UCAP(SH:688228) Zheng Quan Zhi Xing·2025-08-24 16:13Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng (Shenzhen) Law Firm confirms that the company, Kape Cloud Information Technology Co., Ltd., has appropriately handled the cancellation of unvested restricted stock due to unmet performance conditions in its 2023 incentive plan [1][8]. Group 1: Legal Framework and Procedures - The legal opinion is based on relevant Chinese laws, including the Company Law and Securities Law, as well as specific regulations regarding stock incentive plans [2][3]. - The company has followed necessary procedures, including board meetings and shareholder approvals, to validate the incentive plan and the subsequent cancellation of stock [4][6]. Group 2: Performance Conditions and Stock Cancellation - A total of 219,800 shares of restricted stock were canceled due to the failure to meet performance conditions for the second vesting period and the first reserved period [8][10]. - The performance conditions were based on revenue and net profit growth compared to the audited figures from 2022, with specific target and trigger values set for evaluation [8][9]. Group 3: Disclosure Obligations - The company has fulfilled its disclosure obligations regarding the incentive plan and the cancellation of shares, ensuring compliance with relevant regulations [10]. - Future disclosures will continue to be required as the incentive plan progresses [10].