Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 193

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 193
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 paid in settlement and reasonably
incurred in connection with legal, administrative or investigative proceedings for any person who:

  is or was a party or is                                                                                                                       

  is or was, at our request,                                                                                                          

These
indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal
proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

This
standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. 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 advised that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.

Anti-takeover
provisions in our Memorandum and Articles of Association

Some
provisions of our Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company or management
that shareholders may consider favorable. However, under BVI law, our directors may only exercise the rights and powers granted to them
under our Memorandum and Articles of Association, as amended and restated from time to time, as they believe in good faith to be in the
best interests of our company.

Directors’
fiduciary duties

Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction.

The
duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must
not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best
interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis,
in good faith and in the honest belief that the action taken