UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2019
Nova LifeStyle, Inc.
(Exact name of registrant as specified in its charter)
______________
Nevada | 001-36259 | 90-0746568 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
of Incorporation) | File Number) | Identification No.) |
6565 E. Washington Blvd., Commerce, CA 90040
(Address of Principal Executive Office) (Zip Code)
(323) 888-9999
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | NVFY | Nasdaq Stock Market |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 12, 2019, Nova Lifestyle, Inc. (the “Company”) entered into an Employment Agreement (the “Agreement”) with Mr. Jeffery Chuang, the Company’s Chief Financial Officer, to serve in such position for a one-year term, subject to renewal. Under the terms of the Agreement, Mr. Chuang will receive an annual salary of $50,000, and will be eligible for an annual cash bonus in the Board’s sole discretion.
The foregoing description of the Agreement is only a summary of the terms of the Agreement and does not purport to be a complete description of such document, and is qualified in its entirety by reference to the Agreement, a copy of which is attached as an exhibit hereto and which is incorporated by reference into this Item 5.02.
On August 12, 2019 (the “Grant Date”), the Compensation Committee of the Board of Directors (the “Board”) of the Company approved an option grant to Jeffery Chuang to purchase 35,000 shares of the Company’s common stock, par value $0.001 (the “Common Stock”), pursuant to the Company’s 2014 Omnibus Long-Term Incentive Plan (the “Option Grant”). One half of the shares subject to the Option Grant vested immediately, and the remaining one-half of the shares subject to the Option Grant will vest on the six-month anniversary of the Grant Date. The Option Grant has an exercise price of $0.77 per share, cashless exercise rights, and a term of 5 years from the Grant Date.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
# Indicates management contract or compensatory plan, contract or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Nova LifeStyle, Inc. |
| | | |
| | | |
| | By: | /s/ Thanh H. Lam |
| | | Thanh H. Lam Chairperson, President and Chief Executive Officer |
| | | |
Date: August 16, 2019
