Company: EUDAW
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001641172-25-006627
Chunk: 68

Company: EUDA Health Holdings Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 68
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 to Dr. Kelvin Chen 850,306 restricted ordinary shares of the Company in full satisfaction
of Dr. Kelvin Chen’s claim for an aggregate amount of $850,306 (or approximately S$1,136,264.06) provided to KRHSG from time to
time since inception. On May 16, 2023, the Company issued to Mr. Chen an aggregate of 850,306 restricted ordinary shares pursuant to
this Settlement Agreement. In order to comply with Nasdaq’s shareholder approval requirement
for issuance of stock to an executive officer of a company pursuant to Nasdaq Listing Rule 5635(c), EUDA, KRHSG and Dr. Chen amended
the Chen Settlement Agreement by entering into a Supplemental Agreement (the “ Supplemental Agreement”) on June 6, 2023, so
that the shares issued to Dr. Chen would be issued at a per share price not less than the closing bid price of $1.47 per share on May
15, 2023, the day prior to the execution of the Chen Settlement Agreement. Pursuant to the Supplemental Agreement, Dr. Chen has agreed
to release and discharge KRHSG of all claims in return for 578,439 ordinary shares at $1.47 per share, the closing bid price of EUDA
ordinary shares on May 15, 2023. Dr. Chen forfeited and surrendered 271,867 ordinary shares of the 850,306 ordinary shares issued to
him on May 16, 2023.

  46  

Settlement
Agreements with Former Executive Officers and Executive Director - March 2024

On
March 15, 2024, the Company and Dr. Kelvin Chen, the Company’s former Chief Executive Officer, entered into a Settlement
Agreement (the “ Chen Settlement Agreement”) pursuant to which the Company has agreed to issue 166,653 restricted
ordinary shares to Mr. Chen (based on the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of
$212,483.96 of salaries and other compensation owed to Mr. Chen as of December 31, 2023.

On
March 15, 2024, the Company and Steven Sobak, the Company’s former Chief Financial Officer, entered into a Settlement
Agreement (the “ Sobak Settlement Agreement”) pursuant to which the Company has agreed to issue 75,059 restricted
ordinary shares to Mr. Sob