Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 162

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 162
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 outstanding.

Preferred Stock

The Company initially had50,000,000authorized
Preferred Shares and a total of750,000of its Preferred shares issued and outstanding, with a par value of US$0.0001(after Share Consolidation,
the par value changed to $0.0016). Each Preferred Share has voting rights equal to two Ordinary Shares of the Company and each Preferred
Share is convertible into one Ordinary Share at any time. Except for voting rights and conversion rights, the Ordinary Shares and the
Preferred Shares shall rank par passu with one another and shall have the same rights, preferences, privileges and restrictions.

Stock issuance to management and an external
party

On April 21, 2021, the Company granted100,000ordinary
shares to a third-party consultant in exchange for services in connection with the Company’s internal control and management, budget
management, accounting, procurement, assets and contract management, mergers and acquisitions strategy and due diligence, etc. with service
period from April 21, 2021 to December 31, 2021. The fair value of $770,000was based on the Company’s closing stock price
$7.70on April 21, 2021, which cost was amortized over the service period.

On September 21, 2021, the Company filed Form
S-8 with SEC to register4,000,000ordinary shares under the Company’s 2021 Omnibus Equity Plan which was approved by
the Board of the Company on August 2, 2021 and by the shareholders of the Company at annual shareholders meeting on September 10, 2021.
On November 26, 2021, the Company authorized the grant of Restricted Stock Units (“ RSU”) of80,000ordinary shares
to the Company’s then Chief Financial Officer under the Company’s 2021 Omnibus Equity Plan for service period from November
16, 2021 to November 15, 2022, which were valued based on the closing stock price of $10.06on November 26, 2021, the grant date. The RSUs granted to the then Chief Financial Officer had a graded vesting schedule with 25% or 20,000 RSUs vested on November 26, 2021,
25% or 20,000 RSUs vested on March 31, 2022, 25% or 20,000 RSUs vested on June 30, 2022, and the remaining