Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 157

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 6
Chunk 157
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 not be less than two (2). At any one
time, at least majority of the Board shall be independent directors. Our shareholders may elect new director either to fill in a vacancy
or add additional member to the Board via ordinary resolutions and the directors may appoint any new director to fill a vacancy or as
a member to the Board until the next annual meeting of the Company. The directors have been divided into two classes, being the class
I directors (the “ Class I Directors”) and the class II directors (the “ Class II Directors”) immediately prior
to the consummation of Company’s IPO. The number of directors in each class shall be as nearly equal as possible. The Class I Directors
shall stand elected for a term expiring at the Company’s initial meeting after the adoption of the Eighth Amended and Restated Memorandum
and Articles of Association and the Class II Directors shall stand elected for a term expiring at the Company’s third annual general
meeting following the initial meeting. Directors elected to succeed those Class I Directors whose terms expire shall be elected for a
term of office to expire at the first annual general meeting following their election and directors elected to succeed those Class II
Directors whose terms expire shall be elected for a term of office to expire at the third annual general meeting following their election.
A director will be removed from office automatically if, among other things, the director becomes bankrupt or has a receiving order made
against him or suspends payment or compounds with his creditors, or becomes of unsound mind or dies. There is no family relationships
between any of our executive officers and directors. Officers are elected by, and serve at the discretion of the Board. Our Board may
meet for the dispatch of business, adjourn and otherwise regulate its meetings as it considers appropriate.

Under the NASDAQ rules, we
are required to maintain a Board comprised of at least 50% independent directors, and an audit committee of at least three members, comprised
solely of independent directors who also meet the requirements of Rule 10A-3 under the Exchange Act. There are no membership qualifications
for directors. Further, there are no share ownership qualifications for directors unless so fixed by us in a general meeting. There are
no other arrangements or understandings pursuant to which our directors are selected or nominated. However, the NASDAQ rules permit a
foreign private issuer like us to follow the corporate governance practices of its home country. We have utilized the exemption afforded
by Nasdaq Listing Rule 5615