{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-26-104318","form_type":"8-K","ticker":"TOP","cik":"0001848275","company_name":"TOP Financial Group Ltd","filed_at":"2026-09-29T12:00:35+00:00","discovered_at":"2026-09-29T12:05:00.245006+00:00","generated_at":"2026-10-12T13:42:28.690911+00:00","sec_items":["5.02","9.01"],"event_type":"leadership","sentiment":"neutral","materiality_score":0.15,"calibrated_materiality_score":0.15,"confidence":"high","headline":"TOP Financial ends share-based pay for 3 independent directors; total comp held at $50,000 each","bullets":["Amended appointment letters signed Sept 25, 2026 with independent non-executive directors Anthony S. Chan, Mau Chung Ng and Mei Cai, superseding their May 5, 2021 letters effective May 31, 2022.","Effective Oct 1, 2026, the $20,000/year Class A share component is replaced by an additional $20,000 cash payment, keeping each director's total annual fee at $50,000, paid quarterly in arrears.","TOP Financial states it has no further obligation to issue Class A Ordinary Shares to the independent directors as compensation for board service.","Committee roles unchanged: Chan chairs the Audit Committee, Ng chairs the Compensation Committee, and all three sit on the Nominating and Corporate Governance Committee.","Directors remain entitled to reimbursement of reasonable travel, hotel and other business expenses on production of receipts."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-26-104318","json":"https://secwatch.observer/filing/0001213900-26-104318.json","markdown":"https://secwatch.observer/filing/0001213900-26-104318.md","text":"https://secwatch.observer/filing/0001213900-26-104318.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1848275/000121390026104318/0001213900-26-104318-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1848275/000121390026104318/ea0306827-8k_topfin.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-12T13:42:28.690911+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}