Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 392

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1B
Chunk 392
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 Board;

    ●
    recommending to the Board
    the nominees for election to the Board at annual meetings of shareholders;

    ●
    overseeing an evaluation
    of the Board and its committees; and

    ●
    developing and recommending
    to the Board a set of corporate governance guidelines. We believe that the composition and functioning of nominating and corporate
    governance committee meets the requirements for independence under the current Nasdaq Stock Market listing standards.

The
Board may from time to time establish such other committees.

Compensation
Committee Interlocks and Insider Participation

None of the executive officers currently serves, or has served during
the last year, as a member of the Board of Directors or compensation committee of any entity, that has one or more executive officers
who are expected to serve as a member of the Board.

Related
Person Transaction Policy 

We
have adopted a written Related Person Transactions Policy that set forth our policies and procedures regarding the identification, review,
consideration and oversight of “related person transactions.” Our audit committee approves only those transactions that it
determines are fair to us and in our best interests.

34

A
“Related Person Transaction” is a transaction, arrangement or relationship in which we or any of our subsidiaries was, is
or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have a direct
or indirect material interest. A “Related Person” means:

    ●
    any person who is, or at
    any time during the applicable period was, one of our executive officers or a member of the Board;

    ●
    any person who is known
    by us to be the beneficial owner of more than 5% of our voting stock;

    ●
    any immediate family member
    of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law,
    daughter-in-law, brother-in-law or sister-in-law of a director, officer or a beneficial owner of more than 5% of our voting
    stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer or beneficial owner
    of more than 5% of our voting stock; and

    ●
    any firm, corporation or
    other entity in which any of the foregoing persons is a partner or principal or in a similar position