Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 45

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 6
Chunk 45
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expressed in the Securities Act and is therefore unenforceable.

Compensation of Directors and Executive
Officers

For the fiscal year ended March 31, 2025, we paid
an aggregate of HK$3,997,885 (US$510,938) as compensation to our directors and executive officers as well as an aggregate of HK$50,770
(US$6,489) contributions to the Mandatory Provident Fund (“ MPF”), a statutory retirement scheme introduced after the enactment
of the Mandatory Provident Fund Schemes Ordinance in Hong Kong.

For the fiscal year ended March 31, 2024, we paid
an aggregate of HK$3,997,885 (US$510,938) as compensation to our directors and executive officers as well as an aggregate of HK$50,770
(US$6,489) contributions to the MPF.

For the fiscal year ended March 31, 2023, we paid
an aggregate of HK$2,646,072 (US$339,253) as compensation to our directors and executive officers as well as an aggregate of HK$49,910
(US$6,399) contributions to the MPF.

Except our contribution to the MPF, we have not
set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. We
do not have any equity incentive plan in place as of the date of this annual report.

Compensation Recovery
Policy

On December 1, 2023,
our board of directors adopted an executive compensation recovery policy (the “ Compensation Recovery Policy”), providing for
the recovery of certain incentive-based compensation from current and former executive officers of the Company in the event the Company
is required to restate any of its financial statements filed with the SEC under the Exchange Act in order to correct an error that is
material to the previously-issued financial statements, or that would result in a material misstatement if the error were corrected in
the current period or left uncorrected in the current period. Adoption of the Compensation Recovery Policy was mandated by new Nasdaq
listing standards introduced pursuant to Exchange Act Rule 10D-1. The Compensation Recovery Policy is in addition to Section 304 of the
Sarbanes-Oxley Act of 2002 which permits the SEC to order the disgorgement of bonuses and incentive-based compensation earned by a registrant
issuer’s chief executive officer and chief financial officer in the