Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 145

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 145
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oval of Directors.
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the
approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under
our Articles, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution
of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he
has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period
in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision.
Under our Articles, a director’s office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against
him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office
by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive
meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed
from office pursuant to the laws of the Cayman Islands or any other provisions of our Memorandum and Articles.

Transactions with
Interested Shareholders. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations
whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation,
it is prohibited from engaging in certain business combinations with an “interested shareholder” for three years following
the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which
owns or owned 15% or more of the target’s outstanding voting share within the past three years. This has the effect of limiting
the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The
statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board
of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder.
This encourages any potential acquirer of a Delaware corporation to negotiate the terms of