Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 131

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 6
Chunk 131
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 them to us upon our request.

In addition, each executive officer has agreed
to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for two years
following the last date of employment. Specifically, each executive officer has agreed not to (i) engage directly or indirectly in any
business, including his or her own business, related to the development, operation or sales of any same or similar technologies or products,
whether as employee, consultant or otherwise; (ii) approach directly or indirectly our clients or customers for the purpose of doing business
of the same or a similar nature to our business with such persons or entities that will harm our business relationships with these persons
or entities or for purposes of making such persons or entities limit or terminate their business relationship with us; or (iii) seek directly
or indirectly, to solicit the services of any of our employees who is employed by us.

We have entered into indemnification agreements
with each of our directors and executive officers. Under these agreements, we may agree to indemnify our directors and executive officers
against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or
officer of our company.

Stock Options and RSUs

In September 2019, our board of directors approved
our 2019 share incentive plan, or the 2019 Plan, to provide incentives to employees, officers, directors and consultants and promote the
success of our business.

In November 2022, our board of directors approved
our 2022 share incentive plan, or the 2022 Plan, to provide incentives to employees, officers, directors and consultants and promote the
success of our business.

In June 2024, our board of directors approved
our 2024 share incentive plan, or the 2024 Plan, to provide incentives to employees, officers, directors and consultants and promote the
success of our business.

Stock Options A

As of December 31, 2024, we had 1,025 million
share options outstanding (“ Stock Option A”), which are exercisable into Class B ordinary shares at RMB2.0 per ordinary share.
As of December 31, 2024, all the outstanding Stock Options A had vested. All grantees of Stock Options A are restricted from transferring
more than 25% of their total converted ordinary shares each year after the exercise date.

Stock Options B

As of December 31, 2024