Company: ZDAN
Filing Date: 2025-02-18
Form Type: DRS/A
Source: 0001683168-25-001085
Chunk: 239

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-02-18
Form: DRS/A
Chunk 239
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 shareholder has the right to put any proposal before the annual meeting of shareholders, provided 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 does not
provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in a company’s Articles.

Cumulative Voting

Under the Delaware General
Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation’s Certificate of Incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder’s voting power with respect to electing such director.

There are no prohibitions
in relation to cumulative voting under the Companies Act but our Amended and Restated Articles of Association do not provide for cumulative
voting.

| 149 |

Removal of Directors

Under the Delaware General
Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of
the outstanding shares entitled to vote, unless the Certificate of Incorporation provides otherwise.

Removal of directors are
governed by the terms of our Amended and Restated Articles of Association.

Transactions with Interested Shareholders

The Delaware General Corporation
Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically
elected not to be governed by such statute by amendment to its Certificate of Incorporation, it is prohibited from engaging in certain
business combinations with an “interested shareholder” for three years following the date that such person becomes an
interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s
outstanding voting shares within the past three years.

This statute has the effect
of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated
equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder,
the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested
shareholder. This encourages any potential