Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 117

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 117
---
 February 2024, and ChimeTV since June 2023. Previously, Mr. Chiang also served on the board of Aegis
Systems from January 2019 until early 2021 and Zeuss Technologies from January 2019 to March 2021. Before his service in the private
sector, Mr. Chiang spent two decades as a state elected official. From 2015 to 2019, Mr. Chiang served as the State Treasurer of California.
In his role, he oversaw trillions of dollars in annual transactions, managed a $75 billion investment portfolio and was the nation’s
largest issuer of municipal bonds. From 2007 to 2015, he served for two terms as the State Controller of California, overseeing the state’s
payroll system and the accounting and disbursements of public funds. From 1999 to 2006, Mr. Chiang served as an elected member of the
California Board of Equalization, the state tax authority, including as its chair for three years. Before his election to state-wide
offices, Mr. Chiang began his career as a tax law specialist for the Internal Revenue Service. He then worked as an attorney for then-California
State Controller Gray Davis and also served on the staff of U.S. Senator Barbara Boxer. Mr. Chiang received his Bachelor of Science degree
with honors in finance from the University of South Florida and his Juris Doctor degree from Georgetown University Law Center.

32

Director
Independence

Nasdaq listing standards require that a majority of our Board of Directors
be independent. An “independent director” is defined generally as a person other than an officer or employee of the company
or its subsidiaries or any other individual having a relationship which in the opinion of the Company’s Board of Directors, would
interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. Our Board of
Directors has determined that determined that each of Ms. Miao, Mr. Miller and Mr. Chiang qualifies as “independent”
as defined under the applicable Nasdaq rules, and the Board of Directors consist of a majority of “independent directors,”
as defined under the rules of the SEC and Nasdaq relating to director independence requirements. In addition, we are subject to the rules
of the SEC and Nasdaq relating to the membership, qualifications and operations of the audit committee, as discussed below.

Committees
of the