Company: APXIF
Filing Date: 2025-06-13
Form Type: F-4/A
Source: 0001213900-25-054324
Chunk: 649

Company: APx Acquisition Corp. I
Filing Date: 2025-06-13
Form: F-4/A
Chunk 649
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termincentives for key employees, advisors, and contractors, aims to deliver long -termvalue to shareholders by incentivizing participants to improve business performance. Under the Plan, participants are granted Deferred Share Rights (“DSRs”) in the Parent entity, Heritas Ltd. These rights entitle participants to receive shares in Heritas Ltd. upon the fulfilment of certain service -basedand/or performance -basedconditions. Participation in the Plan is determined solely by the Board of Heritas Ltd., and no participant has a contractual right to receive any guaranteed benefits. The Plan includes a conditional vesting acceleration feature, whereby all unvested shares will fully vest upon the occurrence of specific events, such as a “Share Sale” or “Asset Sale”. These events, which result in a change of control or the disposal of all or substantially all of the Group’s assets, override the Vesting Conditions mentioned below. Specifically, if the acceleration feature is triggered by a Share Sale or Asset Sale, all DSRs will be immediately transferred to each participant. In the absent of any specific event, the Vesting Conditions mentioned below apply. Participants under the Plan do not have shareholder rights, including voting or dividend rights, until such time as the shares are transferred to them. However, participants are entitled to Dividend Equivalents, which are recorded in a bookkeeping account and will be paid in cash upon vesting of the Deferred Share Rights. Vesting Conditions The DSRs under the Plan are subject to a one -yearvesting period following the closing of the Business Combination Agreement (the “Closing”), signed on March 25, 2024. Accordingly, the shares will vest on the first anniversary of the Closing date, provided the participant remains employed by Heritas Ltd. or its affiliates during the vesting period. If a participant resigns or is terminated for cause before the end of the vesting period, they forfeit their DSRs. Deferred Share Right Agreement to Key Employees On October 24, 2024, Heritas Ltd. entered into a Deferred Share Right Agreements to three key employees of the Group. These individuals were identified by the Board of Directors as strategically critical to the successful execution of the Group’s business plan within the 12 months following the Closing of the BCA. Each of the three employees was granted 30,000 ordinary shares of Heritas Ltd., which will be transferred one year after the Closing. No performance -basedshares or additional bonuses were included in these grants. Should the employees cease to be employed by Her