Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 121

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 10
Chunk 121
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 including without
prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending
(whether successfully or otherwise) any civil proceedings concerning our company or our affairs in any court whether in the Cayman Islands
or elsewhere.

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
our company under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.

Certain Anti-Takeover Provisions

Certain provisions in our amended
and restated memorandum and articles of association may be deemed to have an anti-takeover effect and may delay, deter or prevent
a tender offer or takeover attempt that a shareholder might consider to be in its best interests, including attempts that might result
in a premium being paid over the market price for ordinary shares. These provisions are also designed, in part, to encourage persons seeking
to acquire control of us to first negotiate with our board of directors.

Ordinary Shares

The authorized but unissued
ordinary shares will be available for future issuance by the board of directors on such terms as our board of directors may determine,
subject to the provisions of the Cayman Companies Act, our amended and restated memorandum and articles of association and the rules of
the stock exchange, where applicable, and without prejudice to any rights attached to any existing shares. These additional shares may
be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of authorized but unissued ordinary shares could render more difficult or discourage an attempt
to obtain control over us by means of a proxy contest, tender offer, merger, amalgamation, scheme of arrangement or otherwise.

Arrangements for Election of Directors

In connection with the Business
Combination, three of the non-independent directors were nominated by FST’s major shareholders: Japan Brand Business LLC, Far
East Machinery Co. Ltd., and FST Chairman and major shareholder, David Chuang. Two of the independent directors were nominated by FST
Chairman and major shareholder David Chuang. One independent director was nominated by FST’s major shareholder Far East Machinery
Co. Ltd., and one by the New SPAC Sponsor.

Appointment of Directors

Our directors shall, be elected
by the shareholders by way of any special resolution to