Directors and Senior Management Resignation Management System
Chapter 1 General Provisions
Article 1 To regulate the resignation management of directors and senior management of Guoguang Electric Company (hereinafter referred to as "the Company"), promote the healthy, sustainable, and stable development of the Company, and protect the stability of corporate governance and the legitimate rights and interests of shareholders, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as "Securities Law"), and other laws, administrative regulations, departmental rules, normative documents, and the "Articles of Association of Guoguang Electric Company" (hereinafter referred to as "Articles of Association"), and in combination with the actual situation of the Company, this system is hereby formulated.
Article 2 This system applies to the resignation, expiry of term, and dismissal of all directors (including independent directors) and senior management personnel of the Company.
Chapter 2 Resignation Circumstances and Effective Conditions
Article 3 Directors and senior management personnel of the Company may resign before the expiry of their term. Directors who are not re-elected upon expiry of their term shall automatically resign from the date the shareholders' meeting resolution is passed. Employee representative directors who are not re-elected upon expiry of their term shall automatically resign from the date the relevant employee congress resolution is passed. Directors and senior management personnel who resign shall submit a written resignation report to the Company, stating the reasons for resignation. For directors' resignations, except for the circumstances stipulated in Article 5 of this system, they shall take effect from the date the Company receives the written resignation report. For senior management personnel's resignations, they shall take effect from the date the Board of Directors receives the resignation report. The Company shall disclose relevant information within two trading days.
Article 4 If a director or senior management personnel of the Company, during their term of office, falls under circumstances stipulated by the "Company Law" and other relevant laws and regulations that prohibit them from serving as a director or senior management personnel of the Company, or is subject to a market entry ban measure imposed by the securities regulatory authority prohibiting them from serving as a director or senior management personnel of a listed company, and the period of such ban has not yet expired, the relevant director or senior management personnel shall immediately cease to perform their duties, and the Company shall lawfully terminate their employment. If a director or senior management personnel of the Company is publicly identified by a stock exchange as unsuitable to serve as a director or senior management personnel of a listed company during their term of office, and the period of such identification has not yet expired, or other circumstances stipulated by laws and regulations, the Company shall terminate their employment within thirty days from the date such fact occurs. If the relevant director continues to perform their duties without ceasing to do so, or should have been dismissed but has not been dismissed, and participates in board meetings, independent director board meetings, and votes, their votes shall be invalid and shall not be counted towards the quorum.
The shareholders' meeting may resolve to dismiss a director, and the dismissal shall take effect from the date the dismissal resolution is passed.