Prior to the merger as discussed in Note 5.1 to the consolidated financial statements, iClick operated the 2010 Share Option Plan which provides for the grant of incentive share options to employees, officers, directors or consultants. The Company’s board of directors administers the 2010 Share Option Plan, selects the individuals to whom options will be granted, determines the number of options to be granted, and the term and exercise price of each option.

The following table summarizes the share option activities for the years ended December 31, 2023, 2024 and 2025:


				Weighted		Weighted		Weighted
				average		average		average		Aggregate
		Number of		exercise		grant date		remaining		intrinsic
		share		price		fair value		contractual		value
		options		US$		US$		life years		US$’000
At January 1, 2023		274,830		12.92		N/A		2.69		17
Forfeited		(780)		5.37		N/A		N/A		N/A
At December 31, 2023		274,050		12.95		N/A		1.69		16
Vested and expected to vest at December 31, 2023		272,612		4.33		15.38		1.69		16
Exercisable to vest at December 31, 2023		273,940		4.39		15.35		1.69		16

At January 1, 2024		274,050		12.95		N/A		1.69		16
Exercised		(23,545)		0.32		N/A		N/A		N/A
Forfeited		(152,650)		5.35		N/A		N/A		N/A
At December 31, 2024		97,855		27.92		N/A		0.70		22
Vested and expected to vest at December 31, 2024		85,195		3.35		16.04		0.64		22
Exercisable to vest at December 31, 2024		97,855		3.88		15.70		0.71		22

At January 1, 2025		97,855		27.92		N/A		0.70		22
Exercised		(10,500)		1.61		N/A		N/A		N/A
Forfeited		(85,905)		4.04		N/A		N/A		N/A
At December 31, 2025		1,450		10.26		N/A		1.14		—
Vested and expected to vest at December 31, 2025		1,450		10.26		11.60		1.14		—
Exercisable to vest at December 31, 2025		1,450		10.26		11.60		1.14		—

The binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. There were no grants or modification of share options during the years ended December 31, 2023, 2024 and 2025.

The Post-IPO Share Incentive Plan was approved by the then board of directors of iClick prior to the merger transaction. iClick’s Post-IPO Share Incentive Plan provides for the grant of incentive share options and RSUs to the selected employees, officers, directors or consultants. The board of directors of the Company administers the share incentive plan, selects the individuals to whom options and RSUs will be granted, determines the number of options and RSUs to be granted, and the term and exercise price of each option and RSU.

The following table summarizes the activity of the service-based RSUs for the years ended December 31, 2023, 2024 and 2025:


				Weighted average
				grant date fair value
		Number of RSUs		US$
At January 1, 2023		110,463		18.26
Granted (with a vesting period of 0 to 4 years)		762,510		0.73
Vested		(208,558)		5.32
Forfeited/expired		(3,875)		24.25
At December 31, 2023		660,540		2.07
Expected to vest at December 31, 2023		639,362		1.12

At January 1, 2024		660,540		2.07
Granted (with a vesting period of 0 to 4 years)		357,500		0.34
Vested		(914,999)		0.96
Forfeited/expired		(6,207)		18.24
At December 31, 2024		96,834		5.11
Expected to vest at December 31, 2024		79,325		0.76

At January 1, 2025		96,834		5.11
Vested		(30,547)		0.43
Forfeited/expired		(36,259)		11.99
At December 31, 2025		30,028		1.36
Expected to vest at December 31, 2025		30,028		1.36

The fair value of the restricted shares was calculated based on the fair value of ordinary shares of the Company.

Followed the completion of the merger transaction, the Company reserved certain ordinary shares to be issued to any qualified employees who contributed to the major milestone of the Company.

Amber International’s board of directors administers the share incentive plan, selects the individuals to whom RSUs will be granted, determines the number of RSUs to be granted, and the term of each RSU.

The following table summarizes the activity of the service-based RSUs for the year ended December 31, 2025:

The fair value of the restricted shares was calculated based on the fair value of ordinary shares of the Company.

Total share-based compensation costs recognized for the years ended December 31, 2023, 2024 and 2025 are as follows: