Company: XCH
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056976
Chunk: 128

Company: XCHG Ltd
Filing Date: 2025-04-23
Form: 20-F
Item: Item 6
Chunk 128
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688,763 of the share awards for the 445,198,950 ordinary shares have been granted pursuant to the 2023 Share Plan II.
2025 Share Incentive Plan
We adopted the 2025 Share Incentive Plan, or the 2025 Share Plan, in April 2025. The purposes and the terms of the 2025 Share Plan are substantially the same as those of the 2023 Share Plan and the 2023 Share Plan II.
Under the 2025 Share Plan, the maximum aggregate number of ordinary shares we are authorized to issue pursuant to equity awards granted thereunder is 445,198,950.
The following table summarizes, as of March 31, 2025, the number of ordinary shares underlying share awards granted to our directors and executive officers.

 
                         Class A Ordinary          Exercise Price    Date of Grant   Date of   
                         Shares Underlying         (US$ per share)                   Expiration
                         Share Awards Granted                                                  
Yifei Hou                             60,186,532   N/A(1)            August 2023     N/A       
Aatish V Patel           *                         N/A(1)            December 2024   N/A       
Alexander Jacob Urist    *                         N/A(1)            December 2024   N/A       
Rui Ding                              24,867,415   N/A(1)            August 2023     N/A       
Alberto Méndez Rebollo   *                         N/A(1)            October 2023    N/A       

* Less than 1% of our total outstanding shares
(1)No exercise price with respect to restricted share units held by such individual(s).
6.C. Board Practices
Board of Directors
Our board of directors consists of four directors, including two independent directors, namely Rodney James Huey and Alberto Méndez Rebollo. A director is not required to hold any shares in our company to qualify to serve as a director. The Corporate Governance Rules of the Nasdaq generally require that a majority of an issuer’s board of directors must consist of independent directors. However, the Corporate Governance Rules of the Nasdaq permit foreign private issuers like us to follow “home country practice” in certain corporate governance matters. Mr. Yifei Hou controls a majority of our total voting power, and as such, we are a “controlled company” as defined under the Nasdaq rules. For so long as we remain a controlled company under that definition, we are also