Company: FOXX
Filing Date: 2025-12-01
Form Type: DEF 14A
Source: 0001213900-25-116456
Chunk: 31

Company: Foxx Development Holdings Inc.
Filing Date: 2025-12-01
Form: DEF 14A
Chunk 31
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 doctrine would conflict with any fiduciary duties or contractual obligations they may have as of the date of this Amended and Restated Certificate of Incorporation or in the future, and the Corporation renounces any expectancy that any of the directors or officers of the Corporation will offer any such corporate opportunity of which he or she may become aware to the Corporation, except, the doctrine of corporate opportunity shall apply with respect to any of the directors or officers of the Corporation with respect to a corporate opportunity that was offered to such person solely in his or her capacity as a director or officer of the Corporation and (i) such opportunity is one the Corporation is legally and contractually permitted to undertake and would otherwise be reasonable for the Corporation to pursue and (ii) the director or officer is permitted to refer that opportunity to the Corporation without violating any legal obligation. Reasons for Opportunity Waiver Limitation Amendment On November 22, 2024, Ximena Semensato (the “Plaintiff”) filed Semensato v. Foxx Development Holdings Inc., et al., No. 2024 -1200(Del. Ch. Ct.), a class action complaint (the “Complaint”) in Delaware Chancery Court (the “Court”) against Foxx Development Holdings Inc. (the “Company”) and certain “Individual Defendants” (“Joy” Yi Hua, Haitao Cui, “Jeff” Feng Jiang, “Eva” Yiqing Miao and Edmund R. Miller) (the “Action”). The complaint in the Action alleges, among other things, that Article of the Certificate of Incorporation violates Delaware law because its renunciation of corporate opportunities is impermissibly broad because it is not sufficiently limited to specified business opportunities or specified classes or categories of business opportunities and impermissibly waives fiduciary duties of the Company’s directors and officers. The Company and its directors denied any and all wrongdoing alleged in the Action. However, to avoid the cost and distraction of litigation, the directors of the board of the Company (the “Board”) determined that it was advisable and in the best interests of the Company and its stockholders to amend Article X of the Charter to read as set forth in Annex Bto this proxy statement (the “Amendment”) and to submit the Opportunity Waiver Limitation Amendment to the stockholders of the Company for approval with the recommendation of the Board. 24 Following the Board’s approval of the Opportunity Waiver Limitation Amendment on February 15, 2025, the Opportunity Waiver Limitation