Company: SOS
Filing Date: 2025-03-14
Form Type: F-3
Source: 0001213900-25-024134
Chunk: 72

Company: SOS Ltd
Filing Date: 2025-03-14
Form: F-3
Chunk 72
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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 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 position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests
of the company conflict with his personal interest or his duty to a third party, and a duty to exercise powers for the purpose for which
such powers were intended. 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 duties a greater degree of skill than may reasonably be expected
from a person of his knowledge and experience. However, English and Commonwealth courts have moved 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 and our memorandum and articles of association provide that our shareholders may approve corporate matters by way of (i) in
the case of ordinary resolutions, a written resolution signed by two-thirds of our shareholders entitled to receive notice of and to attend
and vote at general meetings of our company, or (ii) in the case of special resolutions, a unanimous written resolution signed by all
of our shareholders entitled to receive notice of and to attend and vote at general meetings of our company, without a meeting being held.

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Shareholder Proposals

Under the Delaware General Corporation Law, a
shareholder has the right to put any proposal before the annual meeting of shareholders; provided that it complies with the notice
provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do
so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only
limited rights to requisition a