On Saturday, The Brand Launched The Equity Incentive Law &Nbsp, Boosting The Development Of The Company.

May 18th women's shoes Saturday (002291, the closing price of the previous 11.27 yuan) today issued a draft restricted equity incentive, up to the vice chairman of the company, to the company's regional managers and so on 73 people will receive 4 years. Equity incentive 。

Reporters found that the equity incentive on Saturday involving a total of 5 million shares, accounting for 1.38% of the total share capital of 363 million 350 thousand shares. Due to the low share price on Saturday, the number of shares allocated to the incentive target is relatively small, and the profit earned after 2 years is not large. Because the vice-chairman has only 20 thousand shares of incentive, the market value is only 20 yuan.

　 73 people get equity incentive

The announcement shows that the incentive form adopted on Saturday is restrictive. shares The source of its stock is new shares issued by the company to the target audience. The company's equity incentive involves 5 million shares, accounting for 1.38% of the total 363 million 350 thousand shares of the company's total capital when the incentive plan was signed. Among them, the number of first granted shares was 4 million 500 thousand shares, accounting for 90% of the total granted; in addition, the company reserved 500 thousand shares for the key employees to be introduced in the near future.

According to the draft, the granting price of some restricted stock for the first time is 6.91 yuan / share, which is 60% of the average stock price of the company's 20 trading days before the announcement of the plan. If the net profit of the company in 2011 is no less than 20% of the growth rate in 2010, the 73 people, including the vice chairman, will be able to purchase the corresponding incentive stock by 6.91 yuan / share.

Since then, equity holders will face three unlocking periods. For the first time in 2012, the current business need to meet operating income, business revenue increased by not less than 56% compared to 2010; net profit in 2012 is not less than 44% in 2010; the second time is 2013; it needs to meet the operating income of 2013, which is not less than 95%, the net profit of current period is not less than 73%, third times is, and the need to meet business income is not less than 144%, while net profit is not less than 107%.

　　 Attractiveness or limitation of programmes

Reporters found that although the above performance goals are not too harsh, but for Saturday, it is not easy to achieve.

In 2008 ~2010, the net profit growth on Saturday was 20.09%, 10.56% and -11.87% respectively. In the first quarter of 2011, the net profit of the company increased by 5.2% over the same period last year, and we still need to work hard to achieve the target of 20% growth in the whole year.

It is worth noting that although the equity incentive involves 5 million shares, the number of shares is not enough for everyone. For example, Li Li, director of human resources, and so on, 4 are 200 thousand shares; 66 middle-level managers and core business leaders who are mainly regional managers will share 3 million 640 thousand shares, equivalent to about 55 thousand shares per person. It should be noted that the equity incentive is not based on the level of the division, vice chairman, deputy general manager Yu Hongtao, director, deputy general manager Li Gang, technical director Lin Jianjiang and other 3 people's equity incentive shares only 20 thousand shares.

The attractiveness of the stock market seems to be very limited due to lower stock prices and less equity incentive shares on Saturday. Some investors jokingly pointed out in the stock bar that the company was too stingy.

According to the reporter's estimate, assuming that the performance of the company in 2011 and 2012 has achieved the conditions of awarding and unlocking the equity incentive, the vice chairman and deputy general manager of the 20 thousand equity incentive qualification Yu Hongtao and others can only take out 138 thousand and 200 yuan and buy shares at the price of 6.91 yuan / share. The net profit in 2012 is not less than 44% in 2010, or 144 million 430 thousand yuan, or 0.39 yuan per share. At a time of 40 times earnings, the reasonable stock price was 15.6 yuan in the current period, and the equity incentive was 126%.

However, because the first release can only sell 30% of the shares, the vice chairman can only sell 6000 shares after 1 years of shareholding, making only about 52 thousand yuan profit. It does not pay 12% of its annual salary of 457 thousand yuan.