Company: STAK
Filing Date: 2025-11-05
Form Type: 20-F
Source: 0001493152-25-020818
Chunk: 124

Company: STAK Inc.
Filing Date: 2025-11-05
Form: 20-F
Item: Item 10
Chunk 124
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 no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.
 
Shareholders’ Suits. In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English law authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge:
 

●                                                                     a                                                                   
    company acts act illegally or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders; 
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●   the                                                                                                                                   
    act which, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority
    vote that has not been obtained; and                                                                                                  
●   an                                                                                                                                    
    act which constitutes a “fraud on the minority.” Where the wrongdoers are themselves in control of the company,                       

95
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Indemnification of Directors and Executive Officers and Limitation of Liability. Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime, or against the indemnified person’s own fraud or dishonesty. Our second amended and restated memorandum and articles of association provide to the extent permitted by Cayman Islands law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:
 

(a)                                                                     all                                                                   
      actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director 
      (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
              of the existing or