Snow Wright released a restricted stock incentive plan on the evening of April 13. The company plans to grant a total of 117 incentives to a total of 4.5 million restricted stocks, accounting for 1.87% of the company's total share capital, and the grant price is 7.15 yuan/share. The average price of the company's stock trading in the first 20 trading days of the announcement was 50% of the 14.29 yuan. The company's stock will resume trading on April 14.
The plan shows that the company's incentive targets are: company directors, senior management, middle management, core business (technical) personnel and core backbone of the company, with a total of 117 people. Among them, the company's director and president, Chai Hua, is expected to be awarded 900,000 shares; director and board secretary, Yu Shuzhong, is expected to be awarded 880,000 shares; vice president and chief financial officer, Shi Yunliang, is expected to receive 180,000 shares, and the remaining 114 persons are awarded 2.54 million. share.
The company's plan is valid for a maximum of 4 years from the date of grant of the restricted stock until the date when all restricted stocks are unlocked or repurchased. Within 12 months after the date of grant of restricted stock, it is a lock-up period. After the lock-up period expires, it can be unlocked in three phases at 40%, 30% and 30%. The unlocking conditions are: based on the 2014 net profit, the company's net profit growth rate from 2015 to 2017 is not less than 415%, 500% and 600% respectively. The company said that the higher evaluation target is mainly due to the impact of Fushun Optoelectronics Technology Co., Ltd. into the company's consolidated statements.
The plan shows that the company's incentive targets are: company directors, senior management, middle management, core business (technical) personnel and core backbone of the company, with a total of 117 people. Among them, the company's director and president, Chai Hua, is expected to be awarded 900,000 shares; director and board secretary, Yu Shuzhong, is expected to be awarded 880,000 shares; vice president and chief financial officer, Shi Yunliang, is expected to receive 180,000 shares, and the remaining 114 persons are awarded 2.54 million. share.
The company's plan is valid for a maximum of 4 years from the date of grant of the restricted stock until the date when all restricted stocks are unlocked or repurchased. Within 12 months after the date of grant of restricted stock, it is a lock-up period. After the lock-up period expires, it can be unlocked in three phases at 40%, 30% and 30%. The unlocking conditions are: based on the 2014 net profit, the company's net profit growth rate from 2015 to 2017 is not less than 415%, 500% and 600% respectively. The company said that the higher evaluation target is mainly due to the impact of Fushun Optoelectronics Technology Co., Ltd. into the company's consolidated statements.
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