Item 5.02 Departure of Directors; Election of Directors
On July 10, 2022, Mr. Kuang-Tseng Chen, a director ABVC BioPharma, Inc. (the
"Company") notified the Company of his resignation from the board of directors
for personal reasons, effective immediately. His resignation was not a result of
any disagreements with the Company or any of its subsidiaries and affiliates on
any matter related to the operations, policies, or practices of the Company or
any of its subsidiaries and affiliates.
On July 10, 2022, the board of directors ("Board") of the Company appointed Mr.
Yu-Min (Francis) Chung as a director to fill the vacancy resulting from Mr.
Chen's resignation. Mr. Chung was a Partner at Maxpro Ventures, an investment
firm in Taiwan focused on breakthrough biomedical technology companies, from
July 2018 to May 2022. Prior to that, he served as Vice President at TaiAn
Technology, which is a biotechnology service company and a management company
for biotechnology venture capital funds in Taiwan, from June 2016 to June 2018.
Mr. Chung received his Bachelor's Degree of Science in Chemistry from National
Taiwan University in 1987, Master's Degree in Business Administration from
National Taiwan University in 2006, and Ph.D in Pharmacy from University of Iowa
in 1995.
Like all of the Company's Directors, Mr. Chung shall receive $3,500 monthly
compensation during his term. There is no family relationships between Mr. Chung
and any director or executive officer of the Company, nor does Mr. Chung have a
direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
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