UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
October 2023
Commission File Number: 001-36664
Roan Holdings Group Co., Ltd.
No. 1 Building, 5 Bailiantan Road
Yuhang District
Hangzhou, Zhejiang
The People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒
Form 40-F ☐
Explanatory Note
I.
Independent Director Replacement
On September 27, 2023, Mr. Xiaoliang Liang resigned
as Independent Director, Chair of the Nominating and Corporate Governance Committee and all other committee positions of the board of
directors of Roan Holdings Group Co, Ltd. (the “Company”) due to personal reasons, effective September 27, 2023. Mr. Liang’s
decision to resign was not the result of any disagreement with the Company, any matter related to the Company’s operations, policies
or practices, the Company’s management, or the Company’s board of directors (the “Board”).
The Company’s Nominating and Corporate Governance
Committee recommended Mr. Michael Fowler, age 63, to serve as Independent Director and Chair of the Nominating and Corporate Governance
Committee of the Board, and the Board approved Mr. Fowler’s election on September 27, 2023. Mr. Fowler has decades of experience
in international relations and cross-border business transactions, with education from the United States Military Academy at West Point,
the University of Hawaii, and the Sophia University Graduate School. Mr. Fowler has extensive experience with small to medium-sized enterprises
operating in the Asian market and has been involved in a wide variety of industry groups, including his role as Executive Director of
the World Trade Center Tacoma.
In accordance with the terms of Mr. Fowler’s
employment agreement with the Company entered into on September 27, 2023, Mr. Fowler will receive an annual base salary of USD $25,000,
USD $15,000 of which will be paid in cash and USD $10,000 of which will be paid through the issuance of the Company’s ordinary shares.
The employment agreement terminates if (i) Mr. Fowler is removed from the Board in accordance with the Company’s charter documents
and applicable law; (ii) Mr. Fowler resigns from the Board upon written notice to the Board; (iii) the Company terminates the employment
agreement if certain requirements are not satisfied; or (iv) Mr. Fowler is not re-elected to the Board at the Company’s annual shareholder
meeting.
There are no family relationships between Mr.
Fowler and any director or executive officer of the Company. There are no related party transactions between the Company and Mr. Fowler
disclosable under Item 404 of Regulation S-K.
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Roan Holdings Group Co., Ltd. |
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| Date: October 10, 2023 |
By: |
/s/ Zhiyong Tang |
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Name: |
Zhiyong Tang |
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Title: |
Chief Executive Officer |
3
Exhibit 10.1
ROAN HOLDINGS GROUP CO., LTD.
INDEPENDENT DIRECTOR AGREEMENT
This DIRECTOR AGREEMENT (the
“Agreement”) is made and entered into as of this 27th day of September, 2023 (the “Effective Date”), by and between
Roan Holdings Group Co., Ltd. (the “Company”) and Michael Fowler (the “Independent Director”).
WHEREAS, the Company desires
to engage the Independent Director and the Independent Director desires to serve, as a non-employee director of the Company, subject to
the terms and conditions contained in this Agreement.
NOW, THEREFORE, in consideration
of the mutual promises and covenants contained herein, the receipt of which is hereby acknowledged, the Company and the Independent Director,
intending to be legally bound, hereby agree as follows:
1. DEFINITIONS.
(a) “Corporate
Status” describes the capacity of the Independent Director with respect to the Company and the services performed by the Independent
Director in that capacity.
(b) “Entity”
shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other
legal entity.
(c) “Proceeding”
shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation,
administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal,
including a proceeding initiated by the Independent Director pursuant to Section 12 of this Agreement to enforce the Independent Director’s
rights hereunder.
(d) “Expenses”
shall mean all reasonable fees, costs and expenses, approved by the Company in advance and reasonably incurred in connection with any
Proceeding, including, without limitation, attorneys’ fees, disbursements and retainers, fees and disbursements of expert witnesses,
private investigators, professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript
costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery
services, secretarial services, and other disbursements and expenses.
(e) “Liabilities”
shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.
(f) “Parent”
shall mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities ending with
the Company, if each of the corporations or entities, other than the Company, owns stock or other interests possessing 50% or more of
the economic interest or the total combined voting power of all classes of stock or other interests in one of the other corporations or
entities in the chain.
(g) “Subsidiary”
shall mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities beginning
with the Company, if each of the corporations or entities, other than the last corporation or entity in the unbroken chain, owns stock
or other interests possessing 50% or more of the economic interest or the total combined voting power of all classes of stock or other
interests in one of the other corporations or entities in the chain.
2. SERVICES
OF INDEPENDENT DIRECTOR. While this Agreement is in effect, the Independent Director shall perform duties as an independent director,
and member of the Company’s committees as appointed from time to time by the Company’s Board of Directors, be compensated
for such and be reimbursed expenses in accordance with the Schedule A attached to this Agreement, subject to the following.
(a) The
Independent Director will perform services as is consistent with Independent Director’s position with the Company, as required and
authorized by Company’s charter documents, and in accordance with high professional and ethical standards and all applicable laws
and rules and regulations pertaining to the Independent Director’s performance hereunder, including without limitation, laws, rules
and regulations relating to a public company.
(b) The
Independent Director is solely responsible for taxes arising out of any compensation paid by the Company to the Independent Director under
this Agreement. The Independent Director acknowledges and agrees that because he/she is not an employee of the Company, the Company will
not withhold any amounts for taxes from any of her payments under the Agreement.
(c) The
Company may offset any and all monies payable to the Independent Director to the extent of any monies owing to the Company from the Independent
Director.
(d) The
rules and regulations of the Company notified to the Independent Director, from time to time, apply to the Independent Director. Such
rules and regulations are subject to change by the Company in its sole discretion. Notwithstanding the foregoing, in the event of any
conflict or inconsistency between the terms and conditions of this Agreement and rules and regulations of the Company, the terms of this
Agreement control.
3. REQUIREMENTS
OF INDEPENDENT DIRECTOR. During the term of the Independent Director’s services to the Company hereunder, Independent Director shall
observe all applicable laws and regulations relating to independent directors of a public company as promulgated from time to time, and
shall not: (1) be an employee of the Company or any Parent or Subsidiary; (2) accept, directly or indirectly, any consulting, advisory,
or other compensatory fee from the Company other than as a director and/or a member of a committee of the Board; (3) be an affiliated
person of the Company or any Parent or Subsidiary, as the term “affiliate” is defined in 17 CFR 240.10A-3(e)(1), other than
in his capacity as a director and/or a member of a committee of the Board; (4) possess an interest in any transaction with the Company
or any Parent or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(a), other than in his capacity as a director
and/or a member of a committee of the Board committees; (5) be engaged in a business relationship with the Company or any Parent or Subsidiary,
for which disclosure would be required pursuant to 17 CFR 229.404(b), except that the required beneficial interest therein shall be modified
to be 5% hereby.
4. REPORT
OBLIGATION. While this Agreement is in effect, the Independent Director shall immediately report to the Company in the event: (1) the
Independent Director knows or has reason to know or should have known that any of the requirements specified in Section 3 hereof is not
satisfied or is not going to be satisfied; and (2) the Independent Director simultaneously serves on an audit committee of any other public
company.
5. TERM
AND TERMINATION. This Agreement and the Independent Director’s services hereunder shall terminate upon the earlier of the following:
(a) Removal
of the Independent Director as a director of the Company, upon proper Board or stockholder action in accordance with the Company’s
charter documents and applicable law;
(b) Resignation
of the Independent Director as a director of the Company upon written notice to the Board of Directors of the Company;
(c) Termination
of this Agreement by the Company, in the event any of the requirements specified in Section 3 hereof is not satisfied, as determined by
the Company in its sole discretion; or
(d) Failure of the
stockholders of the Company to re-elect the Independent Director at the Company’s annual shareholders’ meeting.
6. LIMITATION
OF LIABILITY. In no event shall the Independent Director be individually liable to the Company or its shareholders for any damages for
breach of fiduciary duty as an independent director of the Company, unless the Independent Director’s act or failure to act involves
intentional misconduct, fraud or a knowing violation of law.
7. AGREEMENT
OF INDEMNITY. The Company agrees to indemnify the Independent Director as follows:
(a) Subject
to the exceptions contained in Section 8(a) below, if the Independent Director was or is a party or is threatened to be made a party to
any Proceeding (other than an action by or in the right of the Company) by reason of the Independent Director’s Corporate Status,
the Independent Director shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by the Independent
Director in connection with such Proceeding (referred to herein as “INDEMNIFIABLE EXPENSES” and “INDEMNIFIABLE LIABILITIES,”
respectively, and collectively as “INDEMNIFIABLE AMOUNTS”).
(b) Subject
to the exceptions contained in Section 8(b) below, if the Independent Director was or is a party or is threatened to be made a party to
any Proceeding by or in the right of the Company, to procure a judgment in its favor by reason of the Independent Director’s Corporate
Status, the Independent Director shall be indemnified by the Company against all Indemnifiable Expenses.
(c) For
purposes of this Agreement, the Independent Director shall be deemed to have acted in good faith in conducting the Company’s affairs
as an independent director of the Company and/or a member of a committee of the Board of the Company, if the Independent Director: (i)
exercised or used the same degree of diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances
in the conduct of his own affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional
advisors for the Company, or upon statements made or information furnished by other directors, officers or employees of the Company, or
upon a financial statement of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm
of public accountants, which the Independent Director had reasonable grounds to believe to be true.
8. EXCEPTIONS
TO INDEMNIFICATION. Director shall be entitled to indemnification under Sections 7(a) and 7(b) above in all circumstances other than the
following:
(a) If
indemnification is requested under Section 7(a) and it has been adjudicated finally by a court or arbitral body of competent jurisdiction
that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Independent Director
failed to act in good faith and in a manner the Independent Director reasonably believed to be in or not opposed to the best interests
of the Company, (ii) the Independent Director had reasonable cause to believe that the Independent Director’s conduct was unlawful,
or (iii) the Independent Director’s conduct constituted willful misconduct, fraud or knowing violation of law, then the Independent
Director shall not be entitled to payment of Indemnifiable Amounts hereunder.
(b) If
indemnification is requested under Section 7(b) and
(i) it
has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding
out of which the claim for indemnification has arisen, the Independent Director failed to act in good faith and in a manner the Independent
Director reasonably believed to be in or not opposed to the best interests of the Company, including without limitation, the breach of
Section 4 hereof by the Independent Director, the Independent Director shall not be entitled to payment of Indemnifiable Expenses hereunder;
or
(ii) it
has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Independent Director is liable to the Company
with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including,
without limitation, a claim that the Independent Director received an improper benefit or improperly took advantage of a corporate opportunity,
the Independent Director shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter.
9. WHOLLY
OR PARTLY SUCCESSFUL. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that
the Independent Director is, by reason of the Independent Director’s Corporate Status, a party to and is successful, on the merits
or otherwise, in any Proceeding, the Independent Director shall be indemnified in connection therewith. If the Independent Director is
not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues
or matters in such Proceeding, the Company shall indemnify the Independent Director against those Expenses reasonably incurred by the
Independent Director or on the Independent Director’s behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.
10. ADVANCES
AND INTERIM EXPENSES. The Company may pay to the Independent Director all Indemnifiable Expenses incurred by the Independent Director
in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such
Proceeding, if the Independent Director furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay
the amount of such Indemnifiable Expenses advanced to the Independent Director in the event it is finally determined by a court or arbitral
body of competent jurisdiction that the Independent Director is not entitled under this Agreement to indemnification with respect to such
Indemnifiable Expenses.
11. PROCEDURE
FOR PAYMENT OF INDEMNIFIABLE AMOUNTS. The Independent Director shall submit to the Company a written request specifying the Indemnifiable
Amounts, for which the Independent Director seeks payment under Section 7 hereof and the Proceeding of which has been previously notified
to the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Independent Director shall
furnish such documentation and information as are reasonably available to the Independent Director and necessary to establish that the
Independent Director is entitled to indemnification hereunder. The Company shall pay such Indeminfiable Amounts within thirty (30) days
of receipt of all required documents.
12. REMEDIES
OF INDEPENDENT DIRECTOR.
(a) RIGHT
TO PETITION COURT. In the event that the Independent Director makes a request for payment of Indemnifiable Amounts under Sections 7, 9-11
above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Independent
Director may petition the appropriate judicial authority to enforce the Company’s obligations under this Agreement.
(b) BURDEN
OF PROOF. In any judicial proceeding brought under Section 12 (a) above, the Company shall have the burden of proving that the Independent
Director is not entitled to payment of Indemnifiable Amounts hereunder.
(c) EXPENSES.
The Company agrees to reimburse the Independent Director in full for any Expenses incurred by the Independent Director in connection with
investigating, preparing for, litigating, defending or settling any action brought by the Independent Director under Section 12(a) above,
or in connection with any claim or counterclaim brought by the Company in connection therewith.
(d) VALIDITY
OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section
12(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration
for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.
(e) FAILURE
TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel,
or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable
Expenses under this Agreement shall not be a defense in any action brought under Section 12(a) above.
13. PROCEEDINGS
AGAINST COMPANY. Except as otherwise provided in this Agreement, the Independent Director shall not be entitled to payment of Indemnifiable
Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Independent Director against the Company,
any Entity which it controls, any director or officer thereof, or any third party, unless the Company has consented to the initiation
of such Proceeding. This section shall not apply to counterclaims or affirmative defenses asserted by the Independent Director in an action
brought against the Independent Director.
14. AUTHORITY.
Each party has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery
and performance of the undertakings contemplated by this Agreement have been duly authorized by each party hereto:
15. SUCCESSORS
AND ASSIGNMENT. This Agreement shall (a) be binding upon and inure to the benefit of all successors and assigns of the Company (including
any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor
by merger or consolidation or otherwise by operation of law), and (b) be binding on and shall inure to the benefit of the heirs, personal
representatives, executors and administrators of the Independent Director. The Independent Director has no power to assign this Agreement
or any rights and obligations hereunder.
16. CHANGE
IN LAW. To the extent that a change in applicable law (whether by statute or judicial decision) shall mandate broader or narrower indemnification
than is provided hereunder, the Independent Director shall be subject to such broader or narrower indemnification and this Agreement shall
be deemed to be amended to such extent.
17. SEVERABILITY.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal,
invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum
extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement
shall remain fully enforceable and binding on the parties.
18. MODIFICATIONS
AND WAIVER. Except as provided in Section 18 hereof with respect to changes in applicable law which broaden or narrow the right of the
Independent Director to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by each of the parties hereto. No delay in exercise or non-exercise by the Company of any right under this Agreement
shall operate as a current or future waiver by it as to its same or different rights under this Agreement or otherwise.
19. NOTICES.
All notices, requests, demands and other communications hereunder shall be in writing in English and shall be deemed to have been duly
given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by express mail with
delivery confirmation with postage prepaid, on the 5th business day after the date on which it is so mailed to such address as may have
been furnished in the same manner by any party to the other. Prior to any judgement or court being entered that includes the Independent
Director, the Company will provides specific written notice to the Independent Director.
20. GOVERNING
LAW. This Agreement shall be governed by and construed and enforced under the laws of the PRC.
21. AGREEMENT
GOVERNS. This Agreement is to be deemed consistent wherever possible with relevant provisions of the Company’s charter documents;
however, in the event of a conflict between this Agreement and such provisions, the provisions of this Agreement shall control.
22. INDEPENDENT
CONTRACTOR. The parties understand, acknowledge and agree that the Independent Director’s relationship with the Company is that
of an independent contractor and nothing in this Agreement is intended to or should be construed to create a relationship other than that
of independent contractor. Nothing in this Agreement shall be construed as a contract of employment/engagement between the Independent
Director and the Company or as a commitment on the part of the Company to retain the Independent Director in any capacity, for any period
of time or under any specific terms or conditions, or to continue the Independent Director’s service to the Company beyond any period.
23. ENTIRE
AGREEMENT. This Agreement constitutes the entire agreement between the Company and the Independent Director with respect to the subject
matter hereof, and supersedes all prior understandings and agreements with respect to such subject matter.
IN WITNESS WHEREOF, the parties
hereto have executed this Independent Director Indemnification Agreement as of the day and year first above written.
| AGREED |
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AGREED |
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| Roan Holdings Group Co., Ltd. |
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Independent Director |
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| Name: |
Junfeng Wang |
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Name: |
Michael Fowler |
| Title: |
Chairman of the Board |
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SCHEDULE A
I POSITION:
INDEPENDENT DIRECTOR
II. COMPENSATION:
FEES. For all services rendered
by the Independent Director pursuant to this Agreement, both during and outside of normal working hours, including but not limited to,
attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing
filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested
by the Company, the Company agrees to pay to the Independent Director of USD25,000 per annum, payable of $15,000 in cash and $10,000 in
ordinary shares. The number of shares will be rounded up to the nearest whole number on the basis of 1) the net asset value per share
as disclosed in the Annual Financial Report Form 20-F each year before uplisting to Nasdaq; or 2) the average share price for the certain
trading days (e.g. 30 trading days) prior to issuing ordinary shares after uplisitng to Nasdaq. The payment will be settled down annually.
EXPENSES. During the term of
the Independent Director’s service as a director of the Company, the Company shall promptly reimburse the Independent Director for
all expenses approved by the Company in advance and incurred by her in connection with attending (a) all meetings of the Board or applicable
committees thereof, (b) executive sessions of the independent directors, and (c) stockholder meetings, as a director or a member of any
committee of the Board, which are approved by the Company in advance. In addition, the Independent Director shall rely on the Company
to arrange for all hotel accommodations in connection with any such meetings the Independent Director must attend. The amount of such
expenses eligible for reimbursement by the Company during a calendar year shall not affect such expenses eligible for reimbursement by
the Company in any other calendar year, and the reimbursement of any such eligible expenses shall be made promptly, usually within 10
business days, after the expense report and original receipts are submitted.
NO OTHER BENEFITS OR COMPENSATION.
The Independent Director acknowledges and agrees that she is not granted and is not entitled to any other benefits or compensation from
the Company for the services provided under this Agreement except expressly provided for in this Schedule A or as determined from time
to time by the Company in its sole discretion.
| AGREED |
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AGREED |
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| Roan Holdings Group Co., Ltd. |
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Independent Director |
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| Name: |
Junfeng Wang |
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Name: |
Michael Fowler |
| Title: |
Chairman of the Board |
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10
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