Dynagreen adjusts share incentive plan, revises grant prices

Dynagreen Environmental Protection Group Co., Ltd. has adjusted its Restricted Share Incentive Scheme, reducing the number of incentive participants for the first grant from 195 to 189 and the number of restricted shares from 38,250,000 to 36,040,000. These adjustments follow certain participants waiving involvement and comply with equity value proportion controls. The first grant date is 2 December 2025, with an adjusted grant price of RMB2.95 per share, down from RMB3.25 due to dividend distributions in 2025.

The first grant includes 10 directors and senior managers receiving 650,000 shares, and 179 core managerial, technical, and business personnel receiving 29,540,000 shares. Total shares granted under the first batch amount to 36,040,000 shares. Additionally, a reserved grant (first batch) will issue 1,360,000 shares, with Cheng Suning, chairman of the board, receiving 1,000,000 shares, and two core managerial, technical, and business personnel receiving 360,000 shares. The reserved grant price is RMB3.56 per share.

The scheme features a validity period of up to 72 months and lock-up periods of 24, 36, and 48 months for various unlocking proportions (33%, 33%, 34%). Performance appraisal requirements for unlocking span 2026-2028, with specific targets for net profit growth, return on equity, net cash flows from operating activities, and steam supply volume. The total estimated share-based payment expense for the first grant is RMB14,343,920,000, and RMB458,320,000 for the reserved grant.