Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 103

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 7
Chunk 103
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 capacities as such, except through their willful default or neglect. In connection with the closing of
the Business Combination, we entered into indemnification agreements with each of our directors and executive officers.

Certain
Relationships of Femco

Femco
and FST

FST
was formed for the purpose of effecting a merger between SPAC, Femco and certain other affiliated entities through the Business Combination.
For the period from November 24, 2023 through December 31, 2024, Femco, a wholly owned subsidiary of FST, made payments on
behalf of Femco and its subsidiaries that were non-interest bearing and had no due date. These payments include issuance costs and
related formation costs. They are US$36,068 in 2023 and US$2,305,610.79 in 2024, respectively. As of December 31, 2024, the balance payable
is US$2,341,678.79.

Far
East Machinery Co., Ltd.

Femco
leases the land and buildings from Far East Machinery Co., Ltd. (“ Far East”) for manufacturing use. Femco entered into a
one-year lease agreement with Far East on December 29, 2020, which provides that Femco shall pay Far East during 2021 on a
monthly basis NT$550,000 ($17,962.12) in rent (tax excluded). Femco and Far East renewed and extended the lease for another year on December 30,
2021, which provides that Femco shall pay Far East on a monthly basis NT$1,610,000 ($52,580.01) in rent (tax excluded). Femco and Far
East renewed and extended the lease for another year on December 21, 2022, which provides that the Company shall pay Far East on
a monthly basis NT$2,000,000 ($65,316.79) in rent (tax excluded). The Company and Far East have renewed and extended the lease for another
year on December 20, 2024. Since January 1, 2021 and until the term of the latest lease, the aggregate amount of all periodic
payments or installments due and payable under the lease with Far East is NT$73,920,000($2,254,345.84 ) (tax excluded). Far East is a
principal shareholder of the Company.

In addition,
Far East has paid utility bills on behalf of the Company.