Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 565

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 565
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 of Directors, subject to applicable laws, and will depend on then-existing conditions, including our financial
condition, operating results, contractual restrictions, capital requirements, business prospects and other factors our Board of Directors
may deem relevant.

In
addition, our ability to pay cash dividends on our capital stock in the future may be limited by the terms of any future debt, issued
preferred securities, or any credit facility agreements. 

Securities
Authorized for Issuance under Equity Compensation Plans

Pursuant
to the Business Combination Agreement, the board of directors of Purchaser, and ACAC, as the sole stockholder of Purchaser, adopted and
approved a 2024 Equity Incentive Plan (the “Incentive Plan”), which became effective upon the Closing.

The
Incentive Plan is administered by the plan administrator, who is our Board of Directors or a committee that the Board designates. The
plan administrator has the power to determine, among other things, the terms of the awards granted under the Incentive Plan, including
the exercise price, the number of shares subject to each award (and the class of shares), and the exercisability and vesting terms of
the awards, subject to the terms of the Incentive Plan. The plan administrator also has the power to determine the persons to whom and
the time or times at which awards will be made and to make all other determinations and take all other actions advisable for the administration
of the Incentive Plan. All decisions made by the administrator pursuant to the provisions of the Incentive Plan will be final, conclusive,
and binding.

A
total number of shares of Common Stock equal to 20% of the outstanding shares of our Common Stock at the Closing, will be available for
grant under the Incentive Plan. As of the date of this Annual Report, 1,454,019 shares  of our Common Stock became authorized for
issuance under the Incentive Plan.

Recent
Sales of Unregistered Securities

None.

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM
6. [Reserved]

17

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis of our results of operations and financial condition should be read together with our consolidated
financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. This discussion