Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 123

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 123
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 award.

Term. The Equity Plan is effective immediately
and will terminate on the earliest to occur of (i) the 10th anniversary of the Equity Plan’s effective date, or (ii) the date on
which all shares available for issuance under the Equity Plan shall have been issued as fully-vested shares.

On February 22, 2023, the Compensation Committee
of the Board of Directors (the “ Board”) of the Company granted stock options to purchase 820,000 ordinary shares of the
Company (the “ Shares”) at $1.23 per share, pursuant to the Company’s 2022 Omnibus Equity Plan, to 16 officers,
directors and employees of the Company and its subsidiaries (the “ Grantees”) The Grants vested immediately on February
22, 2023 and each of the Grantees also entered into a Stock Option Agreement with the Company on February 22, 2023. The options will
expire five (5) years from February 22, 2023and may be exercised by cashless exercise pursuant to the terms and conditions of the
Stock Option Agreement. As of April 28, 2025, none
of the options has been exercised.

On February 19, 2025 (the “ Grant Date”), the Compensation Committee
(“ Committee”) of the Board granted stock awards of ordinary shares of the Company, par value $0.0001 (the “ Ordinary
Shares”), pursuant to the Company’s 2022 Omnibus Equity Plan, to certain officers and employees of the Company and its subsidiaries
(the “ Grantees”), including: 400,000 Ordinary Shares to Wynn Hui, Chief Technical Officer and a director of the Company, 400,000
Ordinary Shares to Bun Lau, Chief Operating Officer and a director of the Company, 400,000 Ordinary Shares to Errol Hui, Vice President
of Engineering of the Company, 100,000 Ordinary Shares to Frederick Wong, Chief Financial Officer of the Company, 80,000 Ordinary Shares
to Wei Zhong, Vice President of Finance of the Company as well as 40,000 Ordinary Shares to each of the independent directors of the Company,
namely Monique Ho, Chun Fai (Kenneth) Liu, Carina Chui and Henry Yeung. On the Grant Date, the Committee and the Board also granted 2,000,000
Series A Preferred Shares, par value US$0.0001 to Mr. B