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Intelligent Living Application Group Inc. February 2025 Financial Report: Stock Awards Overview

$ILAG
Form 6-K
Filed on: 2025-02-20
Source
Intelligent Living Application Group Inc. February 2025 Financial Report: Stock Awards Overview

Key Information from the Financial Report (Form 6-K)

  1. Company Overview:
  • Name: Intelligent Living Application Group Inc.
  • Address: Unit 2, 5/F, Block A, Profit Industrial Building, 1-15 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
  • Commission File Number: 001-41444.
  • Period Covered: For the month of February 2025.
  1. Grant of Stock Awards:
  • Date of Grant: February 19, 2025.
  • Plan: Grants were made pursuant to the Company’s 2022 Omnibus Equity Plan.
  • Total Shares Granted:
    • Ordinary Shares:
    • 400,000 to Wynn Hui, Chief Technical Officer and Director.
    • 400,000 to Bun Lau, Chief Operating Officer and Director.
    • 400,000 to Errol Hui, Vice President of Engineering.
    • 100,000 to Frederick Wong, Chief Financial Officer.
    • 80,000 to Wei Zhong, Vice President of Finance.
    • 40,000 to each of the four independent directors (Monique Ho, Chun Fai Liu, Carina Chui, Henry Yeung).
    • Total Ordinary Shares Granted: 2,000,000 shares to the officers and independent directors.
  • Series A Preferred Shares:
    • 2,000,000 Series A Preferred Shares granted to Bong Lau, Chief Executive Officer and Chairman of the Board.
    • Each Series A Preferred Share is entitled to 20 votes.
  1. Vesting and Agreements:
  • The stock awards vested immediately on the Grant Date.
  • Grantees entered into Unrestricted Stock Award Agreements with the Company on the Grant Date.
  • Exhibits: The forms of Unrestricted Stock Award Agreements are filed as Exhibits 10.1 and 10.2.
  1. Signatures:
  • Authorized Signatory: Bong Lau, Chief Executive Officer.
  • Date of Signature: February 20, 2025.

Insights:

  • The report indicates a significant commitment to incentivizing key management personnel and directors through substantial stock awards, which aligns their interests with shareholders.
  • The immediate vesting of stock awards suggests an effort to quickly reward and retain talent within the company.
  • The issuance of Series A Preferred Shares with enhanced voting rights may indicate a strategic move to maintain control among current leadership while potentially preparing for future corporate governance or financing needs.

This financial report reflects the company's approach to executive compensation and governance, emphasizing the importance of aligning management incentives with company performance.