Company: GURE
Filing Date: 2025-07-16
Form Type: PRE 14A
Source: 0001193805-25-001026
Chunk: 69

Company: GULF RESOURCES, INC.
Filing Date: 2025-07-16
Form: PRE 14A
Chunk 69
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(e)The Tandem Stock Appreciation Right may be exercised solely when the Fair Market Value of the Shares subject to the related Option
exceeds the per Share exercise price under the related Option.

<div align='center'>ARTICLE XV

RECAPITALIZATION OR REORGANIZATION</div>

15.1j. The shares with respect to which Awards may be granted under the Plan are Shares as presently
constituted; provided, , that if, and whenever, prior to the expiration or distribution to the Holder of Shares underlying
an Award theretofore granted, the Company shall effect a subdivision or consolidation of the Shares or the payment of an Share dividend
on Shares without receipt of consideration by the Company, the number of Shares with respect to which such Award may thereafter be exercised
or satisfied, as applicable, (i) in the event of an increase in the number of outstanding Shares, shall be proportionately increased,
and the purchase price per Share shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding
Shares, shall be proportionately reduced, and the purchase price per Share shall be proportionately increased. Notwithstanding the foregoing
or any other provision of this Article XV, any adjustment made with respect to an Award (x) which is an Incentive Stock Option, shall
comply with the requirements of Section 424(a) of the Code, and in no event shall any adjustment be made which would render any Incentive
Stock Option granted under the Plan to be other than an “incentive stock option” for purposes of Section 422 of the Code,
and (y) which is a Non-qualified Stock Option, shall comply with the requirements of Section 409A of the Code, and in no event shall
any adjustment be made which would render any Non-qualified Stock Option granted under the Plan to become subject to Section 409A of
the Code.

15.2. If the Company recapitalizes or otherwise changes its capital structure, thereafter upon any exercise
or satisfaction, as applicable, of a previously granted Award, the Holder shall be entitled to receive (or entitled to purchase, if applicable)
under such Award, in lieu of the number of Shares then covered by such Award, the number and class of shares and securities to which the
Holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization, the Holder
had been the holder of record of