meeting. The Company’s shareholders cannot be expected to discern whether certain of the members of the Company’s Board of Directors should be replaced with the Committee nominees without factual disclosures. Accordingly, the Company submits that the Committee’s Proxy Statement does not comply with Rule 14a-9 in that it does not include disclosures concerning the reasons for the Greenway Technologies Shareholder Committee’s solicitation.

The following is current background information and an accurate response to the disclosures made by the Committee.

a.On November 16, 2018, the President of the Company John Olynick, Chairman of the board Raymond Wright, and Ransom Jones a Director representing the Company met with representatives of the Committee consisting of D. Patrick Six (note: Mr. Six resigned from the Committee on February 19th, 2019, see 8-K Filing), Michael Warner, Stanley Woods, and Richard Halden.  Mr. Halden had been separated from the predecessor company (UMED) because of undisclosed felonies and other activities contrary to the best interests of the Company. The Separation and Release Agreement has an effective date of February 1, 2017 and was filed on September 21, 2017 as an exhibit to the Company’s 10Q/A for the period ended June 30, 2017. Said Agreement is hereby incorporated by reference.
b.During the meeting, the Company requested the Committee to withdraw its Schedule PRE 14C and offered to have an annual meeting during which the Committee could present its slate of directors.  The Committee refused this offer and subsequently presented a proposed consent, dated the day before the meeting, calling for the resignation of two directors allowing them to appoint the replacements resulting in the Committee controlling the Board.  A copy of said proposal is attached hereto incorporated by reference and marked Exhibit A.
c.Ransom Jones, according the documents filed by the Committee, was hired as CFO on May 10, 2018.  The Committee expressed concern that the position was not posted and the Company failed to do due diligence in the process.  The Board of Directors of GWTI voted to appoint both John Olynick as president and Ransom Jones as CFO at the same meeting and with an affirmative vote.  Each were given employment agreements and their employment agreements were posted to EDGAR as part of the Company’s 10Q filing on May, 21 2018. The Committee observes correctly that the jobs were not posted, the Committee fails to advise shareholders that there were only minimal funds to pay either the president or the CFO. Our management and employee teams are not currently receiving regular wages; wages are largely being accrued and deferred due to lack of working capital.  Mr. Jones is well qualified to perform the functions of CFO and his background includes partner of KPMG Peat Marwick, CFO of two other publicly traded companies, President of a group of property & casualty companies, officer at some of the largest and most prestigious global financial institutions - Goldman Sachs, Citicorp, ABN AMRO Bank and AIG.

d.Regarding the subcommittee of the GWTI Board of Directors, called the Executive Committee, the Executive Committee consists of Chairman Raymond Wright, Kent Harer, Ransom Jones, and Peter Hauser. The Executive Committee does not have any voting power and serves only as an advisory group to the Board. The Executive Committee is an active subgroup of the Board of Directors that meets via tele-conference, with short notice, on an ad-hoc basis, to review matters before the Company prior to votes by the full Board of Directors.
e.Regarding the September 4, 2018 loan of funds described by the dissident shareholders (when $225,000 in debt capital was raised), the Company was in a dire financial condition at that time. Our management and employee teams were not currently receiving regular wages; wages are largely being accrued and deferred due to lack of working capital.  The Company had insufficient funds to meet current obligations just as work on the refinement of the Company’s flagship product were being completed. The Company had reached its share authorization limit and therefore was unable to raise funds via sale of restricted Class A common stock. The Company had no choice but to raise needed working capital through debt funding. GWTI obtained a legal opinion that pledging assets to secure a loan was not a “fundamental action” requiring shareholder approval under Texas law and the loan was approved by the majority of the Board of Directors. Craig Takacs and three other Board members voted in favor of the motion. Mr. Six did not participate in that meeting. Both Kevin Jones and Ransom Jones abstained because it was recognized that Kevin Jones has a pecuniary interest in the loans. As his brother, Ransom Jones also abstained. Four of seven Board members voted yes. Had Mr. Takacs voted “No”, the motion would not have carried. Mr. Takacs is a member of the dissident shareholder committee. The fact is that the company desperately needed the funds to continue to have the liquidity to operate. There are not sufficient shares authorized to secure funding through stock issuance. The company could not raise funding on an unsecured basis and this was the only available option to keep the company afloat. Kevin Jones and all the Board members would welcome unsecured funding, but an investor could not be identified to lend on this basis. When there are no other funding alternatives, companies must grant terms that might be distasteful but none the less are required to maintain the company’s viability.
f.Failure to Make Required Disclosures.
While the Company acknowledges that a substantial portion of disclosures contained in the Committee’s Proxy Statement are incorporated by reference to the Company’s SEC filings, the Committee has nominated seven individuals to serve as directors of the Company and the Committee’s Proxy Statement fails to make adequate disclosures pursuant to the requirements of 229.401 with respect to the Committee Nominees.
g.Failure to Identify the Existence of Certain Legal Proceedings.
Item 7(a) of Schedule 14(a) provides that the information required by Instruction 4 to Item 103 of Regulation S-K shall be provided in any proxy statement solicited on behalf of persons other than the registrant. Instruction 4 to Item 103 of Regulation S-K requires disclosure concerning any material proceedings to which any director is a party that are adverse to the registrant or in which such person has a material interest adverse to the registrant. The Committee’s Proxy Statement fails to state whether any such proceedings exist with respect to the Committee Nominees.
Item 7(b) of Schedule 14(a) also provides that the information required by Item 401 of Regulation S-K shall be provided in any proxy statement solicited on behalf of persons other than the registrant. Item 401(f) of Regulation S-K requires disclosure concerning the involvement of any director nominees in certain specified legal proceedings. The Committee’s Proxy Statement fails to state whether any of the Committee Nominees have been party to any such proceedings.
h.Failure to Identify the Existence of Certain Relationships and Arrangements.
Item 7(a) of Schedule 14(a) provides that the information required by Items 401(d) 404(a) of Regulation S-K shall be provided in any proxy statement solicited on behalf of persons other than the registrant. Item 401(d) of Regulation S-K requires disclosure concerning certain family relationships between director nominees and current directors and executive officers of the registrant, and Item 404(a) requires disclosure concerning certain related party transactions between the Company and persons nominated to serve as directors. The Committee’s Proxy Statement fails to state whether any such proceedings exist with respect to the Committee Nominees.  

i.Failure to Identify Skills and Qualifications of Director Nominees.
Item 7(a) of Schedule 14(a) provides that the information required by Item 401(e) of Regulation S-K shall be provided in any proxy statement solicited on behalf of persons other than the registrant. Item 401(e)(1) of Regulation S-K states that, with respect to each nominee for director, disclosure should be included to “discuss the specific experience, qualifications, attributes or skills that led to the conclusion that the person should serve as a director for the registrant at the time that the disclosure is made, in light of the registrant’s business and structure.”
The Company respectfully submits that the biographical information included in the Statement with respect to each of the Committee Nominees fails to specifically disclose the skills that qualify such person to serve as a director of the Company. For instance, the Company notes that the Greenway Technologies Shareholder Committee has appointed James B. Newton, M.D. to serve as a director of the Company, and that Dr. Newton has been a medical practitioner since 1977. However, it is unclear how Dr. Newton’s experience as a medical doctor qualifies him to serve as a director of the Company given that the Company’s principal business is the commercialization of a proprietary process for converting natural gas into synthesis gas. Accordingly, the Company believes that the Statement should be revised to address the specific skills and qualifications that led the Greenway Technologies Shareholder Committee to nominate each Committee Nominee as a director.
j.The Committee is requesting that the Company reimburse their expenses, estimated to be approximately $150,000, following the instatement of their proposed Board of Directors slate.
Our management and employee teams are not currently receiving regular wages; wages are largely being accrued and deferred due to lack of working capital.  Our Board of Directors members are not currently being compensated. The reimbursement amount requested by the Committee is money that the Company does not have at this time.  If such funds were available, the Company would deploy them in a manner to the benefit of shareholders and our corporate objectives.
k.Failure to Properly Describe Conditions of Cumulative Voting.
The Committee’s Proxy Statement provides that shareholders will have the authority to cumulate votes in the election of directors. While the Company acknowledges that its organizational documents permit cumulative voting in the election of directors, the Statement fails to properly describe the notice requirements under Texas law required to permit cumulative voting.
Section 21.361(b) of the Texas Business Organizations Code states that “Cumulative voting permitted by the certificate of formation is permitted only in an election of directors in which a shareholder who intends to cumulate voteshas given written notice of that intention to the secretary of the corporation on or before the day preceding the date of the election at which the shareholder intends to cumulate votes.” [emphasis added] The Statement fails to notify shareholders of this requirement.

What are the Board’s voting recommendations as to the proposals as found in the Greenway Technologies Shareholder Committee Proxy Statement?

AGAINSTA proposal that if the current president of Greenway Technologies refuses to act as the chairman of the 2019 Special Meeting, to elect David Deison as the chairman of the 2019 Special Meeting;
AGAINSTA proposal by the Committee that seven nominees be elected to the Company’s Board of Directors.  The proposed group of directors, in proxy materials being distributed contemporaneously by the Committee, include D. Patrick Six as a Director nominee.  As described above, Mr. Six has resigned from the Committee, Mr., Six has resigned from the GWTI Board of Directors, and Mr. Six has withdrawn his name as a Director nominee on the Committee’s dissident shareholder slate;
AGAINSTA proposal by the Committee for the approval of the reimbursement by the Company of the Committee for all of the Committee’s expenses in connection with numerous Schedules 14 A, (Notice and Proxy Statements) filed by the Committee.”

The majority of the Board of Directors stand in opposition to the Committee’s Board of Director slate, the reimbursement of their expenses, and using a Special meeting versus an Annual meeting as the venue for voting.

OTHER MATTERS

The Company knows of no other matters to be submitted to the shareholders at the Annual Meeting. If any other matters properly come before the shareholders at the Annual Meeting, it is the intention of the persons named on the proxy to vote the shares represented thereby on such matters in accordance with their best judgment.

Dated: February 22, 2019

The following is anexample of a proxy card for the March 29, 2019 GWTI Annual Shareholder’s Meeting. If you have any questions, please see the instructions above.

Directions to the 2019 Annual Meeting of Shareholders

From Dallas Fort Worth International Airport

Dallas-Fort Worth International Airport, Dallas, TX 75261

1.Head west on W 32nd St 95 ft/
2.Make a U-Turn onto W 32nd St 0.1 mi/
3.Turn slightly right onto S Service Rd 1.3 mi/
4.Take left ramp onto International Pkwy S (TX-97-SPUR) toward TX-183/TX-360 0.9 mi/
5.Take ramp onto TX-360 S (Angus G Wynne Jr Fwy) toward Grand Prairie/Arlington 5.7 mi/
6.Take the exit toward Ave H/Lamar Blvd/I-30/Six Flags Dr/Randol Mill Rd/Globe Life Park in Arlington/Ave K/Brown Blvd/Ave J onto N Watson Rd 0.8 mi/
7.Continue on SH 360 0.3 mi/
8.Turn right onto E Lamar Blvd 0.2 mi/
9.Turn right 236 ft/
10.Arrive at your destination on the right

Hotel Address: 2401 E Lamar Blvd, Arlington, TX 76006-7503

Exhibit A