Recently, Zhejiang Supor Co.Ltd(002032) (002032) released the equity incentive plan. The company plans to repurchase at no more than 67.68 yuan / share, and then take 1 yuan / share as the grant price. 293 incentive objects will receive a total of 1209500 restricted shares. The ultra-low grant price of 1 yuan / share is very rare in the market, and Shenzhen Stock Exchange also sent a letter of concern to Zhejiang Supor Co.Ltd(002032) on relevant issues.
on December 21, Zhejiang Supor Co.Ltd(002032) replied to the letter of concern. The company said that the pricing of restricted shares granted this time comprehensively considered the continuity of the company’s incentive policy, the rationality of salary structure, the effective incentive effect on Incentive objects, as well as the importance of future macro environment and industry conditions to talents and teams, and determined according to the actual financial situation of the company. The pricing was reasonable Feasible.
Specifically, in terms of the compliance of the grant price, Zhejiang Supor Co.Ltd(002032) mentioned that the grant price of restricted shares in the incentive plan is 1 yuan / share, which is not lower than the par value of the shares; It is lower than 50% of the average transaction price before the publication of the draft, and the pricing basis and method have been clearly explained in the equity incentive plan in accordance with relevant regulations, as well as in the independent financial adviser’s report.
Referring to the rationality of the grant price, Zhejiang Supor Co.Ltd(002032) believes that according to the successful implementation experience of the previous equity incentive plan, combined with the salary situation of each incentive object, and considering matching the overall income level of each incentive object, the company grants the incentive object at the price of 1 yuan / share, which can maintain the continuity of the company’s established incentive policy and the rationality of the salary structure.
Zhejiang Supor Co.Ltd(002032) also said that the future development of the company needs a long-term and stable team. Restricted shares are granted to the core personnel of the company at the price of 1 yuan / share. The incentive objects do not have to pay too high incentive consideration, which can achieve effective incentive effect and have a positive effect on the development of the company. In particular, at present, there are many uncertainties in the macroeconomic environment outside China, the industry is changing rapidly, the development volatility of the industry and enterprises will increase in the future, and the importance of a stable management team and talents to the company will become more prominent.
in addition, Zhejiang Supor Co.Ltd(002032) said that the company’s cash flow is stable and its financial condition is good. The expenses incurred from the implementation of the share repurchase plan will not have an adverse impact on the company’s daily operation.
In view of the problem of whether there is benefit transfer to the incentive objects, Zhejiang Supor Co.Ltd(002032) analyzes it from two aspects: first, the incentive plan grants a total of 1209500 restricted shares to the incentive objects, and the per capita number of shares granted to 293 incentive objects is about 4100, which accounts for a very low proportion of the current share capital of the company; Calculated at the price of 63.69 yuan / share, the per capita incentive value is 261100 yuan. After deducting the consideration paid by each incentive object and the taxes to be paid, the per capita incentive value is small.
Second, in accordance with the provisions of this incentive plan, the sales restrictions of the above shares must be lifted successively 36 months after the grant (50% in 24 months and 50% in 36 months), and the annual actual income matches the overall income level of the incentive object. Therefore, Zhejiang Supor Co.Ltd(002032) points out that there is no benefit transfer in this incentive plan.
Another concern of Shenzhen stock exchange is that the performance evaluation index set in the Zhejiang Supor Co.Ltd(002032) equity incentive scheme is scientific and reasonable that the year-on-year growth of net profit attributable to the parent company is not less than 5%, whether the setting of a single index is in line with the actual situation of the company, and whether the scheme can play an incentive role and promote the competitiveness of the company.
In this regard, Zhejiang Supor Co.Ltd(002032) said that the evaluation indicators of this incentive plan are divided into three levels: company level performance, business unit performance of incentive objects and individual level performance evaluation. Only when the performance indicators at the above three levels are reached at the same time, the restricted shares granted in the current period can be lifted; If any of the above assessment conditions are not met, the company will repurchase and cancel the restricted shares of the incentive object that can be lifted in the current period in accordance with the provisions of the incentive plan.
Zhejiang Supor Co.Ltd(002032) believes that the setting of this incentive plan is both incentive and binding for the incentive object, and can better achieve the role of cost plan in retaining and long-term incentive for core employees for the company, and is conducive to promoting the competitiveness of the company in the future.
(E company)
