Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 16

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 16
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grant 12 million preferred shares of the Company to Mr. Kong, among which 8 million preferred shares shall vest upon satisfying certain
earn out terms and performance of the Company. The Board also approved at the meeting: (i) each preferred share is entitled to participate
in the voting at the shareholders' meeting and be used to calculate the quorum in the same way as the ordinary shares of the Company,
and each preferred share is entitled to fifteen votes; (ii) each preferred share can be converted into ordinary share, and every two preferred
shares are convertible into one ordinary share upon conversion; (iii) the preferred shares are transferable; and (iv) the preferred shares
shall have the same rights as the ordinary shares except for the above mentioned. On January 27, 2025, the Company and Mr. Aimin Kong
entered into an Employment Agreement, pursuant to which the Company employs Mr. Kong as its COO for 5 years from January 27, 2025 to January
26, 2030. The Company also agreed to provide Mr. Kong a salary of US$10,000 per month and 12 million preferred shares pursuant the terms
of the Employment Agreement: (i) the 12 million preference shares are divided into two parts of a grant of 4 million prefer shares shall
vest without earn out requirement and a grant of 8 million preferred shares shall vest upon the fulfilment of the earn out terms; (ii)
the expiration date of the grant is January 26, 2030; (iii) the preferred shares to be granted are divided into three parts of 4 million
preferred shares each. The first 4 million shares shall vest on the date of the Employment Agreement and the second and third parts, totaling
8 million shares, are subject to the following four vesting terms. When any one of the condition is met, the 4 million preferred shares
of the second part will be vested on such date and when any one of the remaining three condition is met again, the final 4 million preferred
shares corresponding to the third part will be vested on such date; (iv) the four vesting terms are (a) based on the annual revenues of
the Company’s 2024 financial statements, when the annual revenue in 2025 reaches two times of the annual revenue in 2024, or when
the annual revenue in any of the four years from 2026 to 2029 reaches to three times of the annual