Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 33

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 33
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096 

Conversion of convertible promissory notes
into common stock

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 1,696,668 common stock to the Old Foxx convertible
notes holders (See Note 13).

20

Equity incentive plan  

On September 24, 2024, pursuant
to the Equity Incentive Plan (the “EIP”), 1,454,019 shares of common stock, par value $0.0001 per share, of the Company were
set aside and reserved for issuance of certain stock option award and certain restricted shares to certain of the Company’s employees
and consultants. The EIP has a 4-year vesting schedule, of which, 25% will be vested after year 1 with the 1/16th of these shares will
vest each quarter thereafter on the same day of the month as the grant date. The vesting of each RSU is subject to the employee’s
continued employment and the consultant’s continued engagement through applicable vesting dates.

On November 5, 2024, the
Company granted 707,860 restricted stock units (“RSUs”) to its employees, consultants, and independent directors under its
EIP. These shares have a 4-year vesting schedule of which 25% will be vested after year 1 with the 1/16th of these shares will vest each
quarter thereafter on the same day of the month as the grant date. The vesting of each RSU is subject to the employee’s continued
employment and the consultant’s continued engagement through applicable vesting dates.

On January 22, 2025, the Company granted 19,149 RSUs to one of its
independent directors pursuant to the EIP. These shares have a 4-year vesting schedule, of which 25% will be vested after year 1 with
the 1/16th of these shares will vest each quarter thereafter on the same day of the month as the grant date. The vesting of each
RSU is subject to the director’s continued employment through applicable vesting date.

On April 24, 2025, the Company
cancelled 33,080 unvested RSUs previously granted to one of its consultants on November 5, 2024, due to termination of the consultant’s
engagement.

On July 31, 2025