Biwin Storage Technology (SH:688525) Zheng Quan Zhi Xing·2025-07-13 08:12Core Viewpoint - Shenzhen Bawei Storage Technology Co., Ltd. has proposed a 2025 Restricted Stock Incentive Plan aimed at enhancing the company's competitiveness in core business areas by incentivizing mid-level technical and business personnel, excluding directors and senior management [2][3][4]. Group 1: Incentive Plan Overview - The incentive plan will grant a total of 3.4159 million shares of Class II restricted stock, accounting for 0.74% of the company's total share capital of 461.265626 million shares [2][3]. - The grant price for the restricted stock is set at 36.00 RMB per share, which is approximately 54.24% of the average trading price on the previous trading day [22][23]. - The plan is designed to bind the long-term interests of core personnel, enhancing their sense of belonging and cohesion within the company [2][3][4]. Group 2: Eligibility and Distribution - The plan targets no more than 413 mid-level technical and business personnel, excluding directors, senior management, and significant shareholders [3][4][17]. - Among the incentive recipients, 11 are Taiwanese and foreign employees, reflecting the company's commitment to leveraging key personnel for long-term development [17][18]. - The distribution of the restricted stock will be divided among the recipients, with 10.94% allocated to Taiwanese and foreign employees and 89.06% to other mid-level personnel [18][19]. Group 3: Vesting and Performance Conditions - The vesting period for the restricted stock is set for a maximum of 48 months, with shares vesting in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [3][4][19]. - The performance targets for the vesting of shares include achieving specific revenue milestones: at least 7 billion RMB in 2025, 8 billion RMB in 2026, and 9 billion RMB in 2027 [25][28]. - If the performance targets are not met, the corresponding shares will not vest and will be forfeited [26][28]. Group 4: Management and Approval Process - The company's shareholders' meeting must approve the incentive plan before implementation, and the board of directors is responsible for executing the plan [4][5][6]. - The board's remuneration and assessment committee will oversee the plan's implementation and ensure compliance with relevant laws and regulations [16][17]. - The plan includes provisions for adjustments in the number of shares and grant prices in response to corporate actions such as stock splits or capital increases [29][30][31].