# EDGAR Filing Document

**Accession Number:** 0001816172
**File Stem:** 0001213900-25-050824
**Filing Date:** 2025-6
**Character Count:** 32439
**Document Hash:** e85052a430a2ecebee95db3d1e867db4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-050824.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001213900-25-050824

**CONFORMED SUBMISSION TYPE**: 20-F/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20241031

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jiuzi Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001816172
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 20-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40405
- **FILM NUMBER:** 251020055

**BUSINESS ADDRESS:**
- **STREET 1:** NO.168 QIANJIANG NONGCHANG GENGWEN ROAD
- **STREET 2:** 15TH FL, XIAOSHAN DIST., HANGZHOU CITY
- **CITY:** ZHEJIANG PROVINCE
- **STATE:** F4
- **ZIP:** 310000
- **BUSINESS PHONE:** 86 09372689523

**MAIL ADDRESS:**
- **STREET 1:** NO.168 QIANJIANG NONGCHANG GENGWEN ROAD
- **STREET 2:** 15TH FL, XIAOSHAN DIST., HANGZHOU CITY
- **CITY:** ZHEJIANG PROVINCE
- **STATE:** F4
- **ZIP:** 310000

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F/A**

(Amendment No. 1)

**(Mark One)**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended October 31, 2024**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission file number: 001-40405**

**Jiuzi Holdings Inc.**

(Exact name of Registrant as specified in its charter)

**Cayman Islands**

(Jurisdiction of incorporation or organization)

**No.168 Qianjiang Nongchang Gengwen Road, 15th Floor**

**Economic and Technological Development Zone**

**Xiaoshan District, Hangzhou City**

**Zhejiang Province 310000**

**People's Republic of China**

**+86-0571-82651956**

(Address of principal executive offices)

**Tao Li**, ***Chief Executive Officer***

**No.168 Qianjiang Nongchang Gengwen Road, 15<sup>th</sup> Floor**

**Economic and Technological Development Zone**

**Xiaoshan District, Hangzhou City**

**Zhejiang Province 310000**

**People's Republic of China**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Ordinary shares, par value $0.00195 per share | &nbsp;&nbsp;JZXN | &nbsp;&nbsp;Nasdaq Capital Market |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 11,011,389 ordinary shares issued and outstanding as of October 31, 2024.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ <br> Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

☐ Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

**EXPLANATORY NOTE**

This Amendment No. 1 (this "Amendment") to the Annual Report on Form 20-F of Jiuzi Holdings Inc. (the "Company") for the fiscal year ended October 31, 2024 (the "Original Form 20-F"), as originally filed with the Securities and Exchange Commission on March 3, 2025 (the "Original Filing Date"), is being filed solely to amend Exhibit 97.1 filed with the Original Form 20-F.

The Exhibit 97.1 filed herewith supersede Exhibit 97.1 filed with the Original Form 20-F. Except for such revised Exhibit, this Amendment does not reflect any events that may have occurred subsequent to the Original Filing Date and does not modify or update any disclosures made in the Original Form 20-F. Accordingly, this Amendment No. should be read in conjunction with the Original Form 20-F and the Company's other filings with the SEC. The Company is not including certifications pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C.1350) as no financial statements are being filed with this Amendment.

**ITEM 19. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | [Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed on December 4, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023092675/ea189462ex99-1_jiuzihold.htm) |
| 2.1\* | [Description of Securities](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex2-1_jiuzihold.htm) |
| 4.1\* | [Termination Agreement Regarding Existing VIE Agreement dated November 10, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Form 6-K filed on February 23, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023013994/ea174098ex10-1_jiuzihold.htm) |
| 4.2\* | [Employment Agreement, dated as of April 1, 2023, by and between the Company and Tao Li (incorporated by reference to Exhibit 10.1 to the Company's Form 6-K filed on April 7, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023028271/ea176672ex10-1_jiuziholdings.htm) |
| 4.3\* | [Subscription Agreement by and among the Company and the Investors (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed on May 10, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023038033/ea178299ex99-1_jiuziholdings.htm) |
| 4.4\* | [Form of Warrant to Purchase Ordinary Shares (incorporated by reference to Exhibit 99.2 to the Company's Form 6-K filed on May 10, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023038033/ea178299ex99-2_jiuziholdings.htm) |
| 4.5\* | [Form of Securities Purchase Agreement among Jiuzi Holdings Inc. and the Purchasers signatory thereto, dated July 17, 2023 (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed on July 20, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023058564/ea182098ex99-1_jiuzihold.htm) |
| 4.6\* | [Form of Placement Agency Agreement among Jiuzi Holdings Inc. and the Purchasers signatory thereto, dated July 17, 2023 (incorporated by reference to Exhibit 99.2 to the Company's Form 6-K filed on July 20, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023058564/ea182098ex99-2_jiuzihold.htm) |
| 4.7\* | [Form of Securities Purchase Agreement by and among Jiuzi Holdings Inc. and the Purchasers (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed on September 19, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000121390023077433/ea185366ex99-1_jiuziholdings.htm) |
| 4.8\* | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K filed on October 23, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000101376223005695/ea187083ex99-1_jiuzihold.htm) |
| 4.9\* | [Form of Warrant (incorporated by reference to Exhibit 99.2 to the Company's Form 6-K filed on October 23, 2023)](http://www.sec.gov/Archives/edgar/data/1816172/000101376223005695/ea187083ex99-2_jiuzihold.htm) |
| 8.1\* | [List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex8-1_jiuzihold.htm) |
| 11.1\* | [Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 14.1 to the Registration Statement on Form F-1 filed on August 26, 2020)](http://www.sec.gov/Archives/edgar/data/1816172/000121390020023703/ea125803ex14-1_jiuziholding.htm) |
| 12.1\*\*\* | [Certification of Chief Executive Officer Required by Rule 13a-14(a)](ea024389401ex12-1_jiuzi.htm) |
| 12.2\*\*\* | [Certification of Chief Financial Officer Required by Rule 13a-14(a)](ea024389401ex12-2_jiuzi.htm) |
| 13.1\*\* | [Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex13-1_jiuzihold.htm) |
| 13.2\*\* | [Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex13-2_jiuzihold.htm) |
| 15.1\* | [Consent of WWC, P.C.](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex15-1_jiuzihold.htm) |
| 15.2\* | [Consent of Audit Alliance LLP](https://www.sec.gov/Archives/edgar/data/0001816172/000121390025019083/ea023189301ex15-2_jiuzihold.htm) |
| 97.1\*\*\* | [Clawback Policy](ea024389401ex97-1_jiuzi.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Previously filed with the Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 3, 2025.

\*\* Previously furnished with the Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 3, 2025. <br>\*\*\* Filed herewith.

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
| **JIUZI HOLDINGS INC.** | **JIUZI HOLDINGS INC.** | **JIUZI HOLDINGS INC.** |
| By: | */s/ Huijie Gao* | */s/ Huijie Gao* |
|  | Name: | Huijie Gao |
|  | Title: | Chief Financial Officer |

---

Date: May 29, 2025

## Exhibit 12.1

**Exhibit 12.1**

**Certification by the Principal Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Tao Li, Chief Executive Officer of Jiuzi Holdings Inc. (the "Company"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual
report on Form 20-F/A of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

---

| | | |
|:---|:---|:---|
| Date: May 29, 2025 | Date: May 29, 2025 | Date: May 29, 2025 |
| By: | /s/ Tao Li | /s/ Tao Li |
|  | Name: | Tao Li |
|  | Title: | Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2**

**Certification by the Principal Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Huijie Gao, Chief Financial Officer of Jiuzi Holdings Inc. (the "Company"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual
report on Form 20-F/A of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: May 29, 2025

---

| | | |
|:---|:---|:---|
| By: | /s/ Huijie Gao | /s/ Huijie Gao |
|  | Name: | Huijie Gao |
|  | Title: | Chief Financial Officer |

---

## Exhibit 97.1

**Exhibit 97.1**

**Jiuzi Holdings Inc.**

**the "Company"**

**COMPENSATION RECOVERY POLICY**

Effective December 1, 2023

In accordance with Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Exchange Act Rule 10D-1, and the listing standards of The Nasdaq Stock Market (the "**Exchange**"), the Company's Board of Directors (the "**Board**") has adopted this Compensation Recovery Policy (the "**Policy**").

Capitalized terms used in the Policy are defined in <u>Section I</u> below. The application of the Policy to Executive Officers is not discretionary, except to the limited extent provided in <u>Section G</u> below, and applies without regard to whether an Executive Officer was at fault.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Persons Covered by the Policy** 

The Policy is binding and enforceable against all Executive Officers. Each Executive Officer will be required to sign and return to the Company an acknowledgement that such Executive Officer will be bound by the terms and comply with the Policy. The failure to obtain such acknowledgement will have no impact on the applicability or enforceability of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Administration of the Policy** 

The Compensation Committee of the Board (the "**Committee**") has full-delegated authority to administer the Policy. The Committee is authorized to interpret and construe the Policy and to make all determinations necessary, appropriate, or advisable for the administration of the Policy. In addition, if determined in the discretion of the Board, the Policy may be administered by the independent members of the Board or another committee of the Board made up of independent members of the Board, in which case all references to the Committee will be deemed to refer to such independent members of the Board or such other Board committee. All determinations of the Committee will be final and binding and will be given the maximum deference permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Accounting Restatements Requiring Application of the Policy** 

If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements 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 (an "**Accounting Restatement**"), then the Committee must determine the excess compensation, if any, that must be recovered (the "**Excess Compensation**"). The Company's obligation to recover Excess Compensation is not dependent on if or when the restated financial statements are filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Compensation Covered by the Policy** 

The Policy applies to all Incentive-Based Compensation Received by an Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) after beginning service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) who served as an Executive Officer at any time during the performance period for that Incentive-Based Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) while the Company has a class of securities listed on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during the three completed fiscal years immediately preceding the Accounting Restatement Determination Date. In addition to these last three completed fiscal years, the Policy must apply to any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years. However, a transition period between the last day of the Company's previous fiscal year end and the first day of the Company's new fiscal year that comprises a period of nine to 12 months would be deemed a completed fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on or after October 2, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Excess Compensation Subject to Recovery of the Policy** 

Excess Compensation is the amount of Incentive-Based Compensation Received that exceeds the amount of Incentive-Based Compensation that otherwise would have been Received had such Incentive-Based Compensation been determined based on the restated amounts (this is referred to in the listings standards as "erroneously awarded incentive-based compensation") and must be computed without regard to any taxes paid.

To determine the amount of Excess Compensation for Incentive-Based Compensation based on stock price or total shareholder return, where it is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the amount must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received and the Company must maintain documentation of the determination of that reasonable estimate and provide the documentation to the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Repayment of Excess Compensation** 

The Company must recover Excess Compensation reasonably promptly and Executive Officers are required to repay Excess Compensation to the Company. Subject to applicable law, the Company may recover Excess Compensation by requiring the Executive Officer to repay such amount to the Company by direct payment to the Company or such other means or combination of means as the Committee determines to be appropriate (these determinations do not need to be identical as to each Executive Officer). These means may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring reimbursement of cash Incentive-Based Compensation previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) offsetting the amount to be recovered from any unpaid or future compensation to be paid by the Company or any affiliate of the Company to the Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancelling outstanding vested or unvested equity awards; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) taking any other remedial and recovery action permitted by law, as determined by the Committee.

The repayment of Excess Compensation must be made by an Executive Officer notwithstanding any Executive Officer's belief (whether or not legitimate) that the Excess Compensation had been previously earned under applicable law and therefore is not subject to recovery.

In addition to its rights to recovery under the Policy, the Company or any affiliate of the Company may take any legal actions it determines appropriate to enforce an Executive Officer's obligations to the Company or its affiliate or to discipline an Executive Officer, including (without limitation) termination of employment, institution of civil proceedings, reporting of misconduct to appropriate governmental authorities, reduction of future compensation opportunities, or change in role. The decision to take any actions described in the preceding sentence will not be subject to the approval of the Committee and can be made by the Board, any committee of the Board, or any duly authorized officer of the Company or of any applicable affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Limited Exceptions to the Policy** 

The Company must recover Excess Compensation in accordance with the Policy except to the limited extent that any of the conditions set forth below are met, and the Committee determines that recovery of the Excess Compensation would be impracticable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before reaching this conclusion, the Company must make a reasonable attempt to recover the Excess Compensation, document the reasonable attempt(s) taken to so recover, and provide that documentation to the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before reaching this conclusion, the Company must obtain an opinion of home country counsel, acceptable to the Exchange, that recovery would result in such a violation, and must provide such opinion to the Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the legal requirements as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Other Important Information in the Policy** 

Notwithstanding the terms of any of the Company's organizational documents (including, but not limited to, the Company's articles of association), any corporate policy or any contract (including, but not limited to, any indemnification agreement), neither the Company nor any affiliate of the Company will indemnify or provide advancement for any Executive Officer against any loss of Excess Compensation, or any claims relating to the Company's enforcement of its rights under the Policy. Neither the Company nor any affiliate of the Company will pay for or reimburse insurance premiums for an insurance policy that covers potential recovery obligations. In the event that pursuant to the Policy the Company is required to recover Excess Compensation from an Executive Officer who is no longer an employee, the Company will be entitled to seek recovery in order to comply with applicable law, regardless of the terms of any release of claims or separation agreement such individual may have signed. Neither the Company nor any affiliate of the Company will enter into any agreement that exempts any Incentive-Based Compensation that is granted, paid, or awarded to an Executive Officer from the application of the Policy or that waives the Company's right to recovery of any Excess Compensation, and the Policy shall supersede any such agreement (whether entered into before, on, or after the adoption of the Policy).

The Committee or Board may review and modify the Policy from time to time.

If any provision of the Policy or the application of any such provision to any Executive Officer is adjudicated to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provisions of the Policy or the application of such provision to another Executive Officer, and the invalid, illegal or unenforceable provisions will be deemed amended to the minimum extent necessary to render any such provision or application enforceable.

The Policy will terminate and no longer be enforceable when the Company ceases to be a listed issuer within the meaning of Section 10D of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Definitions** 

"**Accounting Restatement Determination Date**" means the earlier to occur of: (a) the date the Board, a committee of the Board, or one or more of the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (b) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

"**Executive Officer**" means each individual who is or was ever designated as an "officer" by the Board in accordance with Exchange Act Rule 16a-1(f).

"**Financial Reporting Measures**" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also Financial Reporting Measures. A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the Securities and Exchange Commission.

"**Incentive-Based Compensation**" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure (for the avoidance of doubt, no compensation that is potentially subject to recovery under the Policy will be earned until the Company's right to recover under the Policy has lapsed) and excludes the following: salaries, bonuses paid solely at the discretion of the Committee or Board that are not paid from a bonus pool that is determined by satisfying a Financial Reporting Measure, bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period, non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures, and equity awards for which the grant is not contingent upon achieving any Financial Reporting Measure performance goal and vesting is contingent solely upon completion of a specified employment period (e.g., time-based vesting equity awards) and/or attaining one or more non-Financial Reporting Measures.

"**Received**" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-Based Compensation is "Received" under the Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, the Policy does not apply to Incentive-Based Compensation for which the Financial Reporting Measure is attained prior to October 2, 2023.

**ACKNOWLEDGEMENT & AGREEMENT**

This Acknowledgment & Agreement (the "Acknowledgment") is delivered by the undersigned employee ("Executive"), as of the date set forth below, to Jiuzi Holdings Inc. (the "Company"). Effective as of December 1, 2023, the Board of Directors (the "Board") of the Company adopted the COMPENSATION RECOVERY POLICY (as amended, restated, supplemented or otherwise modified from time to time by the Board, the "Policy").

In consideration of the continued benefits to be received from the Company (and/or any subsidiary of the Company) and Executive's right to participate in, and as a condition to the receipt of, Incentive-based Compensation (as defined in the Policy), Executive hereby acknowledges and agrees to the following:

I acknowledge that I have received and read the Policy.

I understand and acknowledge that the Policy applies to me, and all of my beneficiaries, heirs, executors, administrators, or other legal representatives and that the Company's right to recovery in order to comply with applicable law will apply, regardless of the terms of any release of claims or separation agreement I have signed or will sign in the future.

I agree to be bound by and to comply with the Policy and understand that determinations of the Committee (as such term is used in the Policy) will be final and binding and will be given the maximum deference permitted by law.

I understand and agree that my current indemnification rights, whether in an individual agreement or the Company's organizational documents, exclude the right to be indemnified for amounts required to be recovered under the Policy.

I understand that my failure to comply in all respects with the Policy is a basis for termination of my employment with the Company and any affiliate of the Company, as well as any other appropriate discipline.

I understand that neither the Policy, nor the application of the Policy to me, gives rise to a resignation for good reason (or similar concept) by me under any applicable employment agreement or arrangement.

I acknowledge that if I have questions concerning the meaning or application of the Policy, it is my responsibility to seek guidance from the Company's legal department or my own personal advisers.

I acknowledge that neither this Acknowledgement nor the Policy is meant to constitute an employment contract.

Please review, sign, and return this form to the Company.

---

| |
|:---|
| (mm/dd/yyyy) |
| *(print name and title)* |
| *(signature)* |

---