Company: APXIF
Filing Date: 2025-07-03
Form Type: F-4/A
Source: 0001213900-25-061545
Chunk: 649

Company: APx Acquisition Corp. I
Filing Date: 2025-07-03
Form: F-4/A
Chunk 649
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 disposal of all or substantially all of the Group’s assets, override the Vesting Conditions mentioned below. Specifically, if the acceleration feature is triggered by a Share Sale or Asset Sale, all DSRs will be immediately transferred to each participant. In the absent of any specific event, the Vesting Conditions mentioned below apply. Participants under the Plan do not have shareholder rights, including voting or dividend rights, until such time as the shares are transferred to them. However, participants are entitled to Dividend Equivalents, which are recorded in a bookkeeping account and will be paid in cash upon vesting of the Deferred Share Rights. Vesting Conditions The DSRs under the Plan are subject to a one -yearvesting period following the closing of the Business Combination Agreement (the “Closing”), signed on March 25, 2024. Accordingly, the shares will vest on the first anniversary of the Closing date, provided the participant remains employed by Heritas Ltd. or its affiliates during the vesting period. If a participant resigns or is terminated for cause before the end of the vesting period, they forfeit their DSRs. Deferred Share Right Agreement to Key Employees On October 24, 2024, Heritas Ltd. entered into a Deferred Share Right Agreements to three key employees of the Group. These individuals were identified by the Board of Directors as strategically critical to the successful execution of the Group’s business plan within the 12 months following the Closing of the BCA. Each of the three employees was granted 30,000 ordinary shares of Heritas Ltd., which will be transferred one year after the Closing. No performance -basedshares or additional bonuses were included in these grants. Should the employees cease to be employed by Heritas, Ltd. or its affiliates due to resignation or termination for cause following the one -yearanniversary following the Closing, the deferred share rights will be forfeited. However, in the event of a termination without cause, the deferred share rights will vest immediately.

F-107

Notes to Unaudited Interim Condensed Combined Financial Statements (Amounts in US Dollars, except otherwise indicated) 13. Shared-based incentives (cont.) Accrual of Deferred Shares The total accrued expense of the deferred shares granted is US$174,920 during the six -monthperiod ended December 2024 (US$28,288 corresponds to the new deferred shares of the three key employees mentioned above). The fair value at the grant date was independently determined using an adjusted version of the Black -S