Espressif Systems(SH:688018) Zheng Quan Zhi Xing·2025-07-02 16:36Core Viewpoint - The company has approved adjustments to the grant prices and the number of shares for its restricted stock incentive plans for the years 2021, 2022, and 2023, reflecting a significant reduction in grant prices and an increase in the number of shares available for vesting [2][12][14]. Summary by Relevant Sections 1. Adjustments to Grant Prices and Vesting Shares - For the 2021 incentive plan, the grant price has been adjusted from 65.64 CNY/share to 46.46 CNY/share, with the remaining vesting shares increased from 25,363 shares to 35,507 shares [2][12]. - The 2022 incentive plan's grant price has been reduced from 27.86 CNY/share to 19.47 CNY/share, and the remaining vesting shares have been increased from 231,481 shares to 324,074 shares [2][12]. - The 2023 second phase incentive plan's grant price has been adjusted from 35.00 CNY/share to 24.57 CNY/share, with the remaining vesting shares increased from 900,160 shares to 1,260,241 shares [2][12]. - The 2025 incentive plan's grant price has been adjusted from 169.00 CNY/share to 120.29 CNY/share, with the number of shares adjusted from 1,072,775 shares [3][12]. 2. Approval Process and Independent Opinions - The adjustments were approved during the third board meeting and the sixth supervisory board meeting, with independent directors providing their opinions on the related matters [2][12][14]. - The company has followed the necessary procedures for the approval and disclosure of the incentive plans, ensuring compliance with regulatory requirements [3][12]. 3. Historical Context of Incentive Plans - The company has a history of adjusting its incentive plans, including previous adjustments made in 2019, 2020, and 2021, indicating a proactive approach to managing its stock incentive programs [12][14]. - The adjustments reflect the company's ongoing commitment to align the interests of its employees with those of shareholders, particularly in response to market conditions [2][12].