Company: GURE
Filing Date: 2025-07-16
Form Type: PRE 14A
Source: 0001193805-25-001026
Chunk: 61

Company: GULF RESOURCES, INC.
Filing Date: 2025-07-16
Form: PRE 14A
Chunk 61
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 the privileges and rights of
a stockholder of the Company solely with respect to such Shares as have been purchased under the Option and for which share certificates
have been registered in the Holder’s name.

7.7. Options may be granted under the
Plan from time to time in substitution for stock options held by individuals employed by entities who become Employees, Directors or Consultants
as a result of a merger or consolidation of the employing entity with the Company or any Affiliate, or the acquisition by the Company
or an Affiliate of the assets of the employing entity, or the acquisition by the Company or an Affiliate of stock or shares of the employing
entity with the result that such employing entity becomes an Affiliate.

Gulf Resources, Inc. 2025 Stock Incentive Plan

7.8g. Except to the extent (i) approved in advance by holders of a majority of the shares
of the Company entitled to vote generally in the election of directors, or (ii) as a result of any Change of Control or any adjustment
as provided in Article XV, the Committee shall not have the power or authority to reduce, whether through amendment or otherwise, the
exercise price under any outstanding Option or Stock Appreciation Right, or to grant any new Award or make any payment of cash in substitution
for or upon the cancellation of Options and/or Stock Appreciation Rights previously granted.

<div align='center'>ARTICLE VIII

RESTRICTED STOCK AWARDS</div>

8.1. A Restricted Stock Award shall constitute an Award of Shares to the Holder as of the date of the Award which are
subject to a “substantial risk of forfeiture” as defined under Section 83 of the Code during the specified Restriction Period.
At the time a Restricted Stock Award is made, the Committee shall establish the Restriction Period applicable to such Award. Each Restricted
Stock Award may have a different Restriction Period, in the discretion of the Committee. The Restriction Period applicable to a particular
Restricted Stock Award shall not be changed except as permitted by Section 8.2.

8.2. At the time any Award is made under this Article VIII, the Company and the Holder shall enter into
a Restricted Stock Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine
to be appropriate. The Company shall cause the Shares to be issued in the name of Holder, either by book-entry registration or issuance
of one or more stock certificates evidencing the Shares, which Shares or certificates shall be held by the