HANGZHOU TOKA(SH:688571) Zheng Quan Zhi Xing·2025-08-21 16:36Core Viewpoint - The legal opinion letter from Grandall Law Firm (Shanghai) confirms that Hanghua Ink Co., Ltd.'s stock incentive plan adjustments, including price adjustments, vesting conditions, and the cancellation of certain restricted stocks, have received the necessary approvals and comply with relevant laws and regulations [1][6][12]. Group 1: Price Adjustment - The grant price for the restricted stock has been adjusted from RMB 3.30 to RMB 3.10 per share due to a cash dividend distribution of approximately RMB 0.1964 per share [7][8]. - The adjustment method follows the formula: P = P0 - V, where P0 is the original grant price, V is the cash dividend per share, and P is the adjusted grant price [7]. Group 2: Vesting Conditions - The second vesting period for the restricted stock is defined as the period from 24 months after the initial grant date to the last trading day within 36 months from the grant date, with a vesting ratio of 50% of the total granted restricted stock [8][9]. - The vesting conditions have been met, including no adverse audit opinions and compliance with performance targets, such as achieving a net profit of at least RMB 2.44 billion over two years [9][10]. Group 3: Cancellation of Restricted Stocks - A total of 86,300 shares of restricted stock have been canceled due to the departure of one individual and performance results of three individuals, which did not meet the required performance criteria [12]. - The cancellation aligns with the provisions of the stock incentive plan and has been duly approved by the company's board [11][12]. Group 4: Legal Compliance - The adjustments and actions taken regarding the stock incentive plan are in accordance with the Company Law, Securities Law, and relevant regulations, ensuring that all necessary approvals have been obtained [6][12].