Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 78

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 78
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a) | issue                                                                                                                                
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member holding those redeemable Shares, 
 on the terms and in the manner its directors determine before the issue of those Shares;                                             |

| Annex C-24 |

| (b) | with                                                                                                                                
 the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights attaching to that class of   
 Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms 
 and in the manner which the directors determine at the time of such variation; and                                                  |

| (c) | purchase                                                                                                                               
 all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the directors determine 
 at the time of such purchase.                                                                                                          |

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

| 11.2 | With                                                          
 respect to redeeming, repurchasing or surrendering of Shares: |

| (a) | Members                                                                                                                      
 who hold Public Shares are entitled to request the redemption of such Shares in the circumstances described in Article 37.3; |

| (b) | Shares                                                                                                                             
 held by the Sponsor shall be surrendered by the Sponsor for no consideration to the extent that the Over-Allotment Option is not   
 exercised in full so that such shares will represent 20% of the Company’s issued Shares after the IPO (exclusive of any securities 
 purchased in a private placement simultaneously with the IPO); and                                                                 |

| (c) | Public                                                                                              
 Shares shall be repurchased by way of Tender Offer in the circumstances set out in Article 37.2(b). |

Power to pay for redemption or purchase in cash or in specie

| 11.3 | When                                                                                                                               
 making a payment in respect of the redemption or purchase of Shares, the directors may make the payment in cash or in specie (or   
 partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares, or by the terms applying to 
 those Shares in accordance with Article 11.1, or otherwise by agreement with the Member holding those Shares.                      |

Effect of redemption or purchase of a Share