Company: APXIF
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065703
Chunk: 694

Company: APx Acquisition Corp. I
Filing Date: 2025-07-18
Form: F-4/A
Chunk 694
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 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 DSRss. No grants of the Plan have been performed as of year end, therefore, no effect is recognized in these financial statements, other than the Deferred Share Right Agreement with the CEO, as explained below. Deferred Share Right Agreement with CEO After the reporting period (See Note 21), on October 18, 2024, Heritas Ltd. entered into a Deferred Share Right Agreement with the CEO of Heritas Ltd (the “CEO”), based on the compensation package provided to the CEO. The award defined in this Deferred Share Right Agreement was pursuant to the September 2021 consultancy agreement signed between Heritas S.A.U. and the CEO. Under the terms of the Deferred Share Right Agreement, Heritas Ltd. will transfer a specified number of shares to the CEO in exchange for services rendered to the Group until 12 months post -closing. The agreement stipulates that the CEO will receive 513,750 ordinary shares of Heritas, Ltd., which will be transferred one year after the Closing. Additionally, 78,750 ordinary shares be transferred based on the achievement of certain performance milestones, also one year after the Closing.

F-149 Notes to Combined Financial Statements (Amounts in US Dollars, except otherwise indicated) 14. Shared-based incentives (cont.) Should the CEO 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. Similar Deferred Share Right Agreements have been extended to other three key employees after the reporting period, a time when these employees were identified by the Board of Directors as critical for the Group’s success within the one -yearanniversary of the closing of the Business Combination Agreement. For