Foxx Development Holdings Inc
For the period ended Jun 30, 2024. Filed Oct 24, 2024.
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FY2024 · Filed Oct 24, 2024
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Item 11. Executive Compensation
Foxx is an emerging growth company as such term is defined under the Securities Exchange Act. This section discusses the material elements of compensation awarded to, earned by or paid to Foxx’s principal executive officer and other executive officers (other than our principal executive officer). Foxx has also included the material elements of compensation awarded to, earned by or paid to other officers of Foxx that may be named executive officers of the Business Combination. Together, these officers are referred to as our “named executive officers” or “NEOs.”
At Closing, the Company has entered into employment agreements with each of its executive officers, pursuant to which each executive officer is entitled to the following compensation arrangement for each fiscal year. In addition to the base salary, each executive officer shall receive medical benefits, including medical, vision, dental, and unemployment plans. In addition, each of the executive officers below is entitled to participate in the Incentive Plan, as determined by the Board or its designee, as the administrator of the Incentive Plan.
| Name and Principal Position | Salary ($) | Bonus ($) | Equity Awards ($) | All Other Compensation ($) |
|---|---|---|---|---|
| Greg Foley Chief Executive Officer; Executive Vice President of Business Development of the Operating Subsidiary | $275,000 | N/A | N/A | N/A |
| Haitao Cui Executive Vice President; Chief Executive Officer of the Operating Subsidiary | $300,000 | N/A | N/A | N/A |
| “Joy” Yi Hua Chairwoman and Chief Financial Officer; Chief Financial Officer of the Operating Subsidiary | $300,000 | N/A | N/A | N/A |
| James Liao Chief Technology Officer; Chief Technology Officer of the Operating Subsidiary | $180,000 | N/A | N/A | N/A |
At Closing, each of the executive officers entered into an Employee Proprietary Information and Invention Assignment Agreement, agreeing to certain non-disclosure, non-solicitation and non-compete obligations, as well as the assignment of all innovations and associated intellectual property rights created, discovered, conceived or developed in the course of employment with, in reliance upon the confidential information of, or using the resources of the Company.
Foxx
During the fiscal year ended June 30, 2024, we did not pay any fees to, make any equity awards or non-equity awards to, or pay any other compensation to the named executive officers. The compensation reported in this summary compensation table below is not necessarily indicative of how we will compensate our named executive officers in the future.
| Name and Principal Position · Year · Salary ($) · Bonus ($) · Equity Awards ($) · All Other Compensation ($) · Total ($) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Haitao Cui Executive Vice President of Foxx, Former Chief Executive Officer of Foxx | 2023 | $300,000 | N/A | N/A | N/A | $300,000 | ||
| James Liao Chief Technology Officer of Foxx | 2023 | $140,000 | N/A | N/A | N/A | $140,000 | ||
| Greg Foley Chief Executive Officer of Foxx | 2023 | $ | N/A | N/A | N/A | N/A | $ | N/A |
Director Compensation
At Closing, we have entered into offer letter with each of its independent directors, pursuant to which each independent director is entitled to the receive $100,000 in cash compensation per year, subject to the review and determination by the Board.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.