Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 120

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 120
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 solely be entitled to accrued and unpaid
salary through the effective date of such termination, and his/her right to all other benefits will terminate, except as required by any
applicable law. The executive officer is not entitled to severance payments upon any termination.

The executive officer may voluntarily terminate his/her
employment for any reason and such termination shall take effect 30 days after the receipt by Company of the notice of termination. Upon
the effective date of such termination, the executive officer shall be entitled to (a) accrued and unpaid salary and vacation through
such termination date; and (b) all other compensation and benefits that were vested through such termination date. In the event the executive
officer is terminated without notice, it shall be deemed a termination by the Company for cause.

Each of our executive officers agreed not to use
for his/her personal purposes nor divulge, furnish, or make accessible to anyone or use in any way (other than in the ordinary course
of the business of the Company) any confidential or secret information or knowledge of the Company, whether developed by him/herself or
by others.

In addition, each executive officer agreed to
be bound by non-competition restrictions during the term of his or her employment and for six months following the last date of employment.

Each executive officer also has agreed not to (i)
solicit or induce, on his/her own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates
to leave the employ of the Company or any of its affiliates; or (ii) solicit or induce, on his/her own behalf or on behalf of any other
person or entity, any customer or prospective customer of the Company or any of their respective affiliates to reduce its business with
the Company or any of its affiliates.

We entered into director agreements with each
of our independent directors which agreements set forth the terms and provisions of their engagement.

In addition, we entered into indemnification
agreements with each of our directors and executive officers that provide such persons with additional indemnification beyond that provided
in our current memorandum and articles of association.

Share Incentive Plans

The BOD of the Company approved and
adopted Intelligent Living Application Group Inc. 2022 Omnibus Equity Plan (the “ Equity Plan”) on October 20, 2022, which
was approved at the stockholders’ meeting on December 16, 2022. The total ordinary shares of the Company authorized for
issuance during the