Galaxy Holdings
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Name: Michael Yuan
Title: General Manager
Date:
Executive:
Date:
This Executive Employment Agreement (the “Agreement”) is entered into as of by and between Galaxy Holdings, a TX LLC located at (the “Company”), and , residing at (the “Executive”).
The Company employs the Executive as , reporting to . The Executive will have the duties, authority, and responsibilities customarily associated with this position and such other duties consistent with the position as may reasonably be assigned. The Executive will devote substantially all of his or her business time and attention to the affairs of the Company and will perform his or her duties faithfully, diligently, and in the Company’s best interests.
The Executive’s employment under this Agreement begins on and continues for an initial term of year(s), after which it will renew automatically for successive one-year terms unless either party gives written notice of non-renewal at least sixty (60) days before the end of the then-current term. Notwithstanding the term, the Executive’s employment remains at will and may be terminated as provided in Section 7.
The Company will pay the Executive an annualized base salary of , less applicable withholdings, payable in accordance with the Company’s regular payroll practices. The base salary will be reviewed at least annually by the board of directors or its compensation committee.
For each fiscal year, the Executive will be eligible to earn an annual performance bonus with a target of of base salary, based on the achievement of individual and Company performance objectives established by the board or its compensation committee. Except as provided in Section 8, the Executive must be employed on the bonus payment date to earn and receive any bonus.
Subject to approval by the board and the terms of the Company’s equity incentive plan and the applicable grant agreement, the Executive will receive an equity award of , subject to the vesting schedule and other terms set forth in the governing plan and grant documents.
The Executive is entitled to participate in all benefit plans and programs generally made available to senior executives of the Company, subject to plan terms and eligibility. The Executive will be entitled to of paid time off per year and to reimbursement of reasonable, documented business expenses in accordance with Company policy.
The Executive’s employment may be terminated as follows:
If the Company terminates the Executive without Cause, or the Executive resigns for Good Reason, then, subject to the Executive’s execution and non-revocation of a general release of claims and continued compliance with Sections 9–11, the Company will pay the Executive severance equal to month(s) of base salary, paid in accordance with the Company’s regular payroll over that period, plus continuation of group health coverage premiums for the same period to the extent permitted by the applicable plan. No severance is payable upon termination for Cause, resignation without Good Reason, death, or Disability, except as required by law.
The Executive will hold in strict confidence and will not use or disclose, except in the proper performance of duties, any confidential or proprietary information of the Company, including trade secrets, business plans, customer and supplier information, financial data, and technical information. This obligation survives termination of employment indefinitely as to trade secrets and for so long as the information remains confidential.
During employment and for month(s) after termination, the Executive will not, directly or indirectly, (a) solicit or induce any employee or contractor of the Company to terminate their relationship with the Company, or (b) solicit any customer or client of the Company with whom the Executive had material contact, for the purpose of providing competing products or services.
The Executive agrees that all inventions, works of authorship, and other intellectual property conceived or developed in the course of employment and relating to the Company’s business are the sole property of the Company, and the Executive hereby assigns all right, title, and interest in such inventions to the Company, subject to any rights reserved to the Executive under applicable state law.
This Agreement is governed by the laws of the State of TX, without regard to its conflict-of-laws principles. The enforceability of the restrictive covenants in Sections 9–11 will be determined under applicable state law, and a court may modify any provision found to be overbroad to the extent necessary to make it enforceable. This Agreement constitutes the entire agreement between the parties on its subject matter and supersedes all prior agreements. It may be amended only by a writing signed by both parties.
Name: Michael Yuan
Title: General Manager
Date:
Date: