Niutech(SH:688309) Zheng Quan Zhi Xing·2025-08-26 16:23Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms the validity of the cancellation of unvested restricted stock awards under the 2024 incentive plan of Jinan Hengyu Environmental Technology Co., Ltd, following the departure of certain incentive recipients [1][6][9]. Group 1: Approval and Authorization - The company has obtained necessary approvals and authorizations for the cancellation of unvested restricted stock awards as per the relevant regulations and internal governance documents [6][9]. - The board of directors and the supervisory board have passed resolutions regarding the incentive plan and the cancellation of certain stock awards [4][6]. Group 2: Reasons for Cancellation - The cancellation of restricted stock awards is due to the departure of three incentive recipients, who no longer meet the eligibility criteria, resulting in a total of 70,000 shares being rendered void [6][7]. - The incentive plan stipulates that unvested stock awards are forfeited if the recipient leaves the company for any reason, including resignation or termination [6][7]. Group 3: Details of the Cancellation - A total of 644,464 shares of restricted stock have been canceled due to failure to meet performance criteria set in the incentive plan, with 574,464 shares specifically linked to unmet performance conditions for the first vesting period [8][9]. - The performance assessment for the incentive plan is based on revenue and net profit growth compared to the previous year, with specific targets established for each assessment period [7][8].