Place the eggs in a small saucepan, cover with water and bring to a boil. Boil for 10 minutes, then drain and cool for 5 minutes in cold water. Peel and chop.
Combine the eggs, green olives, ham and cheddar in a large bowl. Preheat the oven to 425 F. Lightly grease two baking sheets.
Cut the puff pastry sheets into 4 inch rounds. (You should be able to cut about five rounds from each sheet.) Spoon a tablespoon of the ham and olive mixture into the center of each round, fold the pastry over to encase the filling and crimp the edges firmly to seal.
Place the pastries on the baking sheets, about ¾ inch apart. Brush with the egg yolk and bake in the center to top half of the oven for 15 minutes, or until well browned and puffed. Switch the baking sheets around after 10 minutes and cover loosely with foil if the empanadillas start to become too brown. Serve hot.
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