Foton Motor's fourth employee stock plan lock-up period ends next year

Beiqi Foton Motor Co., Ltd. announced that the lock-up period for its fourth employee stock ownership plan (ESOP) will expire on September 8, 2025. This plan, holding 14,409,425 shares of the company's stock, was approved by the board in August 2020 and by shareholders in September 2020. The shares were transferred to the ESOP's dedicated account on September 7, 2022, with a 36-month lock-up from that date.

Following the expiration, the ESOP management committee will dispose of the shares according to regulations and market conditions. The ESOP will adhere to strict trading rules, prohibiting share sales during sensitive periods such as 15 days before annual and semi-annual reports, 5 days before quarterly reports, and during other significant events or regulatory blackouts.

The fourth ESOP has a maximum duration of 48 months, commencing on September 9, 2022, and is scheduled to terminate on September 8, 2026. The plan may terminate earlier if all assets are distributed after the lock-up period, or its duration could be extended if necessary, particularly if share sales are hindered by trading suspensions or short window periods.