Spring Airlines-1st Take:Granting of Restricted Shares As Employee Incentive

As part of management's incentive plan, SPA announced the granting of580,000 shares of restricted stock (0.0725% of its existing shares) to 30 selectemployees. The shares are to be granted at Rmb24.29/share, with a valid periodof 66 months with four installment periods for unlocking. The first unlockingperiod starts 18 months after the record date. The shares will be unlocked at25% each period when weighted average profit per aircraft is no less thanRmb20mn. Subscription of the additional shares will contribute Rmb13.51mncash to capital reserves.

    After the shares are granted, Shanghai Spring International Travelservice Co., Ltd,the controlling shareholder of SPA, will have a slightly lower shareholding at62.95% from 63.00%.