Company: GURE
Filing Date: 2025-07-25
Form Type: DEF 14A
Source: 0001193805-25-001103
Chunk: 68

Company: GULF RESOURCES, INC.
Filing Date: 2025-07-25
Form: DEF 14A
Chunk 68
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 Right, (ii) the number
of Shares subject to the Stock Appreciation Right, (iii) the period during which the Stock Appreciation Right may be exercised; provided,
, that no Stock Appreciation Right shall be exercisable after the expiration of ten (10) years from the date of its grant,
and (iv) any other special rules and/or requirements which the Committee imposes upon the Stock Appreciation Right. Upon the exercise
of some or all of the portion of a Stock Appreciation Right, the Holder shall receive a payment from the Company, in cash or in the form
of Shares having an equivalent Fair Market Value or in a combination of both, as determined in the sole discretion of the Committee,
equal to the product of:

(a)
The excess of (i) the Fair Market Value of an Share on the date of exercise, over (ii) the Base Value,

multiplied by,

(b)
The number of Shares with respect to which the Stock Appreciation Right is exercised.

14.3. If the Committee grants a Stock Appreciation Right which is intended to be a Tandem Stock
Appreciation Right, the Tandem Stock Appreciation Right shall be granted at the same time as the related Option, and the following special
rules shall apply:

(a)
The Base Value shall be equal to or greater than the per Share exercise price under the related Option;

(b)The Tandem Stock Appreciation Right may be exercised for all or part of the Shares which are subject to the related Option, but
solely upon the surrender by the Holder of the Holder’s right to exercise the equivalent portion of the related Option (and when
a Share is purchased under the related Option, an equivalent portion of the related Tandem Stock Appreciation Right shall be canceled);

Gulf Resources, Inc. 2025 Stock Incentive Plan

(c)
The Tandem Stock Appreciation Right shall expire no later than the date of the expiration of the related

Option;

(d)The value of the payment with respect to the Tandem Stock Appreciation Right may be no more than one hundred percent (100%) of
the difference between the per Share exercise price under the related Option and the Fair Market Value of the Shares subject to the related
Option at the time the Tandem Stock Appreciation Right is exercised, multiplied by the number of the Shares with respect to which the
Tandem Stock Appreciation Right is exercised; and

(e)The Tandem Stock Appreciation Right may