Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 127

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 127
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 A director
of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need
not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or
her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required
skill and care and these authorities are likely to be followed in the Cayman Islands.

Employment Agreements and Indemnification
Agreements

We have executed the
following employment agreements with our named executive officers. The material terms of each of those arrangements are summarized below.

Under our employment
agreement dated July 1, 2023 with our Chief Executive Officer, Mr. Yau, effective on July 1, 2023, we agreed that, for the initial term
of 3 years renewed automatically for another 3 years, unless terminated earlier in accordance with its terms, we will pay Mr. Yau an
annual cash compensation of $10,000, subject to annual review and adjustment. If we maintain a share incentive plan, Mr. Yau will be
eligible to participate in such plan. In addition, Mr. Yau is also eligible to 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. Yau’s employment
agreement may be terminated by us with or without cause. If we terminate Mr. Yau’s employment agreement without cause, we shall
give Mr. Yau 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. Yau’s employment agreement without notice or compensation.

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

Under our employment
agreement dated August 7, 2023 with our Chief Financial Officer, Mr. Yu, effective on 2 November 2023, we agreed that, for the initial
term of 3 years renewed automatically for another 3 years, unless terminated earlier in accordance with its terms, we will pay Mr. Yu
an annual cash compensation of $10,000, subject to annual review and adjustment. If we maintain a share incentive plan, Mr. Yu will be
eligible to participate in such plan. In addition, Mr. Yu is also eligible to