---
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"
generated_at: "2026-10-12T13:42:28.690911+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.15
calibrated_materiality_score: 0.15
confidence: "high"
source: SEC EDGAR
---

# TOP Financial ends share-based pay for 3 independent directors; total comp held at $50,000 each

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.15
- calibrated_materiality_score: 0.15
- confidence: high
- sec_items: 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-104318
- JSON: https://secwatch.observer/filing/0001213900-26-104318.json
- Plain text: https://secwatch.observer/filing/0001213900-26-104318.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.