Chapter 1 General Principles
Article 1
To standardize the departure of directors and senior management at Zhejiang Bofei Electric Co., Ltd. (hereinafter referred to as "the Company"), ensure the stability and continuity of the corporate governance structure, and protect the legitimate rights and interests of the Company and its shareholders, this system is formulated in accordance with the Company Law of the People's Republic of China (hereinafter referred to as "the Company Law") and the Articles of Association of Zhejiang Bofei Electric Co., Ltd. (hereinafter referred to as "the Articles of Association"), as well as relevant national laws, regulations, and normative documents, combined with the actual situation of the Company.
Article 2
This system applies to the circumstances under which directors (including independent directors) and senior management of the Company leave due to the expiration of their term, resignation, dismissal, or other reasons.
Chapter 2 Departure Circumstances and Procedures
Article 3
Directors and senior management may resign before the expiration of their term. Resignation must be submitted in writing, stating the reasons for resignation. The resignation takes effect on the day the Company receives the resignation report, and the Company will disclose relevant information within two trading days.
Article 4
In the following circumstances, the original directors shall continue to perform their duties until the newly elected directors assume office, unless otherwise provided by relevant regulations:
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The term of a director has expired without timely re-election, or a director resigns during their term, resulting in the board having fewer members than the legal minimum.
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Resignation of audit committee members leads to fewer members than the legal minimum or a lack of accounting professionals.
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Resignation of independent directors results in non-compliance with the legal or regulatory requirements regarding the proportion of independent directors on the board or its committees, or a lack of accounting professionals among independent directors.