Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 98

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 6
Chunk 98
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 that are authorized but unissued or reacquired ordinary shares, including
shares repurchased by the Company as treasury shares. The total aggregate ordinary shares of the Company authorized for issuance during
the term of the Equity Plan is limited to 4,000,000 shares before Share Consolidation effected on October 25, 2023. Immediately after
Share Consolidation, the shares under the Equity Plan is reduced and limited to 250,000 shares in total.

Types of Awards and Eligibility.
The Equity Plan provides for five types of awards and they are: Stock Options, Stock Appreciation Rights (“ SAR”), Unrestricted
Stock, Restricted Stock and Restricted Stock Units. The Eligible Persons under the Equity Plan include Employees, Outside Directors, Consultants
and New Hires of the Company or its subsidiaries, as selected by our Board or the designated committee thereof.

Vesting and Forfeiture. The
Committee determines the time and conditions under which the award will vest or the period of time after which the restriction shall lapse
as part of making an award. Vesting or the lapse of the period of restriction may, in the Committee’s discretion, be based solely
upon continued employment or service for a specified period of time, or may be based upon the achievement of specific performance goals
(individual, corporation or other basis), or both. Unless otherwise provided by the Committee, when a participant terminates employment
or service with us, all unexercised or unvested awards are forfeited, and if the termination is without cause, all outstanding vested
options and SARs will continue to be exercisable until the earlier of the expiration term or the date that is three months after such
termination date.

Prohibition on Repricing. Except
as required or permitted pursuant to a corporate transaction (including, without limitation, any recapitalization or reorganization),
in no event will an option or SAR be amended to reduce the exercise or base price or be canceled in exchange for cash, other awards or
options or SARs with an exercise price or base price less than the exercise price of the original option or base price of the original
SAR without shareholder approval.

Limits on Transfers of Awards/Beneficiary
Designation. All awards are exercisable only by the participant during the participant’s lifetime, and are transferable
only by will or by the laws of descent and distribution; provided, however, that the Committee may permit a transfer of an award, other
than an inventive stock option, to a family member of