Company: BCAR
Filing Date: 2025-06-11
Form Type: S-1/A
Source: 0001829126-25-004386
Chunk: 226

Company: D. Boral ARC Acquisition I Corp.
Filing Date: 2025-06-11
Form: S-1/A
Chunk 226
---
 five
(5) members and will be divided into three classes with only one class of directors being appointed in each year, and with each class
(except for those directors appointed prior to our first annual general meeting) serving a three-year term. Prior to the closing of our
initial business combination, only holders of our Class B ordinary shares will be entitled to vote on the appointment and removal of
directors or continuing the company in a jurisdiction outside the British Virgin Islands (including any ordinary resolution required
to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer
by way of continuation in a jurisdiction outside the British Virgin Islands). Holders of our public shares will not be entitled to vote
on such matters during such time. These provisions of our amended and restated memorandum and articles of association relating to these
rights of holders of Class B ordinary shares may be amended by a ordinary resolution passed by the affirmative vote of the holders representing
at least 90% of the issued Class B ordinary shares. In accordance with Nasdaq corporate governance requirements, we are not required
to hold an annual general meeting until one year after our first fiscal year end following our listing on Nasdaq. The term of office
of the first class of directors, which will consist of Kevin Chen and Matt Laker will expire at our first annual general meeting. The
term of office of the second class of directors, which will consist of John Darwin and Luisa Ingargiola, will expire at the second annual
general meeting. The term of office of the third class of directors, which will consist of David Boral, will expire at the third annual
general meeting.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint officers as it deems appropriate pursuant to our amended and restated memorandum and articles of association.

Director Independence

Nasdaq rules require that a majority of our
board of directors be independent within one year of our initial public offering. An “independent director” is defined generally
as a person who, in the opinion of the company’s board of directors, has no material relationship with the listed company (either
directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Upon the commencement
of the trading of our units on Nasdaq, we expect to have four “independent directors” as