Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 73

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 73
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 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 in good faith in the best interests of the company, a duty not to make a personal
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 toward an objective standard
with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

Shareholder Proposals

Under the Delaware General Corporation Law, a
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. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before
the annual meeting of shareholders, but in keeping with common law, Delaware corporations generally afford shareholders an opportunity
to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws.
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 Cayman Islands Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company’s articles of association. Our second amended and restated memorandum and articles of association provide that, upon the written request ofshareholders holding
at the date of deposit of the requisition shares which carry in aggregate not less than one-tenth (1/10) of the total number of votes
attaching to all issued and outstanding shares that as at the date of the deposit carry the right to vote at general meetings of the Company,
any one or more of