Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 128

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 128
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 participate in our standard employee benefit plan, including
but not limited to retirement plan, life insurance plan, health insurance plan and travel/holiday plan. Mr. Yu will also be entitled
to an annual incentive bonus as determined by the Board of Directors within thirty (30) days of filing of the Company’s annual
reports.

Mr. Yu’s employment
agreement may be terminated by us with or without cause. If we terminate Mr. Yu’s employment agreement without cause, we shall
give Mr. Yu a three-month prior written notice or by payment of three months’ salary in lieu of notice. If, certain events as listed
in the employment agreement occur, we may terminate Mr. Yu’s employment agreement without notice or compensation.

Mr. Yu is also subject
to certain confidentiality and non-competition provisions.

In addition, we have
entered into agreements with all other independent directors whose service has began on November 2, 2023. Pursuant to the agreements,
each director has agreed to attend and participate in such number of meetings of the board and of the committees of which he or she may
become a member as regularly or specially called and will agree to serve as a director for a year and be up for re-election each year
at our annual shareholder meeting. The directors’ services will be compensated by cash under the agreement in an amount determined
by the board.

We have also entered
into indemnification agreements with each of directors and executive officers. Under these agreements, we agree to indemnify them against
certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our
company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or
persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is
against public policy as expressed in the Securities Act and is therefore unenforceable.

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  Table of Contents  

  Employees  

As of September 30,
2024, we had seven full-time employees, six of whom are based in Hong Kong and one of whom is based in Australia. As of September 30,
2023, we had seven full-time employees, six of whom are based in Hong Kong and one of whom is based in Australia. As of September 30,
2022, Globavend HK employed a total number of nine full-time employees in Hong Kong. The following table sets out