Yunfeng Financial Group Limited (the “Company”) announced updates to its share option scheme, originally adopted on June 28, 2022, with proposed amendments taking effect in 2025. According to the document, the scheme will remain valid for 10 years from its adoption date, allowing the Company’s board of directors to grant share options to eligible participants under specified rules.
Under the updated plan, the total number of shares issuable through this scheme and any other share schemes is capped at 405,929,167 shares, representing 10% of the total number of issued shares (excluding treasury shares) on the effective date. Among these, up to 81,185,833 shares (2% of the total issued shares on the effective date) may be granted to service providers on a continuing or recurring basis. Options granted under the scheme must be offered at a subscription price not lower than the closing share price on the grant date or the average closing price for the five trading days prior to the grant date, whichever is higher.
The document clarifies that all options granted under the scheme are personal to each grantee and subject to a 12-month vesting period (unless otherwise determined for employee participants under specified conditions). The scheme also details various lapse events, including misconduct, resignation, or certain corporate activities, and provides for adjustments in case of capital reorganizations such as share consolidations or sub-divisions. The Company’s board retains full authority to interpret the scheme, and any significant changes require shareholder approval. The scheme may be terminated by the Company or the board, and any outstanding options granted before termination will remain exercisable for six months after the termination date.
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