Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On December 17, 2021, the Board of Directors ("Board") of Value Exchange
International, Inc., a Nevada corporation, ("Company") appointed Mr. Chan Heng
Fai (also known as Chan Heng Fai (Ambrose)) as a director of the Board. He is
filling the vacancy on the Board created by the resignation of Yeung Chun Wing
on November 19, 2021.
There is no family relationship between Mr. Chan and any other member of Company
management.
As a non-officer director, Mr. Chan will not receive cash compensation for
services as a director, but he would be eligible for participation in any
incentive compensation plans adopted for directors of the Company.
Mr. Chan Heng Fai. Based on available information, Company understands that: Mr.
Chan is a Singapore citizen and entrepreneur focused on financial restructuring
and corporate transformations and is a beneficial owner of 13,834,643 shares of
Company's Common Stock, being approximately 38.3% of issued and outstanding
shares of Common Stock. His ownership consists of 7,276,163 shares of Common
Stock personally held by Mr. Chan; and the following shares for which Mr. Chan
is deemed to be have a shared ownership interest: 6,500,000 shares of Common
Stock held by GigWorld, Inc., a Delaware corporation subject to the reporting
requirements of the Securities Exchange Act of 1934; 39,968 held by BMI Capital
Partners International Limited; and 18,512 held by LiquidValue Development Pte
Ltd. LiquidValue Development Pte Ltd. is a subsidiary of Alset EHome
International.
Mr. Chan is the Chief Executive Officer and Chairman of Alset EHome
International Inc., and is personally and through an entity the largest
shareholder of Alset EHome International Inc. Mr. Chan is also the Executive
Chairman of GigWorld, Inc. GigWorld, Inc.'s majority shareholder is Alset
International Limited. Alset International Limited's majority shareholder is
Alset EHome International Inc. Mr. Chan is personally and through an entity he
controls the largest shareholder of Alset EHome International Inc. Mr. Chan is
the Chief Executive Officer and Chairman of Alset International Limited.
Mr. Chan serves or has served as a director and senior executive officer for
several companies, including current service as Chairman of the Board of
Directors of Document Security Systems, Inc., an New York Stock Exchange listed
company, and a non-executive director of Holista CollTech Ltd., an Australian
Securities Exchange listed company.
Lum Kan Fai is a current non-officer director of the Company as well as being a
business associate and affiliate of Mr. Chan.
Attached as Exhibit 10.1 to this Current Report on Form 8-K is Mr. Chan's letter
of acceptance of the appointment as a director, which appointment and acceptance
were subject to the Board approval given on 17 December 2021.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. Exhibit Description
10.1 Letter of Acceptance of appointment as a director of Value Exchange
International, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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