Stock Abbreviation: Strait Shipping Stock Code: 002320 Announcement Number: 2026-20
Announcement on the Cancellation of Partially Granted but Unexercised Stock Options
The Company and its Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed in this announcement, and are jointly and severally liable for any false representations, misleading statements, or material omissions therein.
Hainan Strait Shipping Co., Ltd. (hereinafter referred to as the "Company") at its Eighth Board of Directors' Twenty-Second Meeting deliberated and approved the "Proposal on Cancelling Partially Granted but Unexercised Stock Options," and the relevant matters are hereby explained as follows:
I. Relevant Approval Procedures and Summary of the 2022 Stock Option Incentive Plan Implementation
(I) On September 23, 2022, the Company held its Seventh Board of Directors' Eleventh Extraordinary Meeting and deliberated and approved the "Proposal on the 2022 Stock Option Incentive Plan (Draft) and its Summary," the "Proposal on the 2022 Stock Option Incentive Plan Implementation and Performance Management Measures," the "Proposal on the 2022 Stock Option Incentive Plan Management Measures," and the "Proposal on Authorizing the Board of Directors to Handle Equity Incentive Matters." On the same day, the Company held its Seventh Supervisory Board's Seventh Extraordinary Meeting and deliberated and approved the "Proposal on the 2022 Stock Option Incentive Plan (Draft) and its Summary," the "Proposal on the 2022 Stock Option Incentive Plan Implementation and Performance Management Measures," and the "Proposal on the 2022 Stock Option Incentive Plan Management Measures." The Company's independent directors issued independent opinions on whether this incentive plan is conducive to the Company's sustainable development and whether it harms the interests of the Company and all shareholders. The Supervisory Board issued its review opinion.
(II) On March 29, 2023, the Company announced that it had received the "Reply on the Implementation of the Stock Option Incentive Plan of Hainan Strait Shipping Co., Ltd." (Guo Zi Kao Fen [2023] No. 73) from the State-owned Assets Supervision and Administration Commission of the State Council (hereinafter referred to as "SASAC"). SASAC in principle agreed to the Company's implementation of the stock option incentive plan.
(III) On May 11, 2023, the Company held its Seventh Board of Directors' Nineteenth Extraordinary Meeting and deliberated and approved the "Proposal on the 2022 Stock Option Incentive Plan (Revised Draft) and its Summary," and other related proposals. On the same day, the Company held its Seventh Supervisory Board's Fourteenth Extraordinary Meeting and deliberated and approved the "Proposal on the List of Initial Grantees for the 2022 Stock Option Incentive Plan."
On the same day, the Company's independent directors conducted a review of the list of initial grantees for the incentive plan. The Company's independent directors issued independent opinions on whether this incentive plan is conducive to the Company's sustainable development and whether it harms the interests of the Company and all shareholders.