Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 119

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 119
---
 as
Runway Global Holdings Company Limited) from November 2016 to June 2019 and the Manager of FT Corporate Strategy Limited from October
2013 to June 2016. Mr. Liu studied Administrative Studies at York University, Toronto, Ontario from 2007 to 2011 and he is a
member of Chaozhou Chamber of Commerce.

Henry Yeung, Independent Director

Mr. Yeung was appointed as a director of the Company
on January 15, 2024. Mr. Yeung has more than 19 years of management experience. Mr. Yeung has served as vice chairman and general manager
of Jewellery City Group, a retail company of luxury jewelleries and watches, since 2004. Mr. Yeung has also served as the director of
Green World Technology Ltd., a company developing environmental protection technologies, since 2017.

6. B. Compensation

For 2024 and 2023, we paid an aggregate
of $971,000 and $950,000 in cash to our directors and executive officers, respectively. For share incentive
grants to our officers and directors, see “ - Share Incentive Plans.” We have not set aside or accrued any amount to provide
pension, retirement or other similar benefits to our executive officers and directors.

Our PRC subsidiary is required by law to make contributions
equal to certain percentages of each employee’s salary for his or her pension insurance, medical insurance, unemployment insurance
and other statutory benefits and a housing provident fund.

  72  

Employment Agreements, Director Agreements and Indemnification Agreements

We entered into employment agreements with each
of our executive officers. Pursuant to these agreements, each of our executive officers is employed for an initial term of one year, renewable
upon mutual agreement of the Company and the executive officer.

The executive officers are entitled to a fixed salary
and to participate in our equity incentive plans, if any and other company benefits, each as determined by the Board or a committee designated
by the Board from time to time.

We may terminate the executive officer’s employment
for cause, at any time, without notice or remuneration, for certain acts, such as conviction or plea of guilty to a felony or grossly
negligent or dishonest acts to our detriment, or material breach of any term of any employment or other services, confidentiality, intellectual
property or non-competition agreements with the Company. In such case, the executive officer will