Bora Pharmaceuticals : The Company's board of director ractify the Company's 2021 First Employee Stock Option Plan

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Provided by: Bora Pharmaceuticals Co., LTD.
SEQ_NO	2	Date of announcement	2022/01/21	Time of announcement	19:46:04
Subject	The Company's board of director ractify the Company's 2021 First Employee Stock Option Plan
Date of events	2022/01/21	To which item it meets	paragraph 11
Statement	1.Date of occurrence of the event:2022/01/21 2.Date of the original announcement and reporting:2021/11/11 3.Summary of the content originally announced and reported: The Company's board of director approve and publish the Company's 2021 First Employee Stock Option Plan 2022/11/11, below are the excerpt of article 3 and article 7 Article 3 eligibility criteria for optionees (2)Number of Options to be granted to employees are decided after taking into consideration factors such as title, job performance, seniority, past and expect overall contribution or special achievements. After Chairman��s approval, below procedure will be followed: i. If the Optionee serve as the director or employee concurrently serve as board member of the Company, the Optionee shall obtain the prior approval from the Compensation Committee of the Company, then submit to the Board for approval. Employee from controlling or subordinate company who also serve as the director or board member of the Company will follow the aforementioned procedure, obtain the prior approval from the Compensation Committee of the Company, then submit to the Board for approval. ii. The Company��s controlling or subordinate company��s employee that does not fall into above criteria shall obtain the prior approval from the Audit Committee of the Company, then submit to the Board for approval. Article 7 adjustment of subscription price (1)After the Options are granted, except for (a) new common shares derived from the company��s securities issued with conversion or subscription rights or (b) new common shares issued for compensating employees, if there is an increase to the number of the issued Shares (including private placement, cash capital increase, capitalization of retained earning, capitalization of capital reserve, merger, spin off, stock split, new shares in connection with receiving transfer of shares of another company and cash capital increase for overseas depository receipt), the exercise price of each Option shall be subject to adjustment in accordance with the following formula. Adjusted exercise price = Exercise price prior to adjustment * [total number of issued shares + (offering price per share * total number of newly issued shares) �� market price per common share] �� (total number of issued shares + total number of newly issued shares) 4.Reason for change and its main content: To follow the local regulation's request to revise the Company's 2021 First Employee Stock Option Plan, the Company's board of director ractify the 2021 First Employee Stock Option Plan on 2022/01/21, below are the revised excerpt of article 3 and article 7 Article 3 eligibility criteria for optionees (2)Number of Options to be granted to employees are decided after taking into consideration factors such as title, job performance, seniority, past and expect overall contribution or special achievements. The evaluation criteria is listed as follows: i.The annual performance review is above the average. ii. Due to the excellent performance of the project work, or a significant contribution to the company. iii. Reported by the department manager that it is beneficial to the company's growth. iv. Possess special job skills required by the company. v. Outstanding employees of the year. (3)After Chairman��s approval of employee list and number of options to be granted, below procedure will be followed: i. If the Optionee serve as the director or employee concurrently serve as board member of the Company, the Optionee shall obtain the prior approval from the Compensation Committee of the Company, then submit to the Board for approval. Employee from controlling or subordinate company who also serve as the director or board member of the Company will follow the aforementioned procedure, obtain the prior approval from the Compensation Committee of the Company, then submit to the Board for approval. ii. The Company��s controlling or subordinate company��s employee that does not fall into above criteria shall obtain the prior approval from the Audit Committee of the Company, then submit to the Board for approval. Article 7 adjustment of subscription price (1)After the Options are granted, except for (a) new common shares derived from the company��s securities issued with conversion or subscription rights or (b) new common shares issued for compensating employees, if there is an increase to the number of the issued Shares (including private placement, cash capital increase, capitalization of retained earning, capitalization of capital reserve, merger, spin off, stock split, new shares in connection with receiving transfer of shares of another company and cash capital increase for overseas depository receipt), the exercise price of each Option shall be subject to adjustment in accordance with the following formula. When the face value of the stock is changed and cause the increase in common shares, the base date for adjustment is when new share is issued. The adjustment will be made on the actual payment date, if there is any. Adjusted exercise price = Exercise price prior to adjustment * [total number of issued shares + (offering price per share * total number of newly issued shares) �� market price per common share] �� (total number of issued shares + total number of newly issued shares) When face value of the stock is changed: Adjusted exercise price = Exercise price prior to adjustment * [total number of issued shares before the change in stock face value�� total number of issued shares after the change in stock face value] (2)After the Options are granted, the exercise price of each Option shall be subject to adjustment on the date of capital reduction in accordance with the following formula (the adjusted exercise price shall be rounded up to the nearest tenth of one New Taiwan Dollar) in the case of the Company��s capital reduction is not caused by the cancellation of the treasure shares of the Company. When the face value of the stock is changed and cause the increase in common shares, the base date for adjustment is when new share is issued. Reduce capital to offset losses: Adjusted exercise price = Exercise price prior to adjustment �� (total number of issued common shares before capital reduction �� total number of issued common shares after capital reduction) Capital reduction in cash: Adjusted exercise price = (Exercise price prior to adjustment �V cash refund per share) * (total number of issued common shares before capital reduction �� total number of issued common shares after capital reduction) When face value of the stock is changed: Adjusted exercise price = Exercise price prior to adjustment * [total number of issued shares before the change in stock face value�� total number of issued shares after the change in stock face value] 5.Impact on the Company's finance and business after the change:NA 6.Any other matters that need to be specified:NA