Entry into a Material Definitive Agreement · Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Item 1.01 Entry into a Material Definitive Agreement Please see the disclosure set forth under Item 5.02, which is incorporated by reference into this Item 1.01.
Nova LifeStyle, Inc. (“Nova LifeStyle” or the “Company”) is a U.S.-headquartered innovative designer and marketer of contemporary styled residential and commercial furniture formerly known as Stevens Resources, Inc. We were incorporated in the State of Nevada on September 9, 2009. The Company’s products are marketed through wholesale and retail channels as well as various online platforms worldwide.
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Item 1.01Item 1.01 - Entry into Material Agreement
Item
1.01 Entry into a Material Definitive Agreement
Please see the disclosure set forth under Item
5.02, which is incorporated by reference into this Item 1.01.
Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2026, the
Compensation Committee of the Board of Directors of XMax Inc. (the “Company”) approved the increase of annual salaries (the
“Increase of Salaries”) and amendments to the employment agreements (the “Amendments”) of Mr. Xiaohua Lu, Chief
Executive Officer of the Company, Mr. Yizhou (Steven) Zhao, Chief Operating Officer of the Company, and Jeffery Chuang, Chief Financial
Officer of the Company (collectively, the “Executives”). On July 1, 2026, the Board of Directors (the “Board”)
of the Company also approved the Increase of Salaries and Amendments.
On July 1, 2026, the
Company entered into Amendment to the Employment Agreement with each of Mr. Xiaohua Lu, Mr. Yizhou Zhao and Mr. Jeffery Chuang, pursuant
to which Mr. Lu’s annual base salary was increased from $80,000 to $160,000 per year, Mr. Zhao’s annual base salary was increased
from $80,000 to $159,000 per year, and Mr. Chuang’s annual base salary was increased from $70,000 to $80,000 per year, effective
from July 1, 2026. Except for the salary increases described above, the terms of the employment agreements with the Executives, as amended,
remain unchanged.
The form of the Amendment to the Employment Agreement
is filed as Exhibits 10.1 to this Current Report on Form 8-K. The foregoing summary of the terms of the Amendment to the Employment Agreement
is subject to, and qualified in its entirety by the Amendment to the Employment Agreement, the form of which is incorporated herein by
reference.