Victory Giant Technology adjusts incentive plan, processes vesting and cancellations

Victory Giant Technology (Huizhou) Co., Ltd. adjusted the grant price of its 2022 restricted stock incentive plan from CNY 11.76/share to CNY 11.27/share, following dividend distributions in 2023 and 2024. The company further announced that the vesting conditions for the third vesting period of the initial grant have been met. A total of 623 eligible incentive recipients will vest 7,036,320 shares, representing 0.82% of the company's current total share capital.

Concurrently, 9,666,930 unvested restricted shares from the 2022 plan are being cancelled. This includes 1,079,850 shares due to 68 participants' resignations and 1 participant's voluntary abandonment, as well as 1,759,080 shares due to the company's 2024 performance targets not being met. An additional 6,828,000 shares from the second vesting period of the initial grant were cancelled because 2023 performance targets were not met.

The company's board of directors and its remuneration and assessment committee approved these actions, ensuring compliance with relevant regulations and the incentive plan. These changes are not expected to materially impact the company's financial condition or operating results.