Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 121

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 121
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 term of the Equity Plan are 2,500,000 shares.

As of April, 28, 2025, stock options to purchase
820,000 ordinary shares and 1,675,000 ordinary shares have been granted and outstanding under the Equity Plan. The following
paragraphs summarize the terms of the Equity Plan:

Administration. The Equity Plan requires
that a committee of non-employee directors to administer the Equity Plan. Currently, our Compensation Committee, which we refer here as
the Committee, administers the Equity Plan. Among other powers and duties, the Committee determines the employees who will be eligible
to receive awards and establishes the terms and conditions of all awards. Unless prohibited by applicable law or the applicable rules
of a stock exchange, the Committee may delegate its authority and administrative duties under the Equity Plan.

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Shares Subject to the Equity Plan. The
shares issuable under the Equity Plan are our ordinary shares that are authorized but unissued or reacquired ordinary shares, including
shares repurchased by the Company as treasury shares. The total ordinary shares of the Company authorized for issuance during
the term of the Equity Plan is 2,500,000 shares. The Committee must equitably adjust awards and the number of shares available
under the Equity Plan in the event of a recapitalization, stock split, stock dividend, extraordinary cash dividend, split-up, spin-off,
reclassification, combination or other exchange of shares.

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 (“ RSU”). 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. Vesting means the time at which an option, SAR or RSU holder may exercise his or her award at the
end of the period of restriction