Announcement on the Achievement of Vesting Conditions for the First Vesting Period of the First Tranche of the 2025 Restricted Stock Incentive Plan
The company and the board of directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or significant omissions.
Key Information Prompt:
- Number of eligible employees meeting vesting conditions this time: 46
- Number of Class II restricted shares to be vested this time: 1.6848 million shares
- Grant price of Class II restricted shares (adjusted): RMB 4.64/share (adjusted to RMB 4.586/share if the 2025 profit distribution plan is approved by the shareholders' meeting and the 2025 equity distribution plan is implemented).
- Source of vested shares: Ordinary A shares of the company issued to eligible employees.
- Before the completion of relevant procedures and listing and circulation of the restricted shares to be vested this time, the company will issue a relevant notice announcement. Investors are kindly requested to pay attention.
On May 8, 2026, Xinhuadu Special Electric Co., Ltd. (hereinafter referred to as the "Company") held the 19th meeting of the Fifth Board of Directors, which reviewed and approved the "Proposal on the Achievement of Vesting Conditions for the First Vesting Period of the First Tranche of the 2025 Restricted Stock Incentive Plan." The Board of Directors believes that the vesting conditions for the first vesting period of the first tranche of the 2025 Restricted Stock Incentive Plan (hereinafter referred to as the "Incentive Plan") have been met, and agreed to proceed with the vesting matters for the first tranche of the 2025 Restricted Stock Incentive Plan in accordance with the relevant regulations of the "2025 Restricted Stock Incentive Plan (Draft)." The relevant matters are hereby explained as follows:
I. Brief Introduction to the Incentive Plan and Related Approval Procedures
(I) Brief Introduction to the Incentive Plan
- Equity Incentive Method: Class II restricted shares.
- Number of Shares Granted: The Incentive Plan intends to grant a total of no more than 4.517950 million restricted shares to eligible employees, accounting for approximately 1.22% of the company's total share capital of 37.1441055 million shares as of the announcement date of the Incentive Plan draft. Among them, the first tranche grant is 3.788000 million shares, accounting for approximately 1.02% of the company's total share capital as of the announcement date of the Incentive Plan draft, and 83.84% of the total equity to be granted. The reserved grant is 0.729950 million shares, accounting for approximately 0.20% of the company's total share capital as of the announcement date of the Incentive Plan draft, and 16.16% of the total equity to be granted.
- Grant Price: RMB 4.67/share (before adjustment).
- Vesting Period and Vesting Arrangement: The vesting ratio arrangement for each batch of restricted shares granted in the first tranche and reserved tranche of the Incentive Plan is as follows: