# EDGAR Filing Document

**Accession Number:** 0001967397
**File Stem:** 0001213900-25-123328
**Filing Date:** 2025-12
**Character Count:** 100454
**Document Hash:** da4648a378aa2e7df365e24616766481
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-123328.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001213900-25-123328

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**EFFECTIVENESS DATE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LZ Technology Holdings Ltd
- **CENTRAL INDEX KEY:** 0001967397
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292252
- **FILM NUMBER:** 251583738

**BUSINESS ADDRESS:**
- **STREET 1:** 802, 59-2 BUILDING NUMBER 8, WANGHAI ST.
- **STREET 2:** SIMING DISTRICT
- **CITY:** XIAMEN, FUJIAN
- **STATE:** F4
- **ZIP:** 361008
- **BUSINESS PHONE:** 0592-2950080

**MAIL ADDRESS:**
- **STREET 1:** 802, 59-2 BUILDING NUMBER 8, WANGHAI ST.
- **STREET 2:** SIMING DISTRICT
- **CITY:** XIAMEN, FUJIAN
- **STATE:** F4
- **ZIP:** 361008

**As filed with the Securities and Exchange Commission on December 18, 2025** 

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**LZ TECHNOLOGY HOLDINGS LIMITED** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer <br> Identification Number) |

---

**Unit 311, Floor 3, No. 5999 Wuxing Avenue, Zhili Town, Wuxing District**

**Huzhou City, Zhejiang province, People's Republic of China 313000**

(Address of Principal Executive Offices, including zip code)

**LZ TECHNOLOGY HOLDINGS LIMITED 2025 EQUITY INCENTIVE PLAN**

(Full title of the plan)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Copies of Correspondence to:* |
| &nbsp;&nbsp; **Cogency Global Inc.**<br> **122 East 42nd Street, 18th Floor**<br> **New York, NY 10168**<br> **800-221-0102**<br> (Name, address, and telephone number, including area<br> code, of agent for service) | &nbsp;&nbsp; **Kevin (Qixiang) Sun, Esq.**<br> **BEVILACQUA PLLC**<br> **1050 Connecticut Avenue, NW, Suite 500**<br> **Washington, DC 20036**<br> **202-869-0888** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated <br> filer ☐ Accelerated <br> filer ☐ Non-accelerated <br> filer ☒ Smaller reporting <br> company ☐ Emerging Growth <br> Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the "Registration Statement") in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity incentive plan covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed or furnished by LZ TECHNOLOGY HOLDINGS LIMITED (the "Registrant") with the Commission, are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Registrant's Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1967397/000121390025055265/ea0239350-20f_lztech.htm) for the fiscal year ended December 31, 2024, filed with the Commission on June
 17, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Registrant's Reports on Form 6-K furnished with the Commission on [August 13, 2025](https://www.sec.gov/Archives/edgar/data/1967397/000121390025075634/ea0253034-6k_lztech.htm) , [November 21, 2025](https://www.sec.gov/Archives/edgar/data/1967397/000121390025113679/ea0266320-6k_lztech.htm) and [December 16, 2025](http://www.sec.gov/Archives/edgar/data/1967397/000121390025121936/ea0269757-6k_lztech.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of the Registrant's Class B ordinary shares, par value $0.000025, contained in the Registrant's registration statement on <u>[Form 8-A12B](https://www.sec.gov/Archives/edgar/data/1967397/000121390025014225/ea0231276-01_8a12b.htm)</u> filed on February 14, 2025 pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including any amendment or reports filed hereafter for the purpose of updating such description.

All documents filed with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all of the securities offered hereby have been sold or which deregisters all of the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of the filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.

Any statement incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Second Amended and Restated Memorandum and Articles of Association of the Registrant provide that the Registrant shall indemnify its directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his or her duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such person in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.

The Registrant has entered into indemnification agreements with the Registrant's directors and executive officers which provide, among other things, that the Registrant will indemnify its directors and executive officers to the fullest extent permitted by Cayman Islands law from and against all liabilities, costs, charges and expenses incurred as a result of directors and executive officers actions in the exercise of their duties as a director or officer.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers or persons controlling the Registrant under the foregoing provisions, we have been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not Applicable.

**Item 8. Exhibits.**

The following exhibits are filed as part of this Registration Statement:

---

| | |
|:---|:---|
| ***Exhibit No.*** | ***Description*** |
| 3.1 | [Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Report on Form 6-K filed on February 28, 2025)](http://www.sec.gov/Archives/edgar/data/1967397/000121390025018830/ea023243201ex3-1_lztech.htm) |
| 5.1\* | [Opinion of Conyers Dill & Pearman<u> </u>](ea027014801ex5-1_lztech.htm) |
| 23.1\* | [Consent of Marcum Asia CPAs LLP, Independent Registered Public Accounting Firm](ea027014801ex23-1_lztech.htm) |
| 23.2\* | [Consent of GGF CPA LTD, Independent Registered Public Accounting Firm](ea027014801ex23-2_lztech.htm) |
| 23.3\* | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](ea027014801ex5-1_lztech.htm) |
| 24.1\* | [Power of Attorney (included on the Signature Page to this Registration Statement)](#a_001) |
| 99.1\* | [LZ TECHNOLOGY HOLDINGS LIMITED 2025 Equity Incentive Plan](ea027014801ex99-1_lztech.htm) |
| 107.1\* | [Filing Fee Table](ea027014801ex-fee_lztech.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any additional or changed material information with respect to the plan of distribution not previously disclosed in this Registration Statement;

*provided, however*, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Huzhou, China, on this 18th day of December, 2025.

---

| | |
|:---|:---|
| **LZ TECHNOLOGY HOLDINGS LIMITED** | **LZ TECHNOLOGY HOLDINGS LIMITED** |
| By: | /s/ Runzhe Zhang |
| Name: | Runzhe Zhang |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature to this Registration Statement on Form S-8 appears below hereby constitutes and appoints Runzhe Zhang and Weihua Chen, and each of them acting individually and without the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them individually, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

\*\*\*\*\*

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Runzhe Zhang | Chief Executive Officer and Director | December 18, 2025 |
| Runzhe Zhang | (Principal Executive Officer) |  |
| /s/ Weihua Chen | Chief Financial Officer | December 18, 2025 |
| Weihua Chen | (Principal Financial and Accounting Officer) |  |
| /s/ Andong Zhang | Chairman | December 18, 2025 |
| Andong Zhang |  |  |
| /s/ Chung Chi Ng | Director | December 18, 2025 |
| Chung Chi Ng |  |  |
| /s/ Qisheng You | Director | December 18, 2025 |
| Qisheng You |  |  |
| /s/ Li Zhang | Director | December 18, 2025 |
| Li Zhang |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of LZ TECHNOLOGY HOLDINGS LIMITED has signed this registration statement or amendment thereto in New York, New York on December 18, 2025.

---

| | | |
|:---|:---|:---|
| United States Authorized Representative Cogency Global Inc. | United States Authorized Representative Cogency Global Inc. | United States Authorized Representative Cogency Global Inc. |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| <br>![](ex5-1_001.jpg)  | <br> **CONYERS DILL & PEARMAN**<br>29<sup>th</sup> Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br>T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

---

18 December 2025

Matter No.:1011336/111455782<br> 852 2842 9530<br> Richard.Hall@conyers.com

**LZ Technology Holdings Limited**

Cricket Square

Hutchins Drive, P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

Dear Sirs,

Re: **LZ Technology Holdings Limited (the "Company")**

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 filed by the Company with the United States Securities and Exchange Commission (the "**Commission**") on or about the date hereof (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). The Registration Statement relates to the registration of an aggregate of 15,000,000 class B ordinary shares par value US$0.000025 per share (the "**Plan Shares**") of the Company to be issued pursuant to the Company's 2025 Equity Incentive Plan, as amended (the "**2025 Plan**" which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

1. DOCUMENTS REVIEWED

For the purposes of giving this opinion, we have examined the following documents:

1.1. a copy of the Registration Statement; and

1.2. a copy of the 2025 Plan.

We have also reviewed:

1.3. a copy of the Memorandum and Articles of Association of the Company, each certified by the Secretary of
the Company on 18 December 2025;

1.4. a copy of the resolutions in writing of the directors of the Company approving the adoption of the 2025
Plan and the allotment and issue of the Plan Shares dated 18 December 2025 (the "**Resolutions** ");

Partners: Piers J. Alexander, Christopher W. H. Bickley, Peter H. Y. Ch'ng, Anna W. T. Chong, Angie Y. Y. Chu, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau,<br> Ryan A. McConvey, Teresa F. Tsai, Flora K. Y. Wong, Lilian S. C. Woo

Consultant: David M. Lamb

**BERMUDA \| BRITISH VIRGIN ISLANDS \| CAYMAN ISLANDS**

1.5. a copy of a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company
on 12 December 2025 (the "**Certificate Date** "); and

1.6. such other documents and made such enquiries as to questions of law as we have deemed necessary in order
to render the opinion set forth below.

2. ASSUMPTIONS

We have assumed:

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

2.2. that where a document has been examined by us in draft form, it will be or has been executed in the form
of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn
to our attention;

2.3. the accuracy and completeness of all factual representations made in the Registration Statement, the 2025
Plan and the other documents reviewed by us;

2.4. the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by unanimous
written resolutions, remain in full force and effect and have not been rescinded or amended;

2.5. that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
have any implication in relation to the opinions expressed herein;

2.6. that upon issue of any Plan Shares by the Company the Company will receive consideration for the full
issue price thereof which shall be equal to at least the par value thereof;

2.7. the validity and binding effect under the laws of the United States of America of the Registration Statement
and that the Registration Statement will be duly filed with the Commission and have become effective;

2.8. that on the date of issuance of any Plan Shares, the Company will have sufficient authorised but unissued
ordinary shares par value US$0.000025 per share in its share capital; and

2.9. that on the date of issuing any award or Plan Shares under the 2025 Plan the Company is and after issuing
any award or Plan Shares under the 2025 Plan the Company will be able to pay its debts.

3. QUALIFICATIONS

3.1. We express no opinion as to the enforceability of any provision of the 2025 Plan which purports to fetter
the statutory powers of the Company.

3.2. We express no opinion with respect to the issuance of Plan Shares pursuant to any provision of the 2025
Plan that purports to obligate the Company to issue Plan Shares following the commencement of a winding up or liquidation.

**conyers.com \| 2**

3.3. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other
than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited
to and is given on the basis of the current law and practice in the Cayman Islands. This opinion is issued solely for your benefit and
use in connection with the matter described herein and is not to be relied upon by any other person, firm or entity or in respect of any
other matter.

4. OPINION

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate
of Good Standing, is in good standing as at the Certificate Date. Pursuant to the Companies Act ()"**Act** "), a company
is deemed to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge
that the Company is in default under the Act.

4.2. When issued and paid for in accordance with the 2025 Plan, the Plan Shares will be validly issued, fully
paid and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof in connection
with the issue thereof).

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman

**Conyers Dill & Pearman**

**conyers.com \| 3**

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated June 10, 2024, except for Note 13, as to which the date is July 24, 2024 relating to the consolidated financial statements appearing in the Annual Report on Form 20-F of LZ Technology Holdings Limited for the year ended December 31, 2024.

/s/ Marcum Asia CPAs LLP

**New York, NY**

**December 18, 2025**

NEW YORK OFFICE ● 7 Penn Plaza ● Suite 830 ● New York, New York ● 10001

Phone 646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

**<u>Consent of Independent Registered Public Accounting Firm</u>**

The Board of Directors

LZ Technology Holdings Limited

We hereby consent to the incorporation by reference of our report dated June 17, 2025, which appears in the Annual Report on Form 20-F filed on June 17, 2025, in this Registration Statement on Form S-8 dated December 18, 2025 of LZ Technology Holdings Limited (the "Company"), relating to the consolidated balance sheets of the Company as of December 31, 2024, and the related consolidated statements of operations and comprehensive (loss) income, changes in stockholders' (deficits)/equity, and cash flows for the year then ended, and the related notes (collectively referred to as the consolidated financial statements).

/s/ GGF CPA LTD

PCAOB No.: 2729

Guangzhou, China

December 18, 2025

## Exhibit 99.1

**Exhibit 99.1**

**LZ TECHNOLOGY HOLDINGS LIMITED**

**2025 EQUITY INCENTIVE PLAN**

1. <u>Purposes of the Plan</u>. LZ Technology Holdings Limited, a Cayman
 Islands exempted company (the " <u>Company</u> ") hereby establishes the LZ Technology Holdings
 Limited 2025 Equity Incentive Plan (the " <u>Plan</u> "). The purpose of the Plan is to promote
 the long-term success of the Company and the creation of shareholder value by (a) encouraging Employees,
 Directors and Consultants to focus on the Company's performance, (b) encouraging the attraction
 and retention of Employees, Directors and Consultants with exceptional qualifications and (c) linking
 Employees, Directors and Consultants directly to shareholder interests through increased share ownership.
 The Plan permits the grant of Incentive Share Options, Nonstatutory Share Options, Restricted Shares,
 Restricted Share Units, and Share Appreciation Rights as the Administrator may determine.

2. <u>Definitions</u>. The following definitions will
 apply to the terms in the Plan:

"<u>Administrator</u>" means the Board or any of its Committees as will be administering the Plan, in accordance with <u>Section 4</u>.

"<u>Affiliate</u>" means any corporation, partnership, limited liability company, limited liability partnership, business trust, or other entity or person controlling, controlled by or under common control of the Company, as determined by the Administrator in its sole discretion.

"<u>Applicable Laws</u>" means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government order, and the rules of any applicable stock exchange, of any jurisdiction applicable to Awards granted to residents therein.

"<u>Award</u>" means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Shares, and Restricted Share Units.

"<u>Award Agreement</u>" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

"<u>Board</u>" means the Board of Directors of the Company, as constituted from time to time.

"<u>Cause</u>" means, with respect to a Participant, unless in the case of a particular Award, the particular Award Agreement states otherwise, (a) the Company or the relevant Affiliate, having "cause," "just cause" or term of similar meaning or import, to terminate a Participant's employment or service, as defined in any employment, consulting or services agreement with the Participant in effect at the time of such termination or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of "cause," "just cause" or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any commission of an act of theft, embezzlement,
 fraud, dishonesty, ethical breach or other similar acts, or commission of a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material breach of any agreement
 or understanding between the Participant and the Company or the relevant Affiliate including,
 without limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality
 or other similar agreement or the Company's or the relevant Affiliate's code
 of conduct or other workplace rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material misrepresentation or omission
 of any material fact in connection with the Participant's employment with the Company
 or the relevant Affiliate or service as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any material failure to perform the customary
 duties as an Employee or Director, to obey the reasonable directions of a supervisor or to
 abide by the policies or codes of conduct of the Company or the relevant Affiliate or to
 satisfy the requirements or working standards of the Company or the relevant Affiliate during
 any applicable probationary employment period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any conduct that is materially adverse to the name, reputation or
 interests of the Company or any Affiliate.

"<u>Change in Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any transaction as a result of which any
 person is the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
 Act), directly or indirectly, of securities of the Company representing at least 50% of the
 total voting power represented by the Company's then outstanding voting securities.
 For purposes of this <u>subsection (i)</u>, the term "person" shall have the
 same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude
 (A) a trustee or other fiduciary holding securities under an employee benefit plan of the
 Company or of a Parent or Subsidiary and (B) a corporation owned directly or indirectly by
 the shareholders of the Company in substantially the same proportions as their ownership
 of the shares of the Company. For purposes of this <u>subsection (i)</u>, the acquisition
 of additional shares by any one person, who is considered to own more than fifty percent
 (50%) of the total voting power of the securities of the Company will not be considered an
 additional Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A change in the composition of the Board
 occurring within a two-year period, as a result of which fewer than a majority of the directors
 are Incumbent Directors. " <u>Incumbent Directors</u> " means directors who either
 (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated
 for election, to the Board with the affirmative votes of at least a majority of the Directors
 at the time of such election or nomination (except where such election or nomination is in
 connection with an actual or threatened proxy contest relating to the election of directors
 to the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The consummation of the sale, transfer
 or other disposition by the Company of all or substantially all of the Company's assets,
 except with respect to a sale, transfer or other disposition of assets to a Parent, Subsidiary,
 or Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The consummation of a merger or consolidation
 of the Company with or into another entity or any other corporate reorganization, if persons
 who were not shareholders of the Company immediately prior to such merger, consolidation
 or other reorganization own immediately after such merger, consolidation or other reorganization
 50% or more of the voting power of the outstanding securities of each of (i) the continuing
 or surviving entity and (ii) any direct or indirect Parent corporation of such continuing
 or surviving entity.

For avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction. The foregoing notwithstanding, if the Award constitutes non-qualified deferred compensation under Section 409A of the Code, in no event shall a Change in Control be deemed to have occurred unless such change shall satisfy the definition of a change in control under Section 409A of the Code.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended section of the Code.

"<u>Committee</u>" means a committee appointed by the Board that consists of one or more Board members or other individuals satisfying all Applicable Laws. As of the Effective Date, and until otherwise determined by the Board, the Compensation Committee of the Board will serve as the Committee.

"<u>Company</u>" means LZ Technology Holdings Limited, a Cayman Islands exempted company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

"<u>Consultant</u>" means any person, including an advisor, but who is not an Employee or an Director, engaged by the Company or any Affiliate of the Company to render services to such entity if: (i) such person renders bona fide services to the Company or any Affiliate; (ii) the services rendered by such person are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (iii) such person is a natural person who has contracted directly with the Company or any Affiliate to render such services.

"<u>Director</u>" means a member of the Board or any board of directors (or similar governing authority) of any Affiliate, including a non-employee Director.

"<u>Disability</u>" unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under the Company's or any Affiliate's long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Company or an Affiliate to which the Participant provides service does not have a long-term disability plan in place, "Disability" means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

"<u>Employee</u>" means any person, including Officers and Directors, employed by the Company or any Affiliate of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exercise Price"</u> in the case of an Option, means the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Option Award Agreement. "Exercise Price," in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR.

"<u>Fair Market Value</u>" means, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Shares are listed on one or more
 established stock exchanges or national market systems, including without limitation, the
 New York Stock Exchange or the Nasdaq Stock Market, its Fair Market Value shall be the closing
 sales price for such Shares (or the closing bid, if no sales were reported) as quoted on
 the principal exchange or system on which the Shares are listed on the date of determination
 (or, if no closing sales price or closing bid was reported on that date, as applicable, on
 the last trading date such closing sales price or closing bid was reported), as reported
 on the website maintained by such exchange or market system or such other source as the Administrator
 deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Shares are regularly quoted on
 an automated quotation system (including the OTC Bulletin Board) or by a recognized securities
 dealer, its Fair Market Value shall be the closing sales price for such Shares as quoted
 on such system or by such securities dealer on the date of determination, but if selling
 prices are not reported, the Fair Market Value of a Share shall be the mean between the high
 bid and low asked prices for the Shares on the date of determination (or, if no such prices
 were reported on that date, on the last date such prices were reported), as reported in The
 Wall Street Journal or such other source as the Administrator deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of an established market
 for the Shares of the type described in (i) and (ii) above, the Fair Market Value thereof
 shall be determined by the Administrator in good faith and in its discretion, and such determination
 shall be conclusive and binding on all persons; provided that if an Award is subject to Section
 409A of the Code, then the Fair Market Value shall be determined in accordance with Section
 409A of the Code.

"<u>Grant Date</u>" means, for all purposes, the date on which the Administrator completes the corporate action authorizing the grant of an Award or such later date specified by the Administrator, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date. Notice of the Administrator's determination to grant an Award will be provided to each Participant within a reasonable time after the Grant Date.

"<u>Incentive Share Option" or "ISO</u>" means an Option that by its terms qualifies and is otherwise intended to qualify as an Incentive Share Option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

"<u>Nonstatutory Share Option" or "NSO</u>" means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

"<u>Officer</u>" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"<u>Option</u>" means a share option granted pursuant to the Plan.

"<u>Optionee</u>" means the holder of an outstanding Option.

"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the Code.

"<u>Participant</u>" means the holder of an outstanding Award.

"<u>Period of Restriction</u>" means the period during which Restricted Shares or Restricted Share Units are subject to forfeiture.

"<u>Plan</u>" means this LZ Technology Holdings Limited 2025 Equity Incentive Plan, as it may be amended from time to time.

"<u>Restricted Shares</u>" means Shares awarded to a Participant subject to forfeiture in accordance with <u>Section 7</u>.

"<u>Restricted Share Unit" or "RSU"</u> means the right to receive one Share at or after the end of the Period of Restriction, which right is subject to forfeiture in accordance with <u>Section 8</u> of the Plan.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Service Provider</u>" means an Employee, Director or Consultant.

"<u>Share</u>" means Class B Ordinary Shares in the Company, par value $0.000025 per share, as adjusted in accordance with <u>Section 10</u>.

"<u>Share Appreciation Right</u>" or "<u>SAR</u>" means the right to receive payment from the Company in an amount no greater than the excess of the Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement, which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection with an Option, the specified price shall be the Option Exercise Price.

"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Section 424(f) of the Code.

3. <u>Shares Subject to the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Shares Subject to the Plan</u>. Subject
 to the provisions of <u>Section 10</u>, the maximum aggregate number of Shares that may be
 issued under the Plan is fifteen million (15,000,000) Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shares Returned to Reserve.</u> If Restricted
 Shares or Shares issued upon the exercise of Options under the Plan are forfeited or repurchased,
 then such shares shall again become available for Awards under the Plan. If RSU, Options
 or SARs under the Plan are forfeited or terminate for any other reason before being exercised
 or settled, then the corresponding Shares shall again become available for Awards under the
 Plan. Notwithstanding the foregoing, the following Shares shall not again become available
 for Awards or increase the number of Shares available for grant under the Plan: (i) Shares
 tendered by the Participant or withheld by the Company in payment of the purchase price of
 an Option issued under the Plan, (ii) Shares tendered by the Participant or withheld by the
 Company to satisfy any tax withholding obligation with respect to an Award, (iii) Shares
 repurchased by the Company with proceeds received from the exercise of an Option issued under
 the Plan, and (iv) Shares subject to a SAR issued under this Plan that are not issued in
 connection with the share settlement of that SAR upon its exercise. To the extent an Award
 under the Plan is paid out in cash rather than Shares, such cash payment shall not reduce
 the number of Shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Share Reserve</u>. The Company, during
 the term of this Plan, will at all times reserve and keep available such number of Shares
 as will be sufficient to satisfy the requirements of the Plan.

4. <u>Administration of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Administrator</u>. The Committee shall
 serve as Administrator of the Plan. The Committee shall consist of no less than two (2) nonemployee
 directors who shall be appointed by the Board. The Committee shall be comprised solely of
 nonemployee director who are (a) "outside directors" under Section 162(m) of
 the Code, (b) "non-employee directors" under Rule 16b-3 of the Exchange Act,
 and (c) who meet any listing standards prescribed by the principal securities market on which
 the Company's equity securities are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Powers of the Administrator</u>. Subject
 to the provisions of the Plan and the approval of any relevant authorities, and in the case
 of a Committee, subject to the specific duties delegated by the Board to such Committee,
 the Administrator will have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to determine the Fair Market Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to select the Service Providers to whom
 Awards may be granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to determine the type of Award and number
 of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. to approve forms of agreement for use under
 the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. to determine the terms and conditions, not
 inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions
 include, but are not limited to, the Exercise Price, the time or times when Awards may be
 exercised (which may be based on continued employment, continued service or performance criteria),
 any vesting acceleration (whether by reason of a Change of Control or otherwise) or waiver
 of forfeiture, and any restriction or limitation regarding any Award or the Shares relating
 thereto, based in each case on such factors as the Administrator, in its sole discretion,
 will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. to construe and interpret the terms of the
 Plan and Awards granted pursuant to the Plan, including the right to construe disputed or
 doubtful Plan and Award provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. to prescribe, amend and rescind rules and
 regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. to modify or amend each Award to the extent
 any modification or amendment is consistent with the terms of the Plan, and does not materially
 impair the rights of any Participant unless mutually agreed otherwise between the Participant
 and the Administrator, which agreement must be in writing and signed by the Participant and
 the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. to allow Participants to satisfy withholding
 tax obligations in such manner as prescribed in <u>Section 11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. to authorize any person to execute on behalf
 of the Company any instrument required to effect the grant of an Award previously granted
 by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. to delay issuance of Shares or suspend Participant's
 right to exercise an Award as deemed necessary to comply with Applicable Laws;

xii to the extent permitted by Applicable Laws, to delegate, as it may deem appropriate, to one or more Officers of the Company the authority to grant Awards to Service Providers who are not Officers and Directors, and exercise such other powers under the Plan as the Administrator may determine, in accordance with such guidelines as the Administrator shall set forth at any time or from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. to make all other determinations deemed
 necessary or advisable for administering the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Administrator's Decision</u>.
 The Administrator's decisions, determinations and interpretations will be final and
 binding on all Participants and any other holders of Awards. Any decision or action taken
 or to be taken by the Administrator, arising out of or in connection with the construction,
 administration, interpretation and effect of the Plan and of its rules and regulations, shall,
 to the maximum extent permitted by Applicable Laws, be within its absolute discretion (except
 as otherwise specifically provided in the Plan) and shall be final, binding and conclusive
 upon the Company, all Participants and any person claiming under or through any Participant.

5. <u>Provisions Applicable to Awards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Eligibility</u>. As determined by the
 Administrator, NSOs, Restricted Shares, Restricted Share Units, or SARs may be granted to
 Service Providers either alone or in combination with any other Awards and ISOs may be granted
 to Employees of the Company, and of any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Awards under the
 Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
 for each Award which may include the term of an Award, the provisions applicable in the event
 the Participant's employment or service terminates, and the Company's authority
 to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination for Cause</u>. Unless otherwise
 provided in the Award Agreement, if a Participant's employment by or service is terminated
 for Cause, the Participant's unexercised Awards will terminate upon such termination
 for Cause, whether or not the Award is then vested and/or exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Transfer; Approved Leave of Absence</u>.
 For purposes of the Plan, no termination of employment by an Employee shall be deemed to
 result from either (a) a transfer of employment to the Company from an Affiliate or from
 the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of
 absence for military service or sickness, or for any other purpose approved by the Company,
 if the Employee's right to reemployment is guaranteed either by a statute or by contract
 or under the policy pursuant to which the leave of absence was granted or if the Administrator
 otherwise so provides in writing, in either case, except to the extent inconsistent with
 Section 409A of the Code if the applicable Award is subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Transferability; Limited Exception to Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Limits on Transfer</u>. Unless otherwise
 expressly provided in (or pursuant to) this <u>Section 5(e)</u>, by Applicable Law and by
 the Award Agreement, as the same may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Awards are non-transferable and
 will not be subject in any manner to sale, transfer, anticipation, alienation, assignment,
 pledge, encumbrance or charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards will be exercised, during the
 lifetime of the Participant, only by the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amounts payable or shares issuable pursuant
 to an Award will be delivered only to (or for the account of), and, in the case of Shares,
 registered in the name of, the Participant.

In addition, the shares shall be subject to the restrictions set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exceptions to Limits on Transfer</u>.
 Notwithstanding the foregoing, upon notice to the Administrator no provision herein shall
 prevent or forbid transfers to a trust that was established solely for tax planning purposes
 and not for purposes of profit or commercial activity or, to one or more "family members"
 (as such term is defined in SEC Rule 701 promulgated under the Securities Act of 1933, as
 amended) by gift or pursuant to a qualified domestic relations order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Beneficiaries</u>. Notwithstanding <u>Section 5(e)</u>, a Participant may, in the manner determined by the Administrator, designate a beneficiary
 to exercise the rights of the Participant and to receive any distribution with respect to
 any Award upon the Participant's death. A beneficiary, legal guardian, legal representative,
 or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
 of the Plan and any Award Agreement applicable to the Participant, except to the extent the
 Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary
 or appropriate by the Administrator. If the Participant is married and resides in a community
 property state, a designation of a person other than the Participant's spouse as his
 or her beneficiary with respect to more than 50% of the Participant's interest in the
 Award shall not be effective without the prior written consent of the Participant's
 spouse. If no beneficiary has been designated or survives the Participant, payment
 shall be made to the person entitled thereto pursuant to the Participant's will or
 the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
 may be changed or revoked by a Participant at any time provided the change or revocation
 is filed with the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Fractional Shares</u>. No fractional
 Shares shall be issued and the Administrator shall determine, in its discretion, whether
 cash shall be given in lieu of fractional Shares or whether such fractional Shares shall
 be eliminated by rounding up or down as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Share Certificate</u>. Notwithstanding
 anything herein to the contrary, the Company shall not be required to issue or deliver any
 certificates evidencing Shares pursuant to the exercise of any Award, unless and until the
 Administrator has determined, with advice of counsel, that the issuance and delivery of such
 Shares is in compliance with the Company's Memorandum and Articles of Association,
 all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements
 of any exchange on which the Shares are listed or traded. All Share certificates delivered
 pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the
 Administrator deems necessary or advisable to comply with all Applicable Laws, and the rules
 of any national securities exchange or automated quotation system on which the Shares are
 listed, quoted, or traded. The Administrator may place legends on any Share certificate to
 reference restrictions applicable to the Share. In addition to the terms and conditions provided
 herein, the Administrator may require that a Participant make such reasonable covenants,
 agreements, and representations as the Administrator, in its discretion, deems advisable
 in order to comply with any such laws, regulations, or requirements. The Administrator shall
 have the right to require any Participant to comply with any timing or other restrictions
 with respect to the settlement or exercise of any Award, including a window-period limitation,
 as may be imposed in the discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Repricing</u>. To the extent not prohibited
 by Applicable Laws (including any applicable stock exchange rule), the repricing or termination
 and subsequent repricing of Options or SARs at a lower purchase price per Share than the
 original grant is permitted without prior shareholder approval. The Administrator may authorize
 the Company to issue new Option or SAR Awards in exchange for the surrender and cancellation
 of any or all outstanding Awards, subject to the consent of any Participant whose rights
 would be impaired. The Administrator may at any time repurchase Options with payment in cash,
 Shares or other consideration, based on such terms and conditions as the Administrator and
 the Participant shall agree.

6. <u>Share Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Options</u>. Subject to the
 terms and conditions of the Plan, the Administrator, at any time and from time to time, may
 grant Options to Service Providers in such amounts as the Administrator will determine in
 its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Option Award Agreement</u>. Each Option
 shall be evidenced by an Award Agreement that shall specify the type of Option granted, the
 Exercise Price, the exercise date, the term of the Option, the number of Shares to which
 the Option pertains, vesting criteria and such other terms and conditions (which need not
 be identical among Participants) as the Administrator shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price</u>. The Exercise Price
 for the Shares to be issued pursuant to exercise of an Option will be no less than the Fair
 Market Value per Share on the Grant Date. Notwithstanding the above or any other term in
 this Plan or any Award Agreement, Notwithstanding any other provision of the Plan to the
 contrary, Shares shall be issued pursuant to exercise of an Option at a price at least equal
 to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Term of Options</u>. The term of each
 Option will be stated in the Award Agreement. Unless terminated sooner in accordance with
 the Plan or Award Agreement, no Option shall be exercisable on or after the tenth anniversary
 of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Time and Form of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Exercise Date</u>. Each Award Agreement
 shall specify how and when Shares covered by an Option may be purchased. The Award Agreement
 may specify waiting periods, the dates on which Options become exercisable or "vested"
 and, subject to the termination provisions of the Option, exercise periods. The Administrator
 may accelerate the exercisability of any Option or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise of Option</u>. Any Option granted
 hereunder will be exercisable according to the terms of the Plan and at such times and under
 such conditions as determined by the Administrator and set forth in the Award Agreement.
 An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised
 when the Company receives: (1) notice of exercise (in such form as the Administrator shall
 specify from time to time) from the person entitled to exercise the Option, and (2) full
 payment for the Shares with respect to which the Option is exercised (together with all applicable
 withholding taxes). Full payment may consist of any consideration and method of payment authorized
 by the Administrator and permitted by the Award Agreement and the Plan (together with all
 applicable withholding taxes). Until the Shares are issued (as evidenced by the appropriate
 entry in the register of members of the Company), no right to vote or receive dividends or
 any other rights as a shareholder will exist with respect to the Shares subject to the Option,
 notwithstanding the exercise of the Option. The Company will issue (or cause to be issued)
 such Shares promptly after the Option is exercised. No adjustment will be made for a dividend
 or other right for which the record date is prior to the date the Shares are issued, except
 as provided in <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Payment</u>. The Administrator will
 determine the acceptable form of consideration for exercising an Option, including the method
 of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>General Rule</u>. The entire Exercise
 Price of Shares issued upon exercise of Options shall be payable in cash or cash equivalents
 at the time when such Shares are purchased, except that the Administrator at its sole discretion
 may accept payment of the Exercise Price in any other form(s) described in this <u>Section 6(e)(iii)</u>. However, if the Optionee is a Director or an Officer of the Company, he or
 she may pay the Exercise Price in a form other than cash or cash equivalents only to the
 extent permitted by section 13(k) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Surrender of Shares</u>. With the Administrator's
 consent, all or any part of the Exercise Price may be paid by surrendering, or attesting
 to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be
 valued at their Fair Market Value on the date when the new Shares are purchased under the
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Exercise/Sale</u>. With the Administrator's
 consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering
 (on a form prescribed by the Company) an irrevocable direction to a securities broker approved
 by the Company to sell all or part of the Shares being purchased under the Plan and to deliver
 all or part of the sales proceeds to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Promissory Note</u>. With the Administrator's
 consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering
 (on a form prescribed by the Company) a full-recourse promissory note that is consistent
 with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Other Forms of Payment</u>. With the
 Administrator's consent, all or any part of the Exercise Price and any withholding
 taxes may be paid in any other form that is consistent with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Effects of Termination of Employment or Service on Options</u>. Termination of employment or service shall have the following
 effects on Options granted to the Participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Termination for Cause</u>. Unless otherwise
 provided in the Award Agreement, if a Participant's employment by or service is terminated
 by the Company or any Affiliate for Cause, the Participant's Options will terminate
 upon such termination, whether or not the Option is then vested and/or exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Death or Disability</u>. Unless otherwise
 provided in the Award Agreement, if a Participant's employment by or service terminates
 as a result of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the extent that such Options were vested
 and exercisable on the date of the Participant's termination on account of death or
 Disability, the Participant (or his or her legal representative or beneficiary, in the case
 of the Participant's Disability or death, respectively) may exercise his or her Option
 within such period of time ending on the earlier of (a) the date 12 months following such
 termination or (b) the expiration of the term of the Option as set forth in the Award Agreement.
 If, after termination, the Participant does not exercise his or her Option within the time
 specified herein or in the Award Agreement, the Option shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Options, to the extent not vested
 and exercisable on the date of the Participant's termination of employment or service,
 shall terminate upon the Participant's termination of employment or service on account
 of death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Other Terminations of Employment or Service</u>. Unless otherwise provided in the Award Agreement, if a Participant's employment
 by or service to the Company or any Affiliate terminates for any reason other than a termination
 by the Company or any Affiliate for Cause or because of the Participant's death or
 Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the extent that such Options were vested
 and exercisable on the date of the Participant's such termination of employment or
 service, the Participant may exercise his or her Option within such period of time ending
 on the earlier of (a) the date 3 months following such termination or (b) the expiration
 of the term of the Option as set forth in the Award Agreement. If, after termination, the
 Participant does not exercise his or her Option within the time specified herein or in the
 Award Agreement, the Option shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Options, to the extent not vested
 and exercisable on the date of the Participant's termination of employment or service,
 shall terminate upon the Participant's termination of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Forfeiture of Options</u>. All unexercised
 Options shall be forfeited to the Company in accordance with the terms and conditions set
 forth in the Award Agreement and again will become available for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Incentive Share Options</u>. Incentive
 Share Options may be granted to Employees of the Company or any Affiliate. The terms of any
 Incentive Share Options granted pursuant to the Plan, must comply with the following additional
 provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In <u>dividual Dollar Limitation</u>. 
 The aggregate Fair Market Value (determined as of the time the Option is granted) of all
 Shares with respect to which Incentive Share Options are first exercisable by a Participant
 in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of
 the Code, or any successor provision. To the extent that Incentive Share Options are
 first exercisable by a Participant in excess of such limitation, the excess shall be considered
 Non-Qualified Share Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise Price</u>. The exercise
 price of an Incentive Share Option shall be equal to the Fair Market Value on the date of
 grant. However, the exercise price of any Incentive Share Option granted to any individual
 who, at the date of grant, owns Shares possessing more than ten percent of the total combined
 voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company
 may not be less than 110% of Fair Market Value on the date of grant and such Option may not
 be exercisable for more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Transfer Restriction</u>. The
 Participant shall give the Company prompt notice of any disposition of Shares acquired by
 exercise of an Incentive Share Option within (i) two years from the date of grant of
 such Incentive Share Option or (ii) one year after the transfer of such Shares to the
 Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Expiration of Incentive Share Options</u>. 
 No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary
 of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Right to Exercise</u>. During a
 Participant's lifetime, an Incentive Share Option may be exercised only by the Participant.

7. <u>Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Shares</u>. Subject
 to the terms and conditions of the Plan, the Administrator, at any time and from time to
 time, may grant Restricted Shares to Service Providers in such amounts as the Administrator
 will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Shares Award Agreement</u>.
 Each Award of Restricted Shares will be evidenced by an Award Agreement that will specify
 the Period of Restriction, the number of Shares granted, the purchase price of the Shares,
 if any, and the means of payment for the Shares, vesting criteria, transferability restrictions,
 and such other terms and conditions (which need not be identical among Participants) as the
 Administrator will determine in its sole discretion. Restricted Shares granted pursuant to
 the Plan may be evidenced in such manner as the Administrator shall determine. Unless the
 Administrator determines otherwise, Restricted Shares shall be held by the Company as escrow
 agent until the restrictions on such Restricted Shares have lapsed. If certificates representing
 Restricted Shares are registered in the name of the Participant, certificates must bear an
 appropriate legend referring to the terms, conditions, and restrictions applicable to such
 Restricted Shares, and the Company may, at its discretion, retain physical possession of
 the certificate until such time as all applicable restrictions lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Vesting Conditions</u>. During the Period
 of Restriction, Restricted Shares shall be subject to forfeiture arising on the basis of
 such conditions as the Administrator may determine in its sole discretion. Any such risk
 of forfeiture may be waived or terminated, or the Period of Restriction shortened, at any
 time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Sale Price</u>. Restricted Shares may
 be sold or awarded under the Plan for such consideration as the Administrator may determine,
 including (without limitation) cash, cash equivalents, property, full-recourse promissory
 notes, past services and future services. If the Participant is a Director or an Officer
 of the Company, he or she may pay for Restricted Shares with a promissory note only to the
 extent permitted by section 13(k) of the Exchange Act. Within the limitations of the Plan,
 the Administrator may accept the cancellation of outstanding Options or SARs in return for
 the grant of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Voting Rights</u>. During the Period
 of Restriction, Service Providers holding Restricted Shares granted hereunder may exercise
 full voting rights with respect to those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Dividends and Other Distributions</u>.
 During the Period of Restriction, Service Providers holding Restricted Shares will be entitled
 to receive all dividends and other distributions paid with respect to such Shares. If any
 such dividends or distributions are paid in Shares, the Shares will be subject to the same
 restrictions on transferability and forfeitability as the Restricted Shares with respect
 to which they were paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Transferability</u>. Except as provided
 in the Plan, Restricted Shares may not be sold, transferred, pledged, assigned, or otherwise
 alienated or hypothecated until the end of the applicable Period of Restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Removal of Restrictions</u>. All restrictions
 imposed on Restricted Shares shall lapse and the Period of Restriction shall end upon the
 satisfaction of the vesting conditions imposed by the Administrator. Restricted Shares not
 previously forfeited will be released from escrow as soon as practicable after the last day
 of the Period of Restriction or at such other time as the Administrator may determine. The
 Administrator (in its discretion) may establish procedures regarding the release of Shares
 from escrow and the removal of legends, as necessary or appropriate to minimize administrative
 burdens on the Company.

8. <u>Restricted Share Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Share Units</u>.
 Subject to the terms and conditions of the Plan, the Administrator, at any time and from
 time to time, may grant Restricted Share Units to Service Providers in such amounts as the
 Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Share Units Award Agreement</u>.
 Each Award of Restricted Share Units will be evidenced by an Award Agreement that will specify
 the number of Restricted Share Units granted, vesting criteria, form of payout, vesting criteria
 and such other terms and conditions (which need not be identical among Participants) as the
 Administrator will determine in its sole discretion. The Administrator may include among
 such conditions the requirement that the performance of the Company or a business unit of
 the Company for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Vesting Conditions</u>. During the Period
 of Restriction, Restricted Shares Units shall be subject to forfeiture arising on the basis
 of such conditions as the Administrator may determine in its sole discretion. Any such risk
 of forfeiture may be waived or terminated, or the Period of Restriction shortened, at any
 time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment</u>. Upon satisfaction
 of the applicable vesting conditions, payment of vested Restricted Share Units shall occur
 in the manner and at the time provided in the Award Agreement. Except as otherwise provided
 in the Award Agreement, Restricted Share Units may be paid in cash (equal to the aggregate
 Fair Market Value of the Shares underlying the vested Restricted Share Units), Shares, or
 a combination thereof at the sole discretion of the Administrator. Restricted Share Units
 that are fully paid in cash will not reduce the number of Shares available for issuance under
 the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Voting or Dividend Rights</u>. Until
 the Shares are issued (as evidenced by the appropriate entry in the register of members of
 the Company), no right to vote or receive dividends or any other rights as a shareholder
 will exist with respect to the Shares subject to the Restricted Share Units. No adjustment
 will be made for a dividend or other right for which the record date is prior to the date
 the Shares are issued, except as provided in <u>Section 10</u>.

9. <u>Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of SARs</u>. Subject to the terms
 and conditions of the Plan, the Administrator, at any time and from time to time, may grant
 SARs to Service Providers in such amounts as the Administrator will determine in its sole
 discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Each SAR grant
 will be evidenced by an Award Agreement that will specify the exercise price, the number
 of Shares underlying the SAR grant, the term of the SAR, the conditions of exercise, vesting
 criteria and such other terms and conditions (which need not be identical among Participants)
 as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price and Other Terms</u>.
 The Exercise Price for the exercise of an SAR will be no less than the Fair Market Value
 per Share on the Grant Date. No SAR shall be exercisable on or after the tenth anniversary
 of the Grant Date. Notwithstanding the above or any other term in this Plan or any Award
 Agreement, Shares shall be issued pursuant to exercise of an SAR at a price at least equal
 to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment of SAR Amount</u>.
 Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company
 in an amount no greater than: (i) the difference between the Fair Market Value of a Share
 on the date of exercise over the Exercise Price; times (ii) the number of Shares with respect
 to which the SAR is exercised. An Award Agreement may provide for a SAR to be paid in cash,
 Shares of equivalent value, or a combination thereof.

10. <u>Adjustments; Dissolution or Liquidation; Merger or Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Adjustments</u>. In the event of any
 dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation,
 spin-off, recapitalization or other distribution (other than normal cash dividends) of Company
 assets to its shareholders, or any other change affecting the shares of Shares or the share
 price of a Share, the Administrator shall make such proportionate adjustments, if any, as
 the Administrator in its discretion may deem appropriate to reflect such change with respect
 to (i) the aggregate number and type of shares that may be issued under the Plan (including,
 but not limited to, adjustments of the limitations in <u>Section 3</u>); (ii) the terms and
 conditions of any outstanding Awards (including, without limitation, any applicable performance
 targets or criteria with respect thereto); and (iii) the grant or exercise price per share
 for any outstanding Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Dissolution or Liquidation</u>. In the
 event of the proposed dissolution or liquidation of the Company, the Administrator will notify
 each Participant as soon as practicable prior to the effective date of such proposed transaction.
 To the extent it has not been previously exercised, an Award will terminate immediately prior
 to the consummation of such proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Change in Control</u>. In the event
 of a Change in Control, all outstanding Awards shall be treated as the Administrator (in
 its discretion) determines, which need provide for treatment of all outstanding Awards (or
 a portion thereof) in an identical manner and may be effected without consent of a Participant.
 Such treatment shall provide for one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrator shall have the discretion, exercisable either
at the time an Award is granted or at any time the Award remains outstanding, to provide for automatic acceleration of vesting upon occurrence
of a Change in Control, whether or not the Award is assumed or replaced in the Change in Control, or in connection with a termination
of a Participant's Service following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The assumption of any outstanding Awards by the surviving,
continuing, successor or purchasing entity or its Parent, provided that the assumption of Options or SARs shall comply with section 424(a)
of the Code (whether or not the Options are ISOs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The substitution by the surviving corporation or its Parent
of new awards for any outstanding Awards, provided that the substitution of Options or SARs shall comply with section 424(a) of the Code
(whether or not the Options are ISOs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full exercisability of any outstanding Options and SARs and
full vesting of the shares of Stock subject to such Options and SARs, followed by the cancellation of such Options and SARs. The full
exercisability of any Options and SARs and full vesting of such shares of Stock may be contingent on the closing of the Change in Control.
The Optionees shall be able to exercise such Options and SARs during a period preceding the closing date of the Change in Control. Any
exercise of such Options and SARs during such period may be contingent on the closing of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The cancellation of any outstanding Options and SARs and a payment
to the Optionees equal to the excess of (i) the Fair Market Value of the shares of Stock subject to such Options and SARs (whether or
not such Options and SARs are then exercisable or such shares of Stock are then vested) as of the closing date of such Change in Control
over (ii) their Exercise Price. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation
or its Parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until
the date or dates when such Options and SARs would have become exercisable or such shares of Stock would have vested. Such payment may
be subject to vesting based on the Optionee's continuing Service, provided that the vesting schedule shall not be less favorable
to the Optionee than the schedule under which such Options and SARs would have become exercisable or such shares of Stock would have
vested. If the Exercise Price of the shares of Stock subject to such Options and SARs exceeds the Fair Market Value of such shares of
Stock, then such Options and SARs may be cancelled without making a payment to the Optionees. For purposes of this <u>subsection (v)</u>,
the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The cancellation of any outstanding Restricted Share Units and
a payment to the Participants equal to the Fair Market Value of the Shares subject to such Restricted Share Units (whether or not such
Restricted Share Units are then vested) as of the closing date of such Change in Control. Such payment shall be made in the form of cash,
cash equivalents, or securities of the surviving corporation or its Parent with a Fair Market Value equal to the required amount. Such
payment may be made in installments and may be deferred until the date or dates when such Restricted Share Units would have vested. Such
payment may be subject to vesting based on the Participant's continuing Service, provided that the vesting schedule shall not be
less favorable to the Participant than the schedule under which such Restricted Share Units would have vested. For purposes of this <u>subsection (vi)</u>, the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

11. <u>Taxes</u>. No Shares or cash shall be delivered
 under the Plan to any Participant until such Participant has made arrangements acceptable
 to the Administrator for the satisfaction of any income and employment tax withholding obligations
 under Applicable Laws. The Company or any Affiliate shall have the authority and the right
 to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
 to satisfy all applicable taxes (including the Participant's payroll tax obligations)
 required or permitted by Applicable Law to be withheld with respect to any taxable event
 concerning a Participant arising as a result of this Plan. The Administrator may in its discretion
 and in satisfaction of the foregoing requirement allow a Participant to elect to have the
 Company withhold Shares otherwise issuable under an Award (or allow the return of Shares)
 having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any
 other provision of the Plan, the number of Shares which may be withheld with respect to the
 issuance, vesting, exercise or payment of any Award (or which may be repurchased from the
 Participant of such Award after such Shares were acquired by the Participant from the Company)
 in order to satisfy all of the Participant's income and payroll tax liabilities with
 respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically
 approved by the Administrator, be limited to the number of Shares which have a Fair Market
 Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities
 based on the minimum statutory income and payroll tax withholding rates that are applicable
 to such supplemental taxable income under Applicable Laws.

12. <u>Grants to Foreign Nationals</u>. Awards
 may be granted to Service Providers who are foreign nationals or employed outside the United
 States, or both, on such terms and conditions different from those applicable to grants to
 Services Providers in the United States as in the judgment of the Administrator may be necessary
 or desirable in order to recognize differences in local law or tax policy, and such Awards
 shall be considered granted pursuant to a non-U.S. sub-plan. The Administrator also may impose
 conditions on the exercise or vesting of Awards in order to minimize the company's
 obligation with respect to tax equalization for employees on assignments outside their home
 country.

13. <u>No Rights to Awards</u>. No Participant,
 employee, or other person shall have any claim to be granted any Award pursuant to the Plan,
 and neither the Company nor the Administrator is obligated to treat Participants, employees,
 and other persons uniformly.

14. <u>No Effect on Employment or Service</u>.
 Neither the Plan nor any Award will confer upon any Participant any right with respect to
 continuing the Participant's relationship as a Service Provider with the Company or any Affiliate
 of the Company, nor will they interfere in any way with the Participant's right or the Company's
 or any Affiliate's right to terminate such relationship at any time, with or without
 cause, to the extent permitted by Applicable Laws.

15. <u>Effective Date</u>. The Plan is effective
 as of the date it is adopted and approved by the Board in accordance with the applicable
 provisions of the Company's Memorandum and Articles of Association, as amended (the
 " <u>Effective Date</u> "). The Company will obtain shareholder approval of the
 Plan only to the extent necessary and desirable to comply with Applicable Laws (including
 any (including any applicable exchange rule).

16. <u>Term of Plan</u>. The Plan will expire
 on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the
 Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective
 Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

17. <u>Amendment and Termination of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendment and Termination</u>. The Board
 in its sole discretion may at any time amend, alter, suspend or terminate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shareholder Approval</u>. The Company
 will obtain shareholder approval of any Plan amendment to the extent necessary and desirable
 to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Amendment or Termination</u>.
 Except with respect to amendments made to the extent necessary and desirable to comply with
 Applicable Laws (including any applicable stock exchange rules), no termination, amendment,
 or modification of the Plan shall adversely affect in any material way any Award previously
 granted pursuant to the Plan without the prior written consent of the Participant.

18. <u>Government and Other Regulations</u>. The
 obligation of the Company to make payment of awards in Shares or otherwise shall be subject
 to all Applicable Laws and to such approvals by government agencies as may be required. The
 Company shall be under no obligation to register any of the Shares paid pursuant to the Plan
 under the Securities Act or any other similar law in any applicable jurisdiction. If the
 Shares paid pursuant to the Plan may in certain circumstances be exempt from registration
 pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer
 of such Shares in such manner as it deems advisable to ensure the availability of any such
 exemption. In addition, the Administrator may delay or suspend the issuance and delivery
 of Shares, suspend the exercise of Options or SARs, or suspend the Plan as necessary to comply
 with Applicable Laws. Shares will not be issued pursuant to the exercise of an Award unless
 the exercise of such Award and the issuance and delivery of such Shares will comply with
 Applicable Laws and will be further subject to the approval of counsel for the Company with
 respect to such compliance. The inability of the Company to obtain authority from any regulatory
 body having jurisdiction, which authority is deemed by the Company's counsel to be
 necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company
 of any liability in respect of the failure to issue or sell such Shares as to which such
 requisite authority will not have been obtained.

19. <u>Corporate Restrictions on Rights in Shares</u>.
 Any Shares to be issued pursuant to Awards granted under the Plan shall be subject to all
 restrictions upon the transfer thereof which may be now or hereafter imposed by the Memorandum
 and Articles of Association of the Company. In addition, either at the time an Award is granted
 or by subsequent action, the Administrator may, but need not, impose such restrictions, conditions
 or limitations as it determines appropriate as to the timing and manner of any resales or
 other subsequent transfers by a Participant, or a holder of Shares acquired pursuant to the
 Plan, of any Share issued under an Award, including without limitation (a) restrictions under
 an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing
 and manner of transfers, sales or otherwise dispositions by the Participant(s) (e.g., a lock-up
 arrangement with an underwriter of the Company), and (c) restrictions as to the use of a
 specified brokerage firm for such resales or other transfers.

20. <u>Clawback Policy</u>. Awards granted under
 the Plan and any gross proceeds received by Participants with respect to Awards granted under
 the Plan shall be subject to the Company's clawback policy, as amended from time to
 time, to comply with regulations related to recoupment or clawback of compensation adopted
 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing
 standards of any national securities exchange on which the Company's securities are
 listed or any other applicable law, rule, or regulation. Clawback can, if applicable and
 where permitted by applicable local law, be made by deducting payments that will be due in
 the future (including salary, bonuses, and other forms of compensation). A Participant's
 acceptance of an Award under the Plan shall constitute such Participant's acknowledgement
 and recognition that the Participant's compliance with this <u>Section 20</u> is a
 condition for the Participant's receipt of the Award.

21. <u>Governing Law</u>. The validity, construction,
 and effect of the Plan and any rules and regulations relating to the Plan shall be determined
 in accordance with the internal laws of the State of New York, without giving effect to principles
 of conflicts of laws.

22. <u>Section 409A</u>. To the extent that
 the Administrator determines that any Award granted under the Plan is or may become subject
 to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate
 the terms and conditions required by Section 409A of the Code. To the extent applicable,
 the Plan and the Award Agreements shall be interpreted in accordance with Section 409A
 of the Code and the U.S. Department of Treasury regulations and other interpretative guidance
 issued thereunder, including without limitation any such regulation or other guidance that
 may be issued after the Effective Date. Notwithstanding any provision of the Plan to the
 contrary, in the event that following the Effective Date the Administrator determines that
 any Award may be subject to Section 409A of the Code and related U.S. Department of
 Treasury guidance (including such U.S. Department of Treasury guidance as may be issued after
 the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable
 Award agreement or adopt other policies and procedures (including amendments, policies and
 procedures with retroactive effect), or take any other actions, that the Administrator determines
 is necessary or appropriate to (a) exempt the Award from Section 409A of the Code
 and /or preserve the intended tax treatment of the benefits provided with respect to the
 Award, or (b) comply with the requirements of Section 409A of the Code and related
 U.S. Department of Treasury guidance.

Adopted by the Board of Directors on December 18, 2025.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**LZ TECHNOLOGY HOLDINGS LIMITED**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class B ordinary shares, $0.000025 par value per share | (1) | Other | 15000000 | $1.3650 | $20475000.00 | 0.0001381 | $2827.60 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $20475000.00 |  | 2827.60 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2827.60 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional Class B ordinary shares of the Registrant that become issuable under the Registrant's 2025 Equity Incentive Plan (the "2025 Plan") in respect of the securities identified in the above table by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected without the Registrant's receipt of consideration that increases the number of the outstanding Class B ordinary shares of the Registrant. In addition, pursuant to Rule 416(c) under the Securities Act, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described herein. Pursuant to Rules 457(c) and (h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated for the purpose of calculating the amount of the registration fee and are based on the average of the high and low sales price of the Registrant's Class B ordinary shares as reported on the NASDAQ Stock Market on December 16, 2025.