Hubei Heyuan Gas Co., Ltd. Announcement on the Failure to Achieve Conditions for the First Lock-up Period of the 2024 Restricted Stock Incentive Plan and the Repurchase and Cancellation of Certain Restricted Stocks
The company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate, and complete, without false records, misleading statements, or major omissions.
Special Reminder: According to the "Management Measures for Equity Incentives of Listed Companies" (hereinafter referred to as the "Management Measures"), the "Draft of the Company's 2024 Restricted Stock Incentive Plan" (hereinafter referred to as the "Incentive Plan Draft"), and the "Implementation Assessment Management Measures of the Company's 2024 Restricted Stock Incentive Plan" (hereinafter referred to as the "Assessment Measures"), the following decisions have been made:
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Given that Hubei Heyuan Gas Co., Ltd. (hereinafter referred to as the "Company") has not achieved the performance assessment targets at the company level for the first lock-up period of the 2024 Restricted Stock Incentive Plan, which does not meet the conditions for lifting the lock-up, the Company intends to repurchase and cancel 30% of the 3.75 million shares of restricted stock held by the existing 198 incentive recipients, totaling 1.125 million shares.
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Due to personal reasons, one of the initially granted incentive recipients has resigned and is no longer eligible for the incentive. The Company intends to repurchase and cancel all 5,000 shares of restricted stock that have been granted but not yet unlocked for this individual.
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A total of 1.13 million shares will be repurchased. After the completion of this repurchase and cancellation, the Company's total share capital will decrease from 211,755,000 shares to 210,625,000 shares, and the registered capital will change from 211,755,000 yuan to 210,625,000 yuan.
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This repurchase and cancellation of restricted stocks still requires submission to the Company's shareholders' meeting for approval. After approval by the shareholders' meeting, the Company will apply to the Shenzhen Stock Exchange and the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited for the repurchase and cancellation of shares. A separate announcement will be made after the completion of the repurchase and cancellation.
The Company held the sixth meeting of the Compensation and Assessment Committee of the Fifth Board of Directors on April 10, 2026, and the sixteenth meeting of the Fifth Board of Directors on April 14, 2026, to review and approve the proposal regarding the failure to achieve conditions for the first lock-up period of the 2024 Restricted Stock Incentive Plan and the repurchase and cancellation of certain restricted stocks, as well as the adjustment of the repurchase price. The specific situation is announced as follows:
According to the relevant provisions of the "Management Measures," "Incentive Plan Draft," and "Assessment Measures," given that the Company has not achieved the performance assessment targets at the company level for the first lock-up period of the 2024 Restricted Stock Incentive Plan, which does not meet the conditions for lifting the lock-up, the Company intends to repurchase and cancel 30% of the 3.75 million shares of restricted stock held by the existing 198 incentive recipients, totaling 1.125 million shares, using the Company's own funds at the adjusted grant price of 11.36 yuan/share plus the interest from bank deposits during the same period. Additionally, for one resigned incentive recipient who has been granted but not yet unlocked restricted stocks totaling 5,000 shares, the repurchase will also be at the adjusted grant price of 11.36 yuan/share. This proposal needs to be submitted to the Company's 2025 annual shareholders' meeting for review.
- Decision-making procedures and information disclosure that have been fulfilled