Impro proposes new share option scheme, terminates old one

Impro Precision Industries Limited has announced the proposed termination of its existing share option scheme, adopted on June 15, 2018, and the adoption of a New Share Option Scheme. This move aligns with amended Chapter 17 of the HKEX Listing Rules, effective January 1, 2023. No options have been granted under the existing scheme since its adoption. The new scheme, which will be valid for 10 years from the adoption date, is designed to attract and retain talent and reward contributions to the Group's growth.

The New Share Option Scheme's mandate limit will not exceed 10% of the total issued shares (excluding treasury shares) as of the adoption date, amounting to 188,728,566 shares. The exercise price for options will be the highest of the nominal share value, the closing price on the grant date, or the average closing price for the five business days preceding the grant date. The vesting period for options will generally be at least 12 months, with exceptions for employee participants under specific circumstances, such as "make-whole" grants or performance-based vesting.

Shareholders will vote on these proposals at an extraordinary general meeting (EGM) to be held on Tuesday, December 30, 2025. The register of members will be closed from December 23 to December 30, 2025, to determine EGM entitlements. The company will apply to the Stock Exchange for approval to list and deal in the shares issued under the New Share Option Scheme.