SINO-GLOBAL SHIPPING AMERICA, LTD. (NASDAQ:SINO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

On February 26, 2020, the Board of Directors (the “Board”) of Sino-Global Shipping America, Ltd., a Virginia corporation (the “Company”), appointed Mr. Junfeng Xu as an Independent Director (as defined in Nasdaq Listing Rule 5605(a)(2)) of the Company, effective immediately. Mr. Xu is also appointed to serve as Chairperson of the Corporate Governance Committee, a member of the Audit Committee and a member of the Compensation Committee of the Board, effective immediately.

Mr. Xu, aged 57, is an experienced securities attorney in China, bringing over 20 years of legal experience in the securities law and investment banking law industry, having advised various companies in their public offerings and mergers and acquisitions. He is one of the founding partners of Beijing Junzejun Law Offices. Mr. Xu currently works at Beijing Huatang Law Firm, and is a director of Jessn Marine Equipment Co., Ltd. He used to serve as an independent director on the board of directors of various public and private companies in China. He was also a partner and the general investment director at two private equity fund management companies. Mr. Xu also teaches at the PE Executive programs of Tsinghua University, Inner Mongolia University and Guangzhou Jinan University. Mr. Xu received his Bachelor of Laws and Master of Laws from China University of Political Science and Law in 1985 and 1988, respectively.

Mr. Xu is to receive an annual compensation of $20,000 from the Company, eligible to participate in the Company’s 2014 Stock Incentive Plan, and to be compensated at the same level of other Independent Directors of the Company. A copy of the offer letter by and between the Company and Mr. Xu is filed as Exhibit 10.1 to this report and is incorporated by reference herein.

There are no family relationships between Mr. Xu and any director or other executive officer of the Company nor are there any transactions between Mr. Xu or any member of their immediate families and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission (the “Commission”). Further, there is no arrangement or understanding between Mr. Xu and any other persons or entities to which Mr. Xu was appointed as a director of the Company.

As previously disclosed in the Company’s Current Report on Form 8-K filed with the Commission on January 8, 2020, the departure of Mr. Jianming Li, a former Independent Director of the Company, resulted in the Company’s temporary noncompliance with the continued listing requirements as set forth in Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) regarding the composition of the Company’s Board and the Company’s Audit Committee. In connection with Mr. Junfeng Xu’s appointment, the Board has undertaken an evaluation of the relevant facts and circumstances of the business and personal relationships of Mr. Xu and deemed him to be independent under the definition of independence provided by NASDAQ Listing Rule 5605(a)(2). Together with Mr. Jing Wang and Mr. Tieliang Liu, Mr. Xu’s serving on the Board allows the Company to currently satisfy the majority independence requirement as set forth under the Nasdaq Listing Rules.

(d) Exhibits.

10.1	Offer Letter to Mr. Junfeng Xu dated February 26, 2020

Sino-Global Shipping America, Ltd. Exhibit
EX-10.1 2 f8k022620ex10-1_sinoglobal.htm OFFER LETTER TO MR. JUNFENG XU DATED FEBRUARY 26,…
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About SINO-GLOBAL SHIPPING AMERICA, LTD. (NASDAQ:SINO)

Sino-Global Shipping America, Ltd. is a non-asset-based global shipping and freight logistic integrated solution provider. The Company provides solutions and value added services to its customers in the shipping and freight logistic chain sector. The Company’s segments include Shipping Agency and Ship Management Services; Shipping & Chartering Services, and Inland Transportation Management Services. The Company conducts its business primarily through its subsidiaries in China (including Hong Kong), Australia, Canada, and the United States (New York and Los Angeles). The Company provides its shipping agency services in the People’s Republic of China through Sino-Global Shipping Agency Ltd. (Sino-China), which holds the licenses and permits to operate local shipping agency services in the People’s Republic of China. The Company’s inland transportation management services are operated by its subsidiaries in China (including Hong Kong) and the United States.