Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 110

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 110
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. | Indemnity |

Indemnity

| 30.1 | To                                                                                                                                   
 the extent permitted by Applicable Law, the Company shall indemnify each existing or former Secretary, director (including alternate 
 director), and other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal   
 representatives against:                                                                                                             |

| (a) | all                                                                                                                                       
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former Secretary, 
 director or Officer in or about the conduct of the Company’s business or affairs or in the execution or discharge of the existing         
 or former Secretary’s, director’s or Officer’s duties, powers, authorities or discretions; and                                            |

| Annex C-48 |

| (b) | without                                                                                                                                
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Secretary, director or      
 Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether     
 threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Islands or elsewhere. |

Such indemnity only applies if the directors are of the view that, in the absence of fraud, wilful default or wilful neglect, such existing or former Secretary, director or Officer acted honestly and in good faith with a view to what the person believes is in the best interests of the Company and, in the case of criminal proceedings, such person had no reasonable cause to believe that their conduct was unlawful. No such existing or former Secretary, director or Officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, wilful default or wilful neglect.

| 30.2 | To                                                                                                                                  
 the extent permitted by Applicable Law, the Company may make a payment, or agree to make a payment, whether by way of advance, loan 
 or otherwise, for any legal costs incurred by an existing or former Secretary, director or Officer of the Company in respect of any 
 matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary, director or Officer   
 must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Secretary, director 
 or that Officer for those legal costs.                                                                                              |

Release

| 30.3 | To                                                                                                                               
 the extent permitted by Applicable Law,