Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 75

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 75
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 the Shares are partly paid, by or on behalf of that Member and the transferee. |

| 8.2 | The                                                                                                                                  
 transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered into the Register of Members. |

Power to refuse registration

| 8.3 | If                                                                                                                                           
 the Shares in question were issued in conjunction with rights, options or warrants issued pursuant to Article 3.4 on terms that one          
 cannot be transferred without the other, the directors shall refuse to register the transfer of any such Share without evidence satisfactory 
 to them of the like transfer of such option or warrant.                                                                                      |

Power to suspend registration

| 8.4 | The                                                                                                                                    
 directors may suspend registration of the transfer of Shares at such times and for such periods, not exceeding 30 days in any calendar 
 year, as they determine.                                                                                                               |

Company may retain instrument of transfer

| 8.5 | The                                                                                                                                   
 Company shall be entitled to retain any instrument of transfer which is registered; but an instrument of transfer which the directors 
 refuse to register shall be returned to the person lodging it when notice of the refusal is given.                                    |

| Annex C-22 |

| 9. | Transmission 
 of Shares    |

Persons entitled on death of a Member

| 9.1 | If                                                                                                                                 
 a Member dies, the only persons recognised by the Company as having any title to the deceased Members’ interest are the following: |

| (a) | where                                                                  
 the deceased Member was a joint holder, the survivor or survivors; and |

| (b) | where                                                                                            
 the deceased Member was a sole holder, that Member’s personal representative or representatives. |

| 9.2 | Nothing                                                                                                                       
 in these Articles shall release the deceased Member’s estate from any liability in respect of any Share, whether the deceased 
 was a sole holder or a joint holder.                                                                                          |

Registration of transfer of a Share following death or bankruptcy

| 9.3 | A                                                                                                                                  
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect to do either of the following: |

| (a) | to                              
 become the holder of the Share; |

| (b) | to                                    
 transfer the Share to another person. |

| 9.4 | That                                                                                        
 person must produce such evidence of his entitlement as the directors may properly require. |

| 9.5 | If                                                                                                                                
 the person elect