Nova Lifestyle Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 21, 2025, the Board of Directors (the “Board”) of Nova LifeStyle, Inc. (the “Company”) received a resignation letter from Ms. Thanh H. Lam to resign from her positions as the Chief Executive Officer (“CEO”) and President of the Company, effective immediately. Ms. Lam will remain as a director and Chairperson of the Board. Ms. Lam indicated that her resignation is not because of any disagreement with the Company, its management or its directors.
On April 21, 2025, the Board appointed Mr. Xiaohua Lu as the Chief Executive Officer of the Company.
Mr. Xiaohua Lu, age 46, was the General Manager of Drem Consulting Pte Ltd from January 2024 to April 2025 and was an independent financial advisor for Promiseland Financial Advisory Pte Ltd. from February 2022 to April 2025. Mr. Lu served as a director of Wiselink Global Pte Ltd from January 2019 to December 2022 and as Chief Executive Officer of Blackamber Investment Limited (New Zealand) from October 2012 to December 2018. Mr. Lu received a Bachelor’s degree in Vehicle Engineering and Commercial Business English from Jilin University, China in July 2001.
In connection with his appointment, the Company entered into an employment agreement (the “Agreement”) with Mr. Lu on April 21, 2025. The Agreement has a term of one year and provides that Mr. Lu will receive compensation in the amount of $80,000 a year, payable monthly.
Mr. Lu was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Lu and the directors, nor between Mr. Lu and any executive officer of the Company. Mr. Lu is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended.
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 incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Exhibit Title or Description | |
| 10.1 | Employment Agreement between the Company and Xiaohua Lu dated April 21, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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 of the Board | ||
Date: April 23, 2025