China Unicom released the mixed ownership reform announcement on the night of August 20, saying the draft of its restricted stock incentives plan and the initial vesting scheme came out.
According to the scheme, the company's employees will be granted no more than 848 million stocks priced at CNY3.79 a share (CNY7.47 a share now and expected to rise strongly due to the mixed ownership reform), which accounts for nearly 4 percent of the company's total shares. The added value of more than CNY3 billion has drawn wide attention in the industry.
84.78 million shares, 10 percent of the granted and about 0.4 percent of the total, will be retained.
The motivate objects of the first vesting, not exceeding 7,550, include the middle management as well as core management personnel and professionals who have a positive impact on the operating performance and sustainable development of the listed unit, not including directors and seniors.
As for the retained stocks, the company management and other core talent identified by the board will receive these in twelve months after the approval of the equity incentive plan at the shareholder meeting.
The term of validity of the incentive plan is ten years while that of the initial vesting scheme is 60 months, taking effect from the day the restricted stock is gained. The period includes 24-month lock-ups, followed by 36 months at least.
The incentive objects of the initial plan account for nearly 3 percent of 253,800 employees in total by the end of last year.