Company: EMCRF
Filing Date: 2025-07-17
Form Type: PRE 14A
Source: 0001641172-25-020063
Chunk: 74

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-17
Form: PRE 14A
Chunk 74
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 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 elects to become the holder of the Share, he must give notice to the Company to that effect. For the purposes of these 
 Articles, that notice shall be treated as though it were an executed instrument of transfer.                                      |

| 9.6 | If                                                              
 the person elects to transfer the Share to another person then: |

| (a) | if                                                                                  
 the Share is Fully Paid, the transferor must execute an instrument of transfer; and |

| (b) | if                                                                                                  
 the Share is partly paid, the transferor and the transferee must execute an instrument of transfer. |

| 9.7 | All                                                                                                                         
 these Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the instrument of transfer. |

Indemnity

| 9.8 | A                                                                                                                                  
 person registered as a Member by reason