Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, HeartCore Enterprises, Inc. (the "Company") entered
into an Executive Employment Agreement (each, an "Employment Agreement" and
collectively, the "Employment Agreements"), dated as of February 9, 2022, by and
between the Company and each of Qizhi Gao, the Company's Chief Financial
Officer; Kimio Hosaka, the Company's Chief Operating Officer and a member of the
Company's Board of Directors; Keisuke Kuno, the Company's CX Division Vice
President; and Hidekazu Miyata, the Company's Chief Technical Officer. On
January 10, 2023, the Company entered into Amendment No. 1 to each of the
Employment Agreements (each, an "Amendment" and collectively, the "Amendments").
Pursuant to the terms of each of the Amendments, the executives' annual base
salaries were increased as follows, effective January 1, 2023:
Executive Prior Base Salary New Base Salary
Qizhi Gao $ 54,012 $ 120,222
Kimio Hosaka $ 95,459 $ 164,770
Keisuke Kuno $ 109,100 $ 152,308
Hidekazu Miyata $ 75,600 $ 112,616
Except as set forth in each Amendment, each of the Employment Agreements remains
in full force and effect.
The foregoing description of each of the Amendments is qualified in its entirety
by reference to each of the Amendments, copies of which will be filed with the
Company's next periodic report.
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