King's Luck Brewery adjusts equity incentive, approves second exercise period

Jiangsu King's Luck Brewery JSC announced resolutions from its fifth board of directors' sixteenth meeting held on October 17, 2025. The board approved the cancellation of 2,624,632 unexercised stock options from the 2020 incentive plan's first exercise period, as these options had expired. The total unexercised stock options after this adjustment changed from 7,232,632 to 4,608,000 units.

Concurrently, adjustments were made to the 2020 stock option incentive plan's exercise price, participant list, and option quantities. Following a 2024 cash dividend distribution of 1.2 yuan per share, the exercise price was revised from 54.51 yuan to 53.31 yuan per unit. The number of eligible participants was reduced from 334 to 327 due to retirements, resignations, and performance evaluations. Consequently, 70,296 unexercised options were cancelled, leading to a revised total of 4,537,704 options.

The board also approved the achievement of the second exercise period conditions for the 2020 stock option incentive plan. The waiting period for this second phase concluded on October 9, 2025, allowing 327 eligible participants to exercise 2,224,704 stock options at the adjusted price of 53.31 yuan per unit.