Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 71

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 71
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 a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company
to challenge actions where:

| (a) | a company acts or proposes to act illegally or ultra vires with respect to the company and is therefore 
 incapable of ratification by the shareholders;                                                          |

| (b) | the act complained of, although not ultra vires, could only be effected duly if authorized by more than 
 a simple majority vote that has not been obtained; and                                                  |

| (c) | those who control the company are perpetrating a “fraud on the minority.” |

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. Oursecond amended and restated
memorandum and articles of association provide that every director (including any alternate director), secretary, assistant secretary,
or other officer for the time being and from time to time of our company (but not including our company’s auditors) and the personal
representatives of the same (each an “Indemnified Person”) shall be indemnified and secured harmless against all actions,
proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by
reason of such Indemnified Person’s own dishonesty, willful default or fraud, in or about the conduct of our company’s business
or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified
Person in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether
in the Cayman Islands or elsewhere.

This standard of conduct is generally the same
as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification
agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided
in our second amended and restated memorandum and articles of association.

In