Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 49

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 6
Chunk 49
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 error that is material to the previously-issued financial
statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the
current period. Adoption of the Clawback Policy was mandated by new Nasdaq listing standards introduced pursuant to Exchange Act Rule
10D-1. The Clawback Policy is in addition to Section 304 of the Sarbanes-Oxley Act of 2002 which permits the SEC to order the disgorgement
of bonuses and incentive-based compensation earned by a registrant issuer’s chief executive officer and chief financial officer
in the year following the filing of any financial statement that the issuer is required to restate because of misconduct, and the reimbursement
of those funds to the issuer. A copy of the Clawback Policy has been filed herewith as Exhibit 97.1.

6. C. Board Practices

Board of Directors

Our Board of Directors consists
of five (5) directors, a majority of whom are independent as such term is defined by the Nasdaq Capital Market.

A director may vote in respect
of any contract or transaction in which he is interested, provided, however that the nature of the interest of any director in any such
contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter. A general notice or disclosure
to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors or any committee thereof
of the nature of a director’s interest shall be sufficient disclosure and after such general notice it shall not be necessary to
give special notice relating to any particular transaction. Provided that proper disclosure has been given to the directors as mentioned
above, a director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our company,
or in which he is so interested and may vote on such motion.

Committees of the
Board of Directors

We established three committees
under the Board of Directors: an audit committee, a compensation committee and a nominating committee, and adopted a charter for each
of the three committees. Copies of our committee charters will be posted on our corporate investor relations website. Each committee’s
members and functions are described below.

Audit Committee. Our
Audit Committee consists of Mr. Zhihuang Deng, Mr. Robert Bodenstein and Ms. Jingyu Lian since April 2, 2025. Ms. Jingyu Lian serves as
the