secwatch.observer — SEC 8-K summary
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Issuer:     TOP Financial Group Ltd (TOP)
CIK:        0001848275
Form:       8-K
Filed at:   2026-09-29T12:00:35+00:00
Accession:  0001213900-26-104318
Event type: leadership
Sentiment:  neutral
Materiality: 0.15
Item codes: 5.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1848275/000121390026104318/0001213900-26-104318-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1848275/000121390026104318/ea0306827-8k_topfin.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-104318

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