INKON life cancels restricted shares, adjusts incentive plan

INKON Life Technology announced the cancellation of 1,270,443 restricted shares. This includes 68.82 million unvested shares from 21 departing employees and 4.8 million shares from two employees who failed to meet performance targets. An additional 53.4243 million shares (43.4755 million initial grant, 9.9488 million reserved) were cancelled because company-level performance achieved a 79.21% vesting rate against a target of 100%.

The company's 2024 operating revenue was CNY 1,559,238,250.45, a 34.85% increase from CNY 1,156,246,284.05 in 2022. This met the trigger for the second vesting period of the initial grant and the first vesting period of the reserved shares but fell short of the full target. Consequently, 153 initial grant participants and 20 reserved grant participants will vest 1,638,957 shares at CNY 5.08 per share.

The board and compensation committee confirmed that the vesting conditions for the second initial grant period and the first reserved grant period have been met for eligible participants, in line with regulatory requirements. These adjustments are not expected to negatively impact the company's financial standing or operations.