Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 176

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 10
Chunk 176
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 in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may
be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director,
the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and
therefore it is considered that he or she owes the following duties to the company: a duty to act bona fide in the best interests of the
company, a duty not to make a profit based on his or her position as director (unless the company permits him or her to do so) and a duty
not to put himself or herself in a position where the interests of the company conflict with his or her personal interest or his or her
duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously
considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected
from a person of his or her knowledge and experience. However, courts are moving towards an objective standard with regard to the required
skill and care and these authorities are likely to be followed in the Cayman Islands.

Shareholder Action
by Written Consent. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to
act by written consent by amendment to its certificate of incorporation. Cayman Islands law provides that shareholders may approve corporate
matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such
matter at a general meeting without a meeting being held. Our Eighth Amended and Restated Memorandum and Articles of Association provides
that anything which may be done by resolution of the Company in general meeting or by resolution of a meeting of any class of the shareholders
may be done without a meeting by written resolution in accordance with such Articles. A written resolution is passed when it is signed
by (or in the case of a shareholder that is a corporation, on behalf of) all the shareholders, or all the shareholders of the relevant
class thereof, entitled to vote thereon, or in the case of an ordinary resolution, the requisite majority, and may be signed in