Company: GURE
Filing Date: 2025-07-25
Form Type: DEF 14A
Source: 0001193805-25-001103
Chunk: 67

Company: GULF RESOURCES, INC.
Filing Date: 2025-07-25
Form: DEF 14A
Chunk 67
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 of the date of reinvestment) in additional Shares or is to be entitled to choose among such alternatives.
Such receipt shall be subject to a “substantial risk of forfeiture” under Section 409A of the Code and, if such Award becomes
vested, the distribution of such cash or Shares shall be made no later than by the fifteenth (15th) day of the third (3rd) calendar month
next following the end of the Company’s fiscal year in which the Holder’s interest in the Award vests. Distribution Equivalent
Rights Awards may be settled in cash or in Shares, as set forth in the applicable Distribution Equivalent Rights Award Agreement. A Distribution
Equivalent Rights Award may, but need not be, awarded in tandem with another Award (other than an Option or a SAR), whereby, if so awarded,
such Distribution Equivalent Rights Award shall expire, terminate or be forfeited by the Holder, as applicable, under the same conditions
as under such other Award.

13.3. The Distribution Equivalent Rights Award Agreement for a Distribution Equivalent Rights Award may
provide for the crediting of interest on a Distribution Rights Award to be settled in cash at a future date (but in no event later than
by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the Company’s fiscal year in which such
interest is credited and vested), at a rate set forth in the applicable Distribution Equivalent Rights Award Agreement, on the amount
of cash payable thereunder.

Gulf Resources, Inc. 2025 Stock Incentive Plan

<div align='center'>ARTICLE XIV

STOCK APPRECIATION RIGHTS</div>

14.1. A Stock Appreciation Right shall constitute a right, granted alone or in connection with a related Option, to receive
a payment equal to the increase in value of a specified number of Shares between the date of Award and the date of exercise.

14.2. At the time any Award is made under this Article XIV, the Company and the Holder shall enter into
a Stock Appreciation Right Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may
determine to be appropriate. The Committee shall set forth in the applicable Stock Appreciation Right Agreement the terms and conditions
of the Stock Appreciation Right, including (i) the base value (the “”) for the Stock Appreciation Right,
which shall be not less than the Fair Market Value of an Share on the date of grant of the Stock Appreciation