Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 119

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 119
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 be with one or more operating businesses or assets with a fair 
 market value equal to at least 80% of the net assets held in the trust account (net of amounts disbursed to management for working 
 capital purposes, if permitted, and excluding the amount of any deferred underwriting discount and taxes payable on the interest   
 earned on the trust account). An initial Business Combination must not be effectuated solely with another blank cheque company or  
 a similar company with nominal operations                                                                                          |

| 37.13 | The                                                                                                                                    
 uninterested Independent Directors shall approve any transaction or transactions between the Company and any of the following parties: |

| (a) | any                                                                                                                               
 Member owning an interest in the voting power of the Company that gives such Member a significant influence over the Company; and |

| (b) | any                                                                                           
 director or Officer of the Company and any Affiliate or relative of such director or Officer. |

| 37.14 | A                                                                                                                                         
 director may vote in respect of any Business Combination in which such director has a conflict of interest with respect to the evaluation 
 of such Business Combination. Such director must disclose such interest or conflict to the other directors.                               |

| Annex C-56 |

| 37.15 | The                                                                                                                                
 Company may enter into a Business Combination with a target business that is Affiliated with the Sponsor, a Founder, the directors 
 of the Company or Officers. In the event the Company seeks to complete the Business Combination with a target that is Affiliated   
 with the Sponsor, a Founder, Officers or directors, the Company, or a committee of Independent Directors, will obtain an opinion   
 from an independent investment banking firm or another independent firm that commonly renders valuation opinions for the type of   
 company we are seeking to acquire or another independent accounting firm, that such a Business Combination or transaction is fair  
 to the Company from a financial point of view.                                                                                     |

| 37.16 | Any                                                                               
 Business Combination must be approved by a majority of the Independent Directors. |

| 38. | Certain     
 Tax Filings |

| 38.1 | Each                                                                                                                                    
 Tax Filing Authorised Person and any such other person, acting alone, as any director shall designate from time to time, are authorised 
 to file tax forms SS-4, W-8 BEN, W-8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are customary to file with any US      
 state or federal governmental authorities or foreign governmental authorities in connection