Board Approves Repurchase and Cancellation of Restricted Employee New Shares
Original: 公告本公司董事會決議辦理限制員工權利新股收買註銷
Summary
Kinsus Interconnect Technology's board of directors has resolved to repurchase and cancel restricted new shares previously issued to employees under the company's restricted stock award program. Such cancellations typically arise when shares are forfeited due to employee departure or failure to satisfy vesting conditions, and result in a reduction of total issued share capital. Full body available on MOPS.
Full Translation
Announcement that the Board of Directors has resolved to proceed with the repurchase and cancellation of restricted employee new shares (限制員工權利新股). Under Taiwan's Company Act, 'restricted employee new shares' are newly issued shares granted to employees subject to vesting conditions and transfer restrictions; employees who fail to meet those conditions, or who leave the company before vesting, forfeit the shares, which the issuer then repurchases and cancels. This board resolution formally authorises that repurchase-and-cancellation process, which will reduce the company's total issued share capital by the number of shares retired. [Body not available — subject line only. See MOPS for full announcement.]