Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 122

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 6
Chunk 122
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 the principle of fully funded
defined contributions into a privately managed plan fund contributed by employers and employees managed as a trust, which compartmentalizes
fund assets from those of the manager. Investment decisions are delegated to a trustee in the private sector.

FIL,
our Operating Subsidiary in Hong Kong, implemented an MPF with a major international assurance company to provide retirement benefits
for its employees. All permanent full-time employees are eligible to join the MPF. Eligible employees of the MPF and the employer’s
contributions to the MPF are each at 5% of the eligible employee’s monthly salary and are subject to a maximum mandatory contribution
of HKD1,500 (US$192) monthly.

Pursuant
to the relevant PRC regulations, the Group is required to make contributions for each employee, at rates based upon the employee’s
standard salary base as determined by the local social security bureau, to a defined contribution retirement scheme organized by the local
social security bureau in respect of the retirement benefits for FPPF’s employees in the PRC.

The contributions
to the MPF are recognized as employee benefit expense when they are due and are charged to the consolidated statement of income (loss).
The total contributions to the MPF of our Operating Subsidiaries in Hong Kong for the fiscal years ended December 31, 2024, 2023 and 2022
amounted to approximately HKD63,830, HKD61,000 and HKD79,000, respectively. FIL has no other obligation to make payments in respect
of retirement benefits of the employees.

Directors’ Agreements

Each of our directors has entered
into a Director’s Agreement with the Company effective as of December 12, 2024 (the “ Effective Date”). The terms and conditions
of each such Director’s Agreement are similar in all material aspects. Each Director’s Agreement is for an initial term of
one year and will continue until the director’s successor is duly elected and qualified. Each director will be up for re-election
each year at the annual shareholders’ meeting and, upon re-election, the terms, and provisions of his or her Director’s Agreement
will remain in full force and effect. Any Director’s Agreement may be terminated for any or no reason by the director or at a meeting
called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company’s issued and outstanding Ordinary
Shares entitled to vote.

  75  

Under the