Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 178

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 6
Chunk 178
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, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

  Exemption from filing quarterly                                                                                                         

  Exemption from Section                                                                                                                     

  Exemption from the Nasdaq                                                                                                                 

Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq’s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Duties
of Directors

Under
BVI law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also have a duty
to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. See “ Description
of Share Capital - Differences in Corporate Law” for additional information on our directors’ fiduciary duties under
BVI law. In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association.
We have the right to seek damages if a duty owed by our directors is breached.

The
functions and powers of our Board of Directors include, among others:

  appointing officers and                          

  authorizing the payment                                                                                           

  exercising the borrowing                                           

  executing checks, promissory                                          

  maintaining or registering                                              

Employment
Agreements

We
have entered into employment agreements with each of our executive officers. The executive officers are entitled to a fixed salary and
other company benefits, each as determined by the Board from time