Summary by Moomoo AI
Pharmaceutical Biologics announced on 27 March 2024 that it has approved the grant of a total of 19,372,191 shares of restricted shares to Dr. Chan, Dr. Zhou and 1,892 employees of the Group under its Restricted Share Award Scheme. 20% of the restricted shares will be vested on the dates of the second, third and fourth years after the grant, and the remaining 40% will be vested on the date of the fifth anniversary. The awarding act is designed to motivate employees to improve performance and efficiency without a performance target. In addition, the grant is not subject to shareholder approval and will not result in shares granted to individual grantors exceeding 1% of the issued shares. The Board of Directors considers this move to be in the overall interests of the Company and its shareholders and has 208,842,061 shares of restricted stock available for future issuance following the grant.