Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 49

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 6
Chunk 49
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.  

Terms of Directors and Officers

Our directors are elected
by and serve at the discretion of the board. Each director is not subject to a term of office and holds office until such time as his
successor takes office or until the earlier of his death, resignation or removal from office by ordinary resolution or the affirmative
vote of a simple majority of the other directors present and voting at a board meeting.

6. D. Employees

We
had 18 employees as of March 31, 2025. We enter into
individual employment contracts with selected employees to cover matters including non-competition and confidentiality arrangements. We
generally formulate our employees’ remuneration package to include salary and benefits. We provide our employees with social security
benefits in accordance with all applicable regulations and internal policies. None of our employees
are represented by labor unions. We believe that we maintain a good working relationship with our employees and we have not experienced
any significant labor disputes.

6. E. Share Ownership

Except as specifically noted, the following table
sets forth information with respect to the beneficial ownership of our Class A Ordinary Shares as of the date of this annual report by:

  each of our directors and executive officers; and  

  each person known to us to beneficially own more than 5% of our Class A Ordinary Shares on an as-converted basis.  

The calculations in the table below are based
on 27,068,205 Class A Ordinary Shares and 10,000,000 Class B Ordinary Shares issued and outstanding as of the date of this annual report.
Each Class B Ordinary Share is entitled to fifty (50) votes, whereas each Class A Ordinary Share is entitled to one (1) vote.

Beneficial ownership is determined in accordance
with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership
of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any
option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of
the percentage ownership of any other person.

                                                                  Class A Ordinary Shares                                                                                  
                                                                  Beneficially Owned                                                                                       
                                                                  Number                                                                                                   
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Directors and Executive Officers:                                                                                                                                        
  Junli Yang, Director (Chairwoman)(1)(