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Lite Strategy, Inc. (NASDAQ:LITS) announced Tuesday that it has entered into a new employment agreement with Justin J. File, formalizing his role as Chief Executive Officer. The agreement, effective as of November 14, 2025, was finalized on December 23, 2025, according to a statement based on a recent SEC filing.
Mr. File, who also continues to serve as Chief Financial Officer and Secretary, will receive a base salary of $575,000, effective October 1, 2025. The agreement includes a target annual bonus opportunity equal to 50% of his base salary, applicable for the fiscal year beginning July 1, 2025. Mr. File remains eligible for participation in the company’s health, retirement, and other benefit plans, as well as for future equity awards under Lite Strategy’s compensation plan.
The employment agreement continues indefinitely until terminated by either Mr. File or the company. If Mr. File’s employment is terminated by the company without cause, by Mr. File for good reason, or due to his death or disability, he will be eligible for severance benefits. These include a lump sum payment equal to 12 months of his base salary, a pro-rata target annual bonus for the year of termination, up to 12 months of COBRA health coverage reimbursements, and accelerated vesting of stock options equivalent to 12 months of continued employment.
The agreement also stipulates that if Mr. File is terminated without cause in the three months prior to a change in control at the request of the other party to the transaction, or if terminated without cause or for good reason within two years following a change in control, all of his outstanding stock options will fully vest.
In connection with the employment agreement, Mr. File entered into a new Employee Proprietary Information and Inventions Agreement on December 23, 2025, replacing a prior agreement dated June 9, 2023.
This information is based on a company statement contained in a recent SEC filing.
In other recent news, Lite Strategy, Inc. has made significant announcements that may interest investors. The company appointed Justin J. File as its permanent Chief Executive Officer and a member of the board. Mr. File had been serving as Acting CEO since July 2024 and will continue his roles as Chief Financial Officer and Secretary alongside his new responsibilities. Additionally, Lite Strategy has become the first U.S. publicly traded company to hold Litecoin as its primary reserve asset, having acquired 929,548 Litecoin tokens. This move follows a $100 million PIPE offering completed in July 2025. The company also announced a $25 million share repurchase program, authorized by its Board of Directors. This program will enable Lite Strategy to buy back shares through open market or negotiated transactions, aiming to enhance stockholder value. The company’s recent rebranding from MEI Pharma to Lite Strategy reflects its new digital asset treasury strategy.
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