Sichuan Road & Bridge cancels 14.4m restricted shares

Sichuan Road & Bridge Construction Group will repurchase and cancel 14,448,840 restricted shares under its 2021 restricted stock incentive plan after performance targets were missed.

Six employees failed to meet targets for the second vesting period, leading to cancellation of 105,840 shares. The company's overall performance for the third vesting period also fell short, resulting in cancellation of 14,343,000 shares.

The action affects 369 employees and reduces total remaining unvested restricted shares from the 2021 plan to 2,310,000 shares.