Management System for Remuneration of Directors and Senior Management
Chapter 1 General Provisions
Article 1 To further improve the remuneration management of directors and senior management of Zhejiang Weixing New Material Co., Ltd. (hereinafter referred to as the "Company"), strengthen the mechanism of unified rights, responsibilities, and benefits, and align remuneration with risk, fully mobilize the enthusiasm and creativity of the Company's directors and senior management, and promote the long-term sustainable development of the Company, in accordance with the "Company Law of the People's Republic of China," the "Guiding Principles for Corporate Governance of Listed Companies," and the "Articles of Association," and in combination with the specific situation of the Company, this system is hereby formulated.
Article 2 For the purposes of this system, directors include non-independent directors (including employee representative directors) and independent directors. Senior management refers to the general manager, deputy general managers, board secretary, financial controller, and other senior management personnel as stipulated in the "Articles of Association."
Article 3 Remuneration management shall adhere to the following principles: The remuneration of the Company's directors and senior management shall be commensurate with market development, aligned with the Company's operating performance and individual performance, and coordinated with the Company's sustainable development. The Company shall reasonably determine the proportion of remuneration distribution between directors, senior management, and ordinary employees, taking into account factors such as industry standards, development strategies, and position value, to guide the allocation of remuneration towards key positions and urgently needed high-level, high-skilled talents, and to promote an increase in the remuneration level of ordinary employees.
Chapter 2 Remuneration Management Structure
Article 4 The Remuneration and Assessment Committee of the Board of Directors shall be responsible for formulating the remuneration policies and plans for directors and senior management, reviewing the performance of duties by the Company's directors and senior management, conducting performance evaluations, and making recommendations on the remuneration of directors and senior management.