Foran Energy Group employees hit targets, unlock restricted stock plan

Foran Energy Group's Board of Directors and Supervisory Committee approved the fulfillment of conditions for the first vesting period of its 2023 restricted stock incentive plan on September 16, 2025. This allows 123 eligible incentive recipients to lift restrictions on a total of 12,661,142 restricted shares, representing 0.98% of the company's current total share capital. The initial grant was registered on September 18, 2023, with the first vesting period concluding on September 17, 2025.

The company met all performance targets for the first vesting period. This included a 2023 operating revenue growth rate of 34.96% (exceeding the 25% target), earnings per share of 0.89 yuan (above the 0.75 yuan target), and a dividend per share of 0.62 yuan (surpassing the 0.30 yuan target), with a cash dividend ratio of 70.19%. Furthermore, all 123 eligible incentive recipients received a "qualified" or higher performance evaluation.

The incentive plan's approval involved multiple stages, including a resolution from the Fifth Board of Directors on June 6, 2023, and subsequent approval from the Foshan Municipal People's Government State-owned Assets Supervision and Administration Commission on July 18, 2023. Lawyers and financial advisors have provided positive legal and financial opinions, confirming compliance with relevant regulations and the absence of any harm to the company or its shareholders.