Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that Xi'an Zhongrong Electric Co., Ltd.'s 2022 restricted stock incentive plan adjustments, vesting conditions, and the cancellation of unvested restricted stocks have been properly authorized and comply with relevant laws and regulations [1][4][13]. Summary by Sections Legal Basis and Procedures - The law firm reviewed the 2022 restricted stock incentive plan and related documents, ensuring compliance with the Securities Law, Company Law, and other relevant regulations [2][3]. - The company has followed necessary procedures for the adjustments in grant price and quantity, as well as for the vesting and cancellation of restricted stocks [4][5]. Adjustments to Grant Price and Quantity - Due to the company's 2023 and 2024 profit distribution plans, adjustments to the grant price and quantity of restricted stocks were necessary. The adjusted grant price is calculated to be 66.24 yuan per share [6][9]. - The adjustments are in accordance with the incentive plan's provisions regarding capital reserve transfers and profit distributions [8][9]. Vesting Conditions - The first vesting period for the restricted stocks is from July 19, 2024, to July 17, 2025. A total of 147 individuals are eligible for vesting, with 857,167 shares confirmed for vesting [11][12]. - The company achieved a compound annual growth rate of over 25% in revenue, meeting the performance criteria for the vesting of restricted stocks [11][12]. Cancellation of Unvested Stocks - A total of 123,227 shares of restricted stocks were canceled due to the departure of certain incentive recipients and unsatisfactory performance evaluations [13][12]. - The cancellation aligns with the provisions of the incentive plan, which stipulates that unvested stocks are forfeited upon the recipient's departure or failure to meet performance criteria [13][12]. Conclusion - The adjustments, vesting, and cancellations have received the necessary approvals and are in compliance with the relevant laws, regulations, and the company's incentive plan [14].
中熔电气: 上海市锦天城律师事务所关于西安中熔电气股份有限公司2022年限制性股票激励计划授予价格及授予数量调整、第一个归属期归属条件成就及作废部分已授予尚未归属限制性股票相关事项的法律意见书