Silan Micro cancels 2021 stock options fourth exercise period

Hangzhou Silan Microelectronics (SSE:600460) announced the cancellation of the fourth exercise period for its 2021 stock option incentive plan as the set performance targets were not achieved. Based on audited figures, the cumulative revenue growth rate from 2021 to 2024, with 2020 as the base, reached 742%, falling short of the required 767%. Consequently, the company will cancel all corresponding stock options, totaling 4,522,875 shares. The original plan granted options on December 22, 2021, with an exercise price of CNY 51.27 per share. The company's board, nomination, and compensation committees, as well as the supervisory board, approved the cancellation. The legal counsel has issued an opinion confirming that all conditions are met for the cancellation. With this cancellation, Silan Microelectronics' 2021 stock option incentive plan is concluded.