Company: APXIF
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026339
Chunk: 592

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: F-4/A
Chunk 592
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, other than the Deferred Share Right Agreement with the CEO, as explained below. Deferred Share Right Agreement with CEO After the reporting period (See Note 21), on October 18, 2024, Heritas Ltd. entered into a Deferred Share Right Agreement with the CEO of Heritas Ltd (the “CEO”), based on the compensation package provided to the CEO. The award defined in this Deferred Share Right Agreement was pursuant to the September 2021 consultancy agreement signed between Heritas S.A.U. and the CEO. Under the terms of the Deferred Share Right Agreement, Heritas Ltd. will transfer a specified number of shares to the CEO in exchange for services rendered to the Group until 12 months post -closing. The agreement stipulates that the CEO will receive 513,750 ordinary shares of Heritas, Ltd., which will be transferred one year after the Closing. Additionally, 78,750 ordinary shares be transferred based on the achievement of certain performance milestones, also one year after the Closing.

F-92 Notes to Combined Financial Statements (Amounts in US Dollars, except otherwise indicated) 14. Shared-based incentives (cont.) Should the CEO cease to be employed by Heritas, Ltd. or its affiliates due to resignation or termination for cause following the one -yearanniversary following the Closing, the deferred share rights will be forfeited. However, in the event of a termination without cause, the deferred share rights will vest immediately. Similar Deferred Share Right Agreements have been extended to other three key employees after the reporting period, a time when these employees were identified by the Board of Directors as critical for the Group’s success within the one -yearanniversary of the closing of the Business Combination Agreement. For further details on these DRSS, please refer to Note 21. Fair Value of Deferred Shares The fair value of the stock granted to the CEO has been assessed at US$3.3935 per share. The fair value at the grant date was independently determined using an adjusted version of the Black -Scholesmodel, incorporating a Monte Carlo simulation model. This model takes into account various factors including: •Exercise price and the term of the option. •Impact of dilution where applicable. •Share price at grant date and expected price volatility of the underlying shares. •Expected dividend yield. •Risk -freeinterest rate for the duration of the option. •Correlations and volatilities of comparable peer group companies Key Assumptions for Fair Value Calculation The primary inputs used in determining the fair value of the deferred shares