Meeting Overview - The seventh board meeting of Zhejiang Jiuli Special Materials Technology Co., Ltd. was held on January 27, 2026, with all 11 directors present, confirming compliance with relevant regulations [2] Resolutions Passed - The board approved the draft of the 2026 Employee Stock Ownership Plan (ESOP) with a vote of 6 in favor, 0 against, and 0 abstentions, with certain directors abstaining from the vote [3] - The board also approved the management measures for the 2026 ESOP with the same voting results [5] - A resolution was passed to authorize the board to handle matters related to the 2026 ESOP, including changes and terminations, with the same voting results [8] Employee Stock Ownership Plan Details - The total amount raised for the ESOP will not exceed 175.5964 million yuan, with a maximum of 17.55964 million shares available for subscription [21] - The stock source for the ESOP will be shares repurchased by the company, totaling up to 10.54 million shares, which is approximately 1.08% of the current total share capital [39] - The purchase price for the shares under the ESOP is set at 16.66 yuan per share, with conditions ensuring it is not lower than 50% of the average trading price prior to the announcement [40] Lock-up and Vesting Period - The ESOP has a duration of 96 months, with a lock-up period of 12 months starting from the date of the last stock transfer to the ESOP [42] - After the lock-up period, the shares will vest in two equal portions based on the company's performance in the corresponding fiscal years [44] Governance and Management - The ESOP will be managed by a management committee responsible for daily operations and representing the interests of the participants [62] - The company will ensure compliance with legal and regulatory requirements in managing the ESOP and will provide timely disclosures [54]