Ningbo Cixing Co., Ltd. Board of Directors and Senior Management Compensation Management System
Chapter 1 General Provisions
Article 1 To further improve the corporate governance structure of Ningbo Cixing Co., Ltd. (hereinafter referred to as the "Company"), strengthen and standardize the management of compensation for the Company's directors and senior management (hereinafter referred to as "Directors and Senior Management"), scientifically, objectively, fairly, and normatively evaluate the operating performance of the Company's Directors and Senior Management, establish and improve effective incentive and restraint mechanisms, fully mobilize the work enthusiasm and creativity of Directors and Senior Management, and promote the sustained and healthy development of the Company, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), the "Corporate Governance Guidelines for Listed Companies," the "Shenzhen Stock Exchange GEM Stock Listing Rules," and other relevant laws and regulations, and in conjunction with the Company's actual situation, this System is formulated.
Article 2 This System applies to all Directors and Senior Management of the Company.
Article 3 The compensation management system for the Company's Directors and Senior Management follows the following principles: (1) The principle that the income level is compatible with the Company's scale, performance, and future development, and at the same time, the compensation framework is determined by referencing the overall social compensation situation across industries and regions; (2) The principle of matching positions, responsibilities, powers, and benefits, where compensation is consistent with positions, duties, contributions, responsibilities, and obligations; (3) The principle of aligning with the Company's long-term interests and focusing on the sustainable development of the enterprise; (4) The principle of balancing incentives and constraints, where compensation payments are linked to performance appraisal results and rewards and punishments.
Chapter 2 Compensation Management Organization