Company: TGE
Filing Date: 2025-01-27
Form Type: 425
Source: 0001213900-25-006756
Chunk: 36

Company: Generation Essentials Group
Filing Date: 2025-01-27
Form: 425
Chunk 36
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 or withholding to the relevant payee against whom such deduction or withholding is expected
to be made as soon as reasonably practicable after such determination and (ii) consult and cooperate with such payee reasonably and
in good faith to reduce or eliminate any such deduction or withholding to the extent permitted by applicable Tax law. The Company may
give effect to withholding hereunder by withholding (or causing to be withheld) any consideration issued in the form of Company Exchange
Shares, Company Exchange Warrants, Company Earnout Shares or other consideration issued in kind, and then selling (or instructing to be
sold) such portion of such consideration issued in kind to the extent necessary to satisfy the applicable withholding obligations. Any
amounts so deducted and withheld shall be paid over to the appropriate Governmental Authority in accordance with applicable Tax law and
shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding
was made.

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Section 4.05. Earnout.
Following the Closing, if any of the following events occurs prior to the first anniversary of the Closing Date (the “Earnout Period”), the Company may issue, or cause to be issued, to each of AMTD Digital, AMTD IDEA Group and AMTD Group Inc. (in accordance
with their respective pro rata share, calculated on the basis of the number of Company Class A Ordinary Shares held by them inter
se), such number of Company Class A Ordinary Shares which in aggregate represent 3% of the aggregate number of Company Class A
Ordinary Shares outstanding as of the date such event occurs (collectively, the “Company Earnout Shares”):

(a) the
VWAP of the Company Class A Ordinary Shares is equal to or greater than $30.00 for forty (40) trading days during any continuous
sixty (60) trading day period; or

(b) (i) the
VWAP of the Company Class A Ordinary Shares is equal to or greater than $20.00 for forty (40) trading days during any continuous
sixty (60) trading day period; and (ii) the Company or any of its Subsidiaries has acquired not less than 51% of the ownership interest
in a hotel of not less than 100 rooms (including with all permits, licenses, consents and approvals as may be required for such hotel
to operate) which is fully operating during the Earnout Period and not less