Securities code: Espressif Systems (Shanghai) Co.Ltd(688018) securities abbreviation: Espressif Systems (Shanghai) Co.Ltd(688018) Announcement No.: 2022020 Lexin information technology (Shanghai) Co., Ltd
Announcement that the second vesting period of class II incentive objects of 2019 restricted stock incentive plan meets the vesting conditions
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear legal responsibility for the authenticity, accuracy and integrity of its contents according to law.
Important content tips:
Number of restricted shares to be vested: 41200 shares
Source of attributable stock: the company issues A-share common stock to the incentive object
1、 Approval and implementation of this equity incentive plan
(I) the plan of this equity incentive plan and its implementation procedures
1. Main contents of this equity incentive plan
(1) Equity incentive: the second type of restricted stock.
(2) Number of granted shares: the total number of restricted shares granted is 292800 shares, accounting for 0.366% of the total share capital of the company at the time of announcement of the draft incentive plan.
(3) Grant price: 65 yuan / share, that is, after meeting the grant conditions and attribution conditions, the incentive object can purchase the company’s A-share common shares issued by the company to the incentive object at the price of 65 yuan per share.
(4) Incentive number: a total of 21 people, including senior managers, core technicians and other personnel deemed necessary by the board of directors. According to the different ages of the incentive objects, the incentive objects are divided into two categories. The first category is 19 employees who have continuously worked in the company for more than one year, and the second category is 2 employees who have worked in the company for less than one year.
(5) The company has set different ownership arrangements for the two types of incentive objects. The details are as follows:
The first type of incentive object
The proportion of the number of vested rights and interests in the total amount of granted rights and interests
The first vesting period is from the first trading day after 12 months from the date of grant to 25% of the date of grant
The last trading day within 24 months from the date
The second vesting period is from the first trading day after 24 months from the date of grant to 25% of the date of grant
The last trading day within 36 months from the date
The third vesting period is from the first trading day after 36 months from the date of grant to 25% of the date of grant
The last trading day within 48 months from the date
The fourth vesting period is from the first trading day after 48 months from the date of grant to 25% of the date of grant
The last trading day within 60 months from the date
The second type of incentive object
The proportion of the number of vested rights and interests in the total amount of granted rights and interests
The annual report of the company in 2020 is reviewed and approved by the general meeting of shareholders
From the first trading day of the first vesting period to 2020, the annual report of the company has been approved by 25% of the shareholders
Until the last trading day within 12 months after the meeting’s deliberation and approval
The annual report of the company in 2021 is reviewed and approved by the general meeting of shareholders
From the first trading day of the second vesting period to 2021, the annual report of the company has been approved by 25% of the shareholders
Until the last trading day within 12 months after the meeting’s deliberation and approval
The annual report of the company in 2022 is reviewed and approved by the general meeting of shareholders
From the first trading day of the third vesting period to 2022, the annual report of the company has been approved by 25% of the shareholders
Until the last trading day within 12 months after the meeting’s deliberation and approval
The annual report of the company in 2023 is reviewed and approved by the general meeting of shareholders
From the first trading day of the fourth vesting period to 2023, the annual report of the company has been approved by 25% of the shareholders
Until the last trading day within 12 months after the meeting’s deliberation and approval
(6) Tenure and performance assessment requirements
① The incentive object meets the requirements of tenure in each attribution period
Each batch of restricted shares granted to incentive objects shall meet the following requirements from the date of grant to the vesting date of each batch:
Requirements for tenure of ownership arrangement
The first vesting period starts from the date of grant to the vesting date of the first batch, and the incentive object must serve continuously for no less than 12 months
The second vesting period starts from the date of grant to the vesting date of the second batch, and the incentive object must serve continuously for no less than 24 months
The third vesting period is from the date of grant to the vesting date of the third batch, and the incentive object must serve continuously for no less than 36 months
The fourth vesting period starts from the date of grant to the vesting date of the fourth batch, and the incentive object must serve continuously for no less than 48 months
② Company level performance assessment requirements
The assessment year of the incentive plan is divided into two categories according to the category of incentive objects. The assessment year of the first category of incentive objects is 20192022, and the assessment year of the second category of incentive objects is 20202023. The assessment is conducted once every fiscal year, and the attribution batch and proportion corresponding to the performance assessment objectives of each year are arranged as follows:
The first type of incentive object
Performance assessment objective a performance assessment objective B corresponding to the attribution period
In the nuclear year, the company level ownership proportion is 100%, and the company level ownership proportion is 80%
In the first vesting period, the operating revenue in 2019 increased by 30% compared with 2018, the operating revenue increased by 25% compared with 2018, or the gross profit increased by 30% compared with 2018, or the gross profit increased by 25% compared with 2018
In the second vesting period, the operating revenue in 2020 increased by 69% compared with 2018, the operating revenue increased by 56% compared with 2018, or the gross profit increased by 69% compared with 2018, or the gross profit increased by 56% compared with 2018
In the third vesting period 2021, the operating revenue increased by 119% compared with 2018, the operating revenue increased by 95% compared with 2018, or the gross profit increased by 119% compared with 2018, or the gross profit increased by 95% compared with 2018
In the fourth attribution period 2022, the operating revenue increased by 185% compared with 2018, the operating revenue increased by 144% compared with 2018, or the gross profit increased by 185% compared with 2018, or the gross profit increased by 144% compared with 2018
The second type of incentive object
Performance assessment objective a performance assessment objective B corresponding to the attribution period
In the nuclear year, the company level ownership proportion is 100%, and the company level ownership proportion is 80%
In the first vesting period 2020, the operating revenue increased by 69% compared with 2018, the operating revenue increased by 56% compared with 2018, or the gross profit increased by 69% compared with 2018, or the gross profit increased by 56% compared with 2018
In the second vesting period 2021, the operating revenue increased by 119% compared with 2018, the operating revenue increased by 95% compared with 2018, or the gross profit increased by 119% compared with 2018, or the gross profit increased by 95% compared with 2018
In the third vesting period 2022, the operating revenue increased by 185% compared with 2018, the operating revenue increased by 144% compared with 2018, or the gross profit increased by 185% compared with 2018, or the gross profit increased by 144% compared with 2018
The gross profit of 2018 or the fourth period of 2018 increased by 271% or 205% compared with that of 2018
Note: the above “operating income” is calculated based on the data contained in the consolidated statements audited by an accounting firm with securities and futures qualification hired by the company.
③ Performance appraisal requirements at the individual level of incentive objects
The individual level performance appraisal of the incentive object shall be organized and implemented in accordance with the current relevant provisions of the company, and the actual number of shares shall be determined according to the appraisal results of the incentive object. The number of restricted shares actually owned by the incentive object in the current year = the number of individual planned ownership in the current year × Company level ownership ratio × Personal ownership ratio.
Assessment rating a – or above, B + B – or below
Personal ownership ratio 100% 75% 50% 25% 0%
2. Decision making procedures and information disclosure of the restricted stock incentive plan
(1) On September 23, 2019, the company held the ninth meeting of the first board of directors, which deliberated and adopted the proposal on the company’s 2019 restricted stock incentive plan (Draft) and its summary, the proposal on the company’s measures for the assessment and management of the implementation of 2019 restricted stock incentive plan, and the proposal on submitting the general meeting of shareholders to authorize the board of directors to handle matters related to equity incentive. The independent directors of the company expressed independent opinions on the relevant proposals of the incentive plan.
On the same day, the company held the ninth meeting of the first board of supervisors, deliberated and adopted the proposal on the company’s 2019 restricted stock incentive plan (Draft) and its summary, the proposal on the company’s measures for the implementation and assessment of the 2019 restricted stock incentive plan, and the proposal on verifying the list of incentive objects of the company’s 2019 restricted stock incentive plan, The board of supervisors of the company verified the relevant matters of the incentive plan and issued relevant verification opinions.
On September 24, 2019, the company posted on the website of Shanghai Stock Exchange (www.sse. Com. CN.) Disclosed the summary announcement of 2019 restricted stock incentive plan (Draft) (Announcement No.: 2019013).
(2) From September 24, 2019 to October 8, 2019, the company publicized the names and positions of the proposed incentive objects of the incentive plan within the company. The board of supervisors did not receive any objection related to the incentive plan during the publicity period. On October 9, 2019, the company posted on the website of Shanghai Stock Exchange (www.sse. Com. CN.) Disclosed the review opinions and publicity statement of the board of supervisors on the list of incentive objects of the company’s restricted stock incentive plan in 2019 (Announcement No.: 2019018).
(3) On October 14, 2019, the company held the third extraordinary general meeting of shareholders in 2019, deliberated and passed the proposal on the company’s 2019 restricted stock incentive plan (Draft) and its summary, the proposal on the company’s assessment and management measures for the implementation of 2019 restricted stock incentive plan, and the proposal on requesting the general meeting of shareholders to authorize the board of directors to handle matters related to equity incentive. On October 15, 2019, the company posted on the website of Shanghai Stock Exchange (www.sse. Com. CN.) The company disclosed the self disclosure report on the insider information of the company’s restricted stock incentive plan in 2019 and the trading of the company’s shares by the incentive objects
