Core Viewpoint - The announcement details the completion of the first vesting period for the 2024 Restricted Stock Incentive Plan of Hangzhou Tianyuan Pet Products Co., Ltd, highlighting the conditions met for stock vesting and the number of shares involved [1][2][3]. Summary by Sections Stock Incentive Plan Overview - The 2024 Restricted Stock Incentive Plan was approved at the company's first extraordinary general meeting in 2024, allowing for the issuance of A-shares to directors, senior management, and other personnel deemed necessary for motivation, excluding independent directors and supervisors [1][2]. - The total number of shares involved in the incentive plan is 12.6 million, with 2.5% allocated for the incentive plan, amounting to a maximum of 2.58 million shares for the first grant [1][2]. Vesting Conditions and Schedule - The first vesting period for the granted restricted stocks is set from February 28, 2025, to February 27, 2026, with a total of 90,280 shares eligible for vesting, representing 0.7165% of the company's total shares [3][4]. - The vesting schedule includes three periods: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the grant date [4][5]. Performance Assessment Criteria - The performance assessment for the first vesting period is based on the company's revenue and net profit growth compared to 2023, with specific target and trigger values set for each year from 2024 to 2026 [5][14]. - For 2024, the target revenue growth is set at 15%, with a trigger at 10%, while the net profit growth target is 15% with a trigger at 10% [5][14]. Individual Performance Evaluation - Individual performance evaluations for the 52 recipients are categorized into four levels (A, B, C, D), determining the actual number of shares vested based on company-level performance [5][14]. - The evaluation results show that 11 individuals achieved an A rating (100% vesting), 25 achieved B (90% vesting), 16 achieved C (80% vesting), and 1 achieved D (0% vesting) [11][14]. Share Registration and Listing - The shares from the first vesting period will be listed for trading on June 24, 2025, with no lock-up period imposed on the vested shares [16][17]. - The total number of shares post-vesting will increase to 126,902,800, with the new shares not significantly impacting the company's control structure [18]. Legal and Compliance Aspects - The legal opinion confirms that the vesting conditions have been met and that the company has complied with necessary disclosure obligations [18][20]. - The company has also conducted a verification of the funding received from employees participating in the incentive plan, totaling approximately RMB 8.12 million [17].
天元宠物: 2024年限制性股票激励计划首次授予部分第一个归属期归属结果暨股份上市公告