FANH - Fanhua Announces Grant of Share Options to Key Employees | Benzinga
GUANGZHOU, China, July 08, 2024 (GLOBE NEWSWIRE) -- Fanhua Inc. (NASDAQ:FANH) (the "Company" or "Fanhua"), a leading independent technology-driven financial services provider in China, today announced that its board of directors (the "Board") has recently approved the grant of share options to certain of its key employees. This move is part of the Company's strategy to incentivize key talent and align their interests with the long term success of the Company.
In accordance with the Company's 2022 Share Inventive Plan, on July 2, 2024 the Board authorized the issuance of share options to purchase up to 6,900,000 American Depository Shares ("ADS") to 15 management team members of the Company's major subsidiaries. The share options are immediately exercisable until July 15, 2024, subject to certain conditions. The exercise price is US$1.92 per ADS, equivalent to the closing price of the Company's ADS for the trading day preceding the day on which the Board authorized the issuance. Additionally, the Company may offer these key employees a loan at an interest rate of 3% per annum to facilitate the exercise of the share options. Employees receiving the share options commit to serving the Company for no less than three years.
Commenting on the grant, Mr. Yinan Hu, founder and Chief Executive Officer of the Company, said, "Our team has shown remarkable confidence in Fanhua's ...