Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 151

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 6
Chunk 151
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 date approved by Compensation Committee of the Compa...  

Under PRC laws, we may only
terminate employment agreements without cause and without penalty by providing notice of non-renewal one month prior to the date on which
the employment agreement is scheduled to expire. If we fail to provide this notice or if we wish to terminate an employment agreement
in the absence of cause, then we are obligated to pay the employee one month’s salary for each year we have employed the employee.
We are, however, permitted to terminate an employee for cause without notice or penalty to our Company, where the employee has committed
a crime or the employee’s actions or inactions have resulted in a material adverse effect to us.

Employment Agreements

We have entered into employment
agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time
period. The term will automatically extend for additional 12-month periods unless a party to the agreement terminates it upon 3-months’
notice or proposes to re-negotiate the terms of the employment with the other party within 3 months prior to the expiration of the applicable
term, or unless the employment is terminated earlier pursuant to the terms of the agreement.

Each executive officer has
agreed to hold, both during and after the termination or expiry or her employment agreement, in strict confidence and not to use, except
as required in the performance of his or her duties in connection with the employment or pursuant to the applicable laws, any of our confidential
information or trade secrets, any confidential information or trade secrets of our clients or prospective clients, or the confidential
or proprietary information of any third party received by us and for which we have confidential obligations. The executive officers have
also agreed to disclose in confidence to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice
during the executive officer’s employment with us and to assign all right, title and interest in them to us, and assist us in obtaining
and enforcing patents. Copyrights and other legal rights for these inventions, designs and trade secrets.

In addition, each executive
officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically
for one year following the last date of employment. Specifically, each executive officer has agreed not to (i) solicit from any customer
doing business with us during the effective term of the employment agreement business of the same or of a similar nature