Document:

Exhibit 10.1_OfferLetter_RuthP

	
		
	Ms. Ruth Porat
	March 20, 2015

Dear Ruth,

On behalf of Google Inc., I am pleased to offer you the exempt position of Senior Vice President and Chief Financial Officer.  You will receive an annual salary of $650,000, which will be paid biweekly, is subject to applicable payroll deductions and tax withholdings and is subject to periodic review.

Google will pay you a one-time Sign-On Bonus of Five Million Dollars ($5,000,000), less applicable deductions and tax withholding, within thirty (30) days following your start date at Google.  Should your employment with Google end within your first twelve (12) months of employment, you agree to repay the Sign-On Bonus on a pro-rated basis.  We encourage you to consult a tax professional for information on all current IRS reporting requirements.  You are not eligible for a regular annual bonus.

Subject to, and upon, approval by Google’s Board of Directors (or its authorized delegee), you will be granted the following equity:

The first grant will be Twenty Five Million Dollars ($25,000,000) of Google Stock Units (GSUs).  The specific number of GSUs granted to you will be determined by dividing $25,000,000 by the closing price of Google Class C shares on the Tuesday immediately preceding the grant date, rounded up to the nearest full GSU.  It is intended that this grant will be made on the first Wednesday of the calendar month immediately following the month in which your hire date occurs.  This grant will first vest 1/5th on December 25, 2015.  Thereafter, this grant will vest 1/10th on the 25th day of each subsequent March, June, September and December, until the grant is fully vested on December 25, 2017.  At the time of vest, the vested number of GSUs will convert to Google Class C shares, less applicable deductions and tax withholding.  If the US financial markets are closed on a vesting date, shares will vest on the next trading day.

The second grant will be Forty Million Dollars ($40,000,000) of GSUs.  The specific number of GSUs granted to you will be determined by dividing $40,000,000 by the closing price of Google Class C shares on the Tuesday immediately preceding the grant date, rounded up to the nearest full GSU.  We intend to make this grant early in 2016 with 1/16th vesting each quarter from 2016-2019.  The exact 2016 grant date and the vesting date are still being determined.  At the time of vest, the vested number of GSUs will convert to Google Class C shares, less applicable deductions and tax withholding.  If the US financial markets are closed on a vesting date, shares will vest on the next trading day.

These proposed awards and any future equity awards are contingent and issued only upon approval by Google’s Board of Directors, and are subject to the terms and conditions of applicable plan documents and award agreements.  In addition, a grant of, and vesting in, GSUs is contingent on continued employment on the applicable grant and/or vesting dates, as applicable.  Further details on the GSUs will be available to you shortly after your start date.  Please be aware that this program and subsequent processes could be changed at any time, at the discretion of Google’s Board of Directors.

To assist you with some of the costs associated with your move, Google will provide you with reimbursement for specified moving expenses as subject to our SVP relocation policy.  See enclosed “Relocation Summary”.  In order to receive this relocation benefit, you will be required to work with a third party vendor provider designated by Google to assist in employee moves.  In addition, within thirty (30) days following your start date at Google, Google will pay you a one-time Miscellaneous Relocation Allowance of $7,500, less applicable deductions and tax withholding.  These relocation benefits, including for the avoidance of doubt, the Miscellaneous Relocation Allowance, will be contingent on your move.  If you do not relocate, you will be required to repay all relocation expenses paid or reimbursed by Google, including for the avoidance of doubt, the Miscellaneous Relocation Allowance.  Following your relocation, should you terminate your employment with Google within the first twelve months of your relocation date, you will be required to repay all relocation expenses paid or reimbursed by Google, including for the avoidance of doubt, the Miscellaneous Relocation Allowance, on a pro-rated basis.  We encourage you to consult a tax professional for information regarding all current tax reporting requirements related to these benefits.

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In addition, as a regular full-time employee you will be eligible for various benefits offered to similarly-situated Google employees in accordance with the terms of Google’s policies and benefit plans.  Among other things, these benefits currently include medical and dental insurance, life insurance, and a 401(k) retirement plan.  You will be automatically enrolled in the pre-tax 401(k) plan at 10% of your eligible compensation into the Vanguard Target Retirement Trust, which is a portfolio of stocks and bonds that gradually becomes more conservative as your year of retirement approaches.  You will be able to change your deferral amount and fund allocation upon your hire.  The eligibility requirements and other information regarding these benefits are set forth in more detailed documents that are available from Google.  With the exception of the “employment at-will” policy discussed herein, Google may, from time to time in its sole discretion, modify or eliminate its policies and the benefits offered to employees.

You are being offered employment at Google based on your personal skills and experience, and not due to your knowledge of any confidential, proprietary or trade secret information of a prior or current employer or an entity.  Should you accept this offer, we do not want you to make use of or disclose any such information or to retain or disclose any materials from a prior or current employer.  Likewise, as an employee of Google, it is likely that you will become knowledgeable about confidential, trade secret and/or proprietary information related to the operations, products and services of Google and its clients.  To protect the interests of both Google and its clients, all employees are required to read and sign the enclosed At Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement as a condition of employment with Google.  This Agreement, which provides for arbitration of all disputes arising out of your employment, is enclosed for your review; you will be required to sign it on your first day of employment.

Google has a strict policy against insider trading, which prohibits, among other things, employees, contractors and temporary workers from trading Google stock during certain time periods and engaging in any derivative transactions in Google stock.  It will be your responsibility to educate yourself regarding Google's insider trading policies and to ensure you are in full compliance.

Please understand that this letter does not constitute a contract of employment for any specific period of time, but will create an ''employment at-will'' relationship.  This means that the employment relationship may be terminated with or without cause and with or without notice at any time by you or Google.  No individual other than the Chief Executive Officer of Google has the authority to enter into any agreement for employment for a specified period of time or to make any agreement or representation contrary to Google’s policy of employment at-will.  Any such agreement or representation must be in writing and must be signed by the Chief Executive Officer.  Your signature at the end of this letter confirms that no promises or agreements that are contrary to our at-will relationship have been committed to you during any of your pre-employment discussions with Google, and that this letter, along with the At Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement and Relocation Summary, contain our complete agreement regarding the terms and conditions of your employment.

New hire orientation is held every Monday (or Tuesday if Monday is a holiday).  The number of spaces in each session is limited; please let me know an available start date that works for you. 

This offer and your employment are contingent upon satisfactory results from your background check and reference checks.  To indicate your acceptance of Google's offer, please sign and date the offer letter copy and return in the enclosed envelope.  A duplicate original is enclosed for your record.  You will receive an email regarding your new hire orientation 5 days prior to your start date. In order for Google to comply with the Immigration Reform and Control Act, your employment with Google is contingent on your eligibility to work in the United States.  Accordingly, please bring appropriate verification or authorization to work in the United States (e.g., US Passport or Driver's License and Social Security Card) on your first day. 

Ruth, please let us know if you have any questions or concerns related to this offer of employment at Google.

Sincerely,

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Laszlo Bock
SVP People Operations 
Google Inc. 

Enclosures

	
			
	 
	 
	 

	Ruth Porat
	 
	Date

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Exhibit 10.31

 

EMPLOYMENT AGREEMENT (YA MING WONG)

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of this 25th day of March, 2015, to be effective as of November 10, 2014 (the “Effective Date”), by and between Nova Lifestyle Inc., a Nevada corporation (the “Company”), and Ya Ming Wong (the “Executive”).

WITNESSETH:

WHEREAS, the parties previously entered into that certain Employment Agreement dated as of November 7, 2013, which expired pursuant to the terms thereof; and

WHEREAS, the parties desire to enter into this Agreement setting forth and ratifying the current terms and conditions of the employment relationship between the Executive and the Company.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1. EMPLOYMENT.

1.1 Agreement to Employ. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of this Agreement, as an officer and employee of the Company.

1.2 Duties and Schedule. Executive shall serve as the Company’s Chief Executive Officer, the Company’s highest ranking officer, and be responsible for management of the entire Company. The Executive shall report directly to the Company’s Board of Directors (the “Board”) and shall have such responsibilities as designated by the Board to the extent that such responsibilities are not inconsistent with all applicable laws, regulations and rules. Executive shall devote his best efforts and all of his business time to his position with the Company and shall have no other employment with a third party during the Term.

 

2. TERM OF EMPLOYMENT. Unless Executive’s employment shall sooner terminate pursuant to Section 4, the Company shall employ Executive for a one-year term commencing on the Effective Date (the “Term”), which Term shall be renewable upon mutual agreement of the Company and the Executive, as approved by the Board.

 

3. COMPENSATION.

 

3.1  Salary. Executive’s salary during the Term shall be $100,000 per year (the “Salary”), payable monthly.

 

3.2 Bonus. At the sole discretion of the Board, or any committee duly designated by the Board and authorized to act thereto, the Executive shall be eligible for an annual cash bonus.

 

3.3 Restricted Stock Unit Award. The Company hereby grants an award of 46,403 Restricted Stock Units (“RSU”) to Executive.  The Company and Executive hereby acknowledge and agree that the fair value of the 46,403 shares of RSU was $200,000, which was calculated based on the stock price of $4.31 per share on October 27, 2014, the date the awards were determined by the Compensation Committee of the Board.  The RSU grants shall vest in accordance with the following schedule: 25% on March 30, 2015, 25% on June 30, 2015, 25% on September 30, 2015 and 25% on December 31, 2015.

3.4 Vacation. Executive shall be entitled to 8 days of paid vacation per year. In the event that Executive remains employed by the Company 3 years past the end of the Term, Executive shall be entitled to 12 days of paid vacation.

 

3.5 Business Expenses. Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive; provided that they are incurred and approved in writing in accordance with the Company’s expense policy.

 

  

  

  

 

4. TERMINATION.

 

4.1 Death. This Agreement shall terminate immediately upon the death of Executive and Executive’s estate or Executive’s legal representative, as the case may be, shall be entitled to Executive’s accrued and unpaid Salary and vacation as of the date of Executive’s death, plus all other compensation and benefits that were vested through the date of Executive’s death.

 

4.2 Disability. In the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled to (a) accrued and unpaid Salary and vacation through the first date that a Disability is determined; and (b) all other compensation and benefits that were vested through the first date that a Disability has been determined.

 

4.3 Termination by Company for Cause.  The Company may terminate the Executive for Cause without notice and such termination shall take effect upon the receipt by Executive of the Notice of Termination. Upon the effective date of the termination for Cause, Executive shall be solely entitled to accrued and unpaid Salary through such effective date.

 

4.4 Voluntary Termination by Executive. The Executive may voluntarily terminate his employment for any reason and such termination shall take effect 30 days after the receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall be entitled to (a) accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits that were vested through such termination date.  In the event Executive is terminated without notice, it shall be deemed a termination by the Company for Cause.

 

4.5 Notice of Termination. Any termination of the employment by the Company or the Executive shall be communicated by a notice in accordance with Section 8.4 of this Agreement (the “Notice of Termination”).   Such notice shall (a) indicate the specific termination provision in this Agreement relied upon and (b) if the termination is for Cause, the date on which the Executive’s employment is to be terminated.

 

4.6 Severance. The Executive shall not be entitled to severance payments upon any termination provided in Section 4 herein.

 

5. EMPLOYEE’S REPRESENTATION. The Executive represents and warrants to the Company that: (a) he is subject to no contractual, fiduciary or other obligation which may affect the performance of his duties under this Agreement; (b) he has terminated, in accordance with their terms, any contractual obligation which may affect his performance under this Agreement; and (c) his employment with the Company will not require him to use or disclose proprietary or confidential information of any other person or entity.

 

6. CONFIDENTIAL INFORMATION Except as permitted or directed by the Board of Directors of the Company in writing, during the time the Executive is employed by the Company or at any time thereafter, the Executive shall not use for his personal purposes nor divulge, furnish, or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential or secret information or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information encompassed by this Section 6 includes, but is not limited to, the Company’s customer and supplier lists, business plans, software, systems, and financial, marketing, and personnel information. The Executive agrees to refrain from any acts or omissions that would reduce the value of any confidential or secret knowledge or information to the Company, both during his employment hereunder and at any time after the termination of his employment. The Executive’s obligations of confidentiality under this Section 6 shall not apply to any knowledge or information that is now published publicly or that subsequently becomes generally publicly known, other than as a direct or indirect result of a breach of this Agreement by the Executive.

 

7. NON-COMPETITION: NON-SOLICITATION; INVENTIONS.

 

7.1 Non-Competition.  During the employment of the Executive under this Agreement and for a period of six (6) months after termination of such employment, the Executive shall not at any time compete on his own behalf, or on behalf of any other person or entity, with the Company or any of its affiliates within all territories in which the Company does business with respect to the business of the Company or any of its affiliates as such business shall be conducted on the date hereof or during the employment of the Executive under this Agreement. The ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise shall not constitute a violation hereof.

 

7.2 Non-Solicitation.  During the employment of the Executive under this Agreement and thereafter Executive shall not at any time (i) solicit or induce, on his own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates; or (ii) solicit or induce, on his own behalf or on behalf of any other person or entity, any customer or Prospective Customer of the Company or any of their respective affiliates to reduce its business with the Company or any of its affiliates. For the purposes of this Agreement, “Prospective Customer” shall mean any individual, corporation, trust or other business entity which has either (a) entered into a nondisclosure agreement with the Company or any Company subsidiary or affiliate or (b) has within the preceding 12 months received a currently pending and not rejected written proposal in reasonable detail from the Company or any of the Company’s subsidiary or affiliate.

 

  

  

  

 

7.3 Inventions and Patents. The Company shall be entitled to the sole benefit and exclusive ownership of any inventions or improvements in products, processes, or other things that may be made or discovered by Executive while he is in the service of the Company, and all patents for the same. During the Term, Executive shall do all acts necessary or required by the Company to give effect to this section and, following the Term, Executive shall do all acts reasonably necessary or required by the Company to give effect to this section.  In all cases, the Company shall pay all costs and fees associated with such acts by Executive.

 

7.4 Return of Property.  The Executive agrees that all property in the Executive’s possession that he obtains or is assigned in the course of his employment with the Company, including, without limitation, all documents, reports, manuals, memoranda, customer lists, credit cards, keys, access cards, and all other property relating in any way to the business of the Company, is the exclusive property of the Company, even if the Executive authored, created, or assisted in authoring or creating such property. The Executive shall return to the Company all such property immediately upon termination of employment or at such earlier time as the Company may request.

 

7.5 Court Ordered Revisions. If any portion of this Section 7 is found by a court of competent jurisdiction to be invalid or unenforceable, but would be valid and enforceable if modified, this Section 7 shall apply with such modifications necessary to make this Section 7 valid and enforceable.  Any portion of this Section 7 not required to be so modified shall remain in full force and effect and not be affected thereby.

 

7.6 Specific Performance. The Executive acknowledges that the remedy at law for any breach of any of the provisions of Section 7 will be inadequate, and that the Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent injunctive relief and specific performance.

 

8. MISCELLANEOUS.

 

8.1 Indemnification.  The Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Executive harmless from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, Executive’s employment by the Company, other than any such Losses incurred as a result of Executive’s negligence or willful misconduct.  The Company shall, or shall cause a subsidiary thereof to, advance to Executive any expenses, including attorney’s fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law.  Such costs and expenses incurred by Executive in defense of any such proceeding shall be paid by the Company or applicable subsidiary in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that Executive is not entitled to be indemnified by the Company or any subsidiary thereof.  The Company will provide Executive with coverage under all directors and officers liability insurance policies that it has in effect during the Term, with no deductible to Executive.

 

 

 8.2 Applicable Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of New York, applied without reference to principles of conflict of laws.

 

8.3 Amendments. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors or legal representatives.

 

8.4 Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party, by an international mail courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

Ya Ming Wong

c/o Nova Lifestyle, Inc.

6565 East Washington Blvd.

Commerce, CA 90040

 

  

  

  

With a copy to (which shall not constitute a notice):

If to the Company:

6565 East Washington Blvd.

Commerce, CA 90040

Attn:  Board of Directors

With a copy to (which shall not constitute notice):

McKenna Long & Aldridge LLP

303 Peachtree St. NE, Suite 5300

Atlanta, GA 30308

Or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when delivered to the addressee.

8.5 Withholding. The Company may withhold from any amounts payable under the Agreement, such federal, state and local income, unemployment, social security and similar employment related taxes and similar employment related withholdings as shall be required to be withheld pursuant to any applicable law or regulation.

 

8.6 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and any such provision which is not valid or enforceable in whole shall be enforced to the maximum extent permitted by law.

 

8.7 Captions. The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

8.8 Entire Agreement. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto, including, without limitation, that certain Employment Agreement dated as of November 7, 2013, by and between the Company and Executive.

 

8.9 Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s employment hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

8.10 Waiver. Either Party's failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

8.11 Successors.  This Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive. This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

8.12 Joint Efforts/Counterparts. Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely against any party.  This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

8.13 Representation by Counsel.   Each Party hereby represents that it has had the opportunity to be represented by legal counsel of its choice in connection with the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

	
EMPLOYEE:

 

 

 

/s/ Ya Ming Wong                                

 Ya Ming Wong

	  	
NOVA LIFESTYLE, INC.

 

 

 

/s/ Thanh H. Lam                                

Thanh H. Lam

President

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