Company: BTBT
Filing Date: 2025-06-11
Form Type: S-3/A
Source: 0001213900-25-053489
Chunk: 39

Company: Bit Digital, Inc
Filing Date: 2025-06-11
Form: S-3/A
Chunk 39
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ayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle
and the exceptions thereto, which limits the circumstances in which a shareholder may bring a derivative action on behalf of the company
or a personal action to claim loss which is reflective of loss suffered by the company) so that a non-controlling shareholder may be permitted
to commence a class action against, or derivative actions in the name of, the company to challenge:

| ● | an act which is illegal or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders; |

| ● | the act complained of, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority) which has not been obtained; |

| ● | an act purporting to abridge or abolish the individual rights of a member; and |

| ● | an act which constitutes a “fraud on the minority” where the wrongdoers are themselves in control of the company. |

In the case of a company
(not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members holding not less than
one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such
manner as the Grand Court shall direct.

Indemnification of Directors and Executive Officers and Limitation of Liability. Cayman Islands law does not limit the extent to which a
company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the
extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide
indemnification against civil fraud or the consequences of committing a crime. Our current memorandum and articles of association
permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless
such losses or damages arise from the willful neglect or default of such directors or officers. This standard of conduct is
generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered
into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification
beyond that provided in our current memorandum and articles of association.

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Insofar