Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 145

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 6
Chunk 145
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 board of directors granted 500,000 options or restricted stock awards to each of the Company’s independent members
of the board of directors.

Unless otherwise determined
by our board of directors, participation in the 2023 ESOP is open to all our employees. Participation in the ESOP will be voluntary. The
2023 ESOP is administered by our board of directors, which may delegate its authority thereunder as contemplated by the 2023 ESOP. Our
board of directors has the authority, in the case of special dividends or distributions, specified reorganizations and other transactions,
to determine appropriate equitable adjustments, if any, to be made under the 2023 ESOP, including adjustments to the number of shares
which have been authorized for issuance under the 2023 ESOP. Our board of directors will have the right to suspend or terminate the 2023
ESOP, in whole or in part, at any time, subject to applicable laws and requirements of any stock exchange or governmental or regulatory
body (including any requirement for shareholder approval). No amendment or variation of the 2023 ESOP shall be effective unless entered
into in writing and executed by the Company and participants of the plan representing no less than three quarters of the total number
of vested options following which such amendment shall be binding on all participants.

6. C. Board Practices

Board of Directors

Our board of directors consists
of five directors, including three independent directors pursuant to the rules of the NYSE American, namely Mr. Lai, Mr. Mouw and Mr.
Shih. A director is not required to hold any shares in our company to qualify to serve as a director.

Committees of the Board of Directors

We have established an audit
committee, a compensation committee and a nominating and corporate governance committee under our board of directors and have adopted
a charter for each of the three committees. Each committee’s members and functions are described below.

Audit Committee. Our audit committee consist of our three independent directors, and is chaired by Mr. George Lai, we have determined that satisfy the
requirements of Section 303A of the NYSE Corporate Governance Rules and meet the independence standards under Rule 10A-3 under
the Securities Exchange Act of 1934, as amended. We have determined that Mr. Lai qualifies as an “audit committee
financial expert.” The audit committee oversees our accounting and financial reporting processes and the audits of the financial
statements of our company. The audit committee is responsible for, among