Company: EMCRF
Filing Date: 2025-07-17
Form Type: PRE 14A
Source: 0001641172-25-020063
Chunk: 68

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-17
Form: PRE 14A
Chunk 68
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 holding of Shares of any class, to a certificate for the balance of that holding); and                                          |

| (b) | upon                                                                                                                              
 payment of such reasonable sum as the directors may determine for every certificate after the first, to several certificates each 
 for one or more of that Member’s Shares.                                                                                          |

| 5.2 | Every                                                                                                                                   
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to which it relates and whether they      
 are Fully Paid or partly paid up. A certificate may be executed under seal or executed in such other manner as the directors determine. |

| 5.3 | The                                                                                                                                    
 Company shall not be bound to issue more than one certificate for Shares held jointly by several persons and delivery of a certificate 
 for a Share to one joint holder shall be a sufficient delivery to all of them.                                                         |

Renewal of lost or damaged share certificates

| 5.4 | If                                                                                                           
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any) as to: |

| (a) | evidence; |

| (b) | indemnity; |

| (c) | payment                                                                               
 of the expenses reasonably incurred by the Company in investigating the evidence; and |

| (d) | payment                                                                  
 of a reasonable fee, if any, for issuing a replacement share certificate |

as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

| 6. | Lien      
 on Shares |

Nature and scope of lien

| 6.1 | The                                                                                                                                 
 Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered in the name of a Member (whether solely 
 or jointly with others). The lien is for all moneys payable to the Company by the Member or the Member’s estate:                    |

| (a) | either                                                                                    
 alone or jointly with any other person, whether or not that other person is a Member; and |

| (b) | whether                                    
 or not those moneys are presently payable. |

| 6.2 | At                                                                                                              
 any time the directors may declare any Share to be wholly or partly exempt from the provisions of this Article. |

| Annex C-18 |

Company may sell Shares to satisfy lien

| 6.3 | The                                                                                              
 Company may sell any Shares over which it has a lien