Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 265

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 265
---
 attract
and retain the best available personnel and to promote the success of the Company’s business. The Board authorized that the maximum
aggregate number of ordinary shares reserved and available pursuant to this Plan shall be the aggregate of (i) 216 (post-reverse stock
split adjusted to 36) shares, and (ii) on each January 1, starting with January 1, 2019, an additional number of shares equal to the lesser
of (A) 2% of the outstanding number of ordinary shares (on a fully-diluted basis) on the immediately preceding December 31, and (B) such
lower number of ordinary shares as may be determined by the Committee. The Plan shall become effective on the effective date of the Company’s
contemplated initial public offering is completed, which was on April 4, 2019. The grants under the Plan generally have a maximum contractual
term of ten years from the date of grant. Stock option awards granted under the plan at the determination of the Board shall be effective
and exercisable after the Company's completion of IPO of its securities. The terms of individual agreements for various grants under the
Plan will be determined by the Board (or its Compensation Committee) and might contain both service and performance conditions. The
Company believes the options contain an explicit service condition and a performance condition. On July 2, 2020, the Board approved to
amend the 2018 Plan to adjust that the maximum aggregate number of ordinary shares reserved and available pursuant to the 2018 Plan shall
not at any time exceed20% of the total number of outstanding Ordinary Shares at the time of issuance, from time to time. Such amendment
was approved during shareholders’ annual meeting on July 27, 2020.

On January 20, 2023, the Board approved to register all the shares
issuable under the Company’s Amended 2018 Plan in a registration statement on a Form S-8 (File No. 333-269513) representing additional12,973(post-reverse stock split adjusted to2,162) Class A ordinary shares of the Company reserved for issuance under the Amended 2018
Plan, which are in addition to the4,161(post-reverse stock split adjusted to693) Class A ordinary shares s registered on the Prior
Registration Statement. Accordingly, the number of ordinary shares of the Company issuable upon the exercise of all outstanding options
granted under the Amended 2018 Plan