Jerash Holdings (US), Inc. filed a Form 8-K on November 2, 2026, disclosing that its subsidiary Treasure Success International Limited terminated legacy consulting agreements with entities owned by CEO Choi Lin Hung and Chairman Ng Tsze Lun and replaced them with direct employment agreements effective November 1, 2026.

Key Highlights

  • Consulting agreements terminated: Agreements dated January 12, 2018 (Yukwise Limited, owned by Mr. Choi) and January 16, 2018 (Multi-Glory Corporation Limited, owned by Mr. Ng) were terminated effective 11:59 p.m. on October 31, 2026.
  • Direct employment effective November 1, 2026: Both Mr. Choi and Mr. Ng entered new letters of employment with Treasure Success International Limited, superseding their prior employment agreements.
  • Monthly base salary: Each of Mr. Choi and Mr. Ng will receive a monthly base salary of HK$297,000 under their respective new agreements.
  • End-of-year payment: Each agreement entitles the executive to an end-of-year payment equal to one month of basic salary.
  • No fixed term or probationary period: Neither employment agreement specifies a fixed employment term or a probationary period, according to the filing.
  • Termination notice: Either party may terminate each agreement upon one month's prior notice or payment in lieu of notice.
  • Compensation Committee approval: The restructuring was approved by the Compensation Committee of the Board of Directors on October 30, 2026, the filing states.

Jerash Holdings Consolidates Executive Compensation into Direct Employment at Treasure Success

According to the filing, Treasure Success International Limited, a wholly owned subsidiary of Jerash Holdings (US), Inc. (NASDAQ:JRSH), entered into cancellation and termination agreements on October 30, 2026, ending consulting arrangements that had been in place since 2018. The consulting agreement with Yukwise Limited, an entity wholly owned by Mr. Choi, and the consulting agreement with Multi-Glory Corporation Limited, an entity wholly owned by Mr. Ng, were both terminated effective 11:59 p.m. on October 31, 2026. The filing describes the terminations as part of "the consolidation of the existing consulting and employment arrangements of Mr. Choi and Mr. Ng into direct employment arrangements with Treasure Success."

Under the new Choi Employment Agreement, effective November 1, 2026, Mr. Choi will serve as Chief Executive Officer of Treasure Success and receive a monthly base salary of HK$297,000, plus an end-of-year payment equal to one month of basic salary. The agreement preserves his prior continuous service with Treasure Success. The Ng Employment Agreement carries the same salary and end-of-year payment terms; Mr. Ng will serve as Head of Marketing and Business Development of Treasure Success. Both agreements contain, according to the filing, "customary confidentiality, non-solicitation, non-poaching and other restrictive covenants."

The filing notes that Mr. Choi serves as the Company's Chief Executive Officer, President, and Treasurer and also holds an executive role at Treasure Success. Mr. Ng serves as the Company's Chairman of the Board and Head of Marketing, and also serves in an executive capacity with Treasure Success. The full texts of all four agreements - the two termination agreements and the two employment letters - are filed as Exhibits 10.1 through 10.4 to the Form 8-K, and the filing's descriptions are qualified in their entirety by reference to those exhibits.

What Was Disclosed

Jerash Holdings disclosed the termination of two legacy consulting agreements between its subsidiary Treasure Success and entities controlled by its CEO and Chairman, and the simultaneous entry into direct employment agreements with both executives, each carrying a monthly base salary of HK$297,000 and an end-of-year bonus of one month's basic salary.