Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 618

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 9
Chunk 618
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Narrative Discussion

The following employment agreements were entered into by
the Company and the named executive officers:

Xiaobin Liu

The employment
agreement for Xiaobin Liu to serve as Chief Executive Officer of the Company was renewed on June 1, 2022 with a term of three years. Xiaobin
Liu is also a member of the Board of Directors. Pursuant to the agreement, Mr. Liu’s service shall be compensated in the Company's
shares only under the Company’s equity incentive plan.

Min Li

The employment
agreement for Min Li to serve as Chief Financial Officer of the Company was renewed on January 1, 2025 with a term of one year. Pursuant
to the agreement, Mr. Li shall receive annual cash compensation equal to approximately $18,500 subject to changes in the foreign exchange
rate and market conditions and be compensated in the Company’s shares under the Company’s equity incentive plan.

Naihui Miao

The employment
agreement for Naihui Miao to serve as Chief Operating Officer of the Company was renewed on June 1, 2022 with a term of three years. Mr.
Miao is also a member of the Board of Directors. Pursuant to the agreement, Mr. Miao shall receive annual cash compensation equal to approximately
$18,500 subject to changes in the foreign exchange rate and market conditions, and be compensated in the Company’s shares under
the Company’s equity incentive plan.

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In addition, each of our named
executive officers is entitled to participate in any and all benefit plans from time to time, in effect for employees, along with vacation,
sick and holiday pay in accordance with policies established and in effect from time to time.

Potential payments upon termination
or change-in-control

Assuming the employment of the
Company’s named executive officers was to be terminated without cause or for good reason or in the event of change in control, as
of December 31, 2024, the following individuals would have been entitled to payments in the amounts set forth opposite to their name in
the below table:

    Name 
    Cash Payment
  
    Xiaboin Liu 
    $0 
  
    Min Li 
    $0 
  
    Naihui Miao 
    $0 

Recovery of Erroneously Award