The board of ANGELALIGN (06699) has announced a proposal to terminate its post-IPO share option scheme and to amend its post-IPO restricted share unit (RSU) plan.

According to the terms of the post-IPO share option scheme, it remains in effect for a period of 10 years from its adoption date. However, the company may terminate the scheme at any time via a board resolution or a resolution passed by shareholders in a general meeting. In such a case, no further options would be granted, but the scheme's provisions would continue to apply to any options already granted but not yet exercised prior to the termination. The company believes that using RSUs as the primary long-term incentive tool better suits its current employee incentive needs. Furthermore, terminating the share option scheme will not affect the rights attached to any options already granted to participants under the scheme. Therefore, the company intends to convene an extraordinary general meeting to seek shareholder approval for the proposed termination.

In light of the near-full utilization of the current limit under the post-IPO RSU plan and the proposed termination of the share option scheme, and to provide effective long-term incentives for the group's directors, management, and employees, the board has resolved to increase the RSU plan limit. The limit will be raised from 2% of the issued share capital (excluding treasury shares) as of the amendment date to 8%.

When determining the quantity of awards under the updated RSU plan limit, the board will prudently consider a range of factors, including market conditions, the group's incentive requirements, and operational performance. It is anticipated that the total number of awards over the next three years will not exceed 4.5% of the issued share capital (excluding treasury shares) as of the amendment date.