Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 156

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 6
Chunk 156
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 delivers the assignment form to the Company assigning its Options. Upon such surrender and, if required, such payment,
the Company shall execute and deliver new Options in the name of the assignee and shall promptly cancel the surrendered Options. Notwithstanding
the foregoing, the Optionee may designate one or more beneficiaries of the Optionee’s Option in the event of the Optionee’s
death on a beneficiary designation form provided by the Administrator”

Amendment of Award Agreements;
Amendment and Termination of the Plan; Term of the Plan. The Board may at any time amend, suspend or terminate the Plan; provided,
however, that no such amendment shall be made without the approval of the Company’s shareholders to the extent such approval is
required by applicable laws, or if such amendment would adversely affect the right of any participant under any agreement in any material
way without the written consent of the participant. No option may be granted during any suspension of the Plan or after termination of
the Plan. No suspension or termination of the Plan shall adversely affect any rights under options already granted to an optionee. The
Plan has become effective on the date of the effectiveness of the Company’s initial public offering. It shall continue in effect
for a term of ten (10) years unless sooner terminated or unless renewed for another period not to exceed ten (10) years pursuant to shareholder
approval.

On May 26, 2021, the Board
approved to issue certain options to its employees, advisors, and consultants of the Company under the Amended Plan to purchase in an
aggregate amount of 1,584 (post-reverse stock split adjusted to 264) Class A ordinary shares to be governed by the terms and conditions
set forth in a form of option agreement.

Notwithstanding the foregoing,
neither the Plan nor any outstanding option agreement can be amended in a way that results in the repricing of a stock option. Repricing
is broadly defined to include reducing the exercise price of a stock option or cancelling a stock option in exchange for cash, other stock
options with a lower exercise price or other stock awards. (This prohibition on repricing without shareholder approval does not apply
in case of an equitable adjustment to the awards to reflect changes in the capital structure of the company or similar events.)

C. Board Practices

Composition of Board; Risk Oversight

Our Board presently consists of five (5) directors. Pursuant to our
Eighth Amended and Restated Memorandum and Articles of Association, the number of our board shall