Global Brands Manufacture : Announcement that the BOD of the Company approved the amendment of 12th Plan of Transferring the Repurchased Shares to Employees

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Provided by: GLOBAL BRANDS MANUFACTURE LTD.
SEQ_NO	4	Date of announcement	2022/04/27	Time of announcement	17:17:33
Subject	Announcement that the BOD of the Company approved the amendment of 12th Plan of Transferring the Repurchased Shares to Employees
Date of events	2022/04/27	To which item it meets	paragraph 51
Statement	1.Date of occurrence of the event:2022/04/27 2.Company name:Global Brands Manufacture Ltd. 3.Relationship to the Company (please enter "head office" or "subsidiaries"):head office 4.Reciprocal shareholding ratios:NA 5.Cause of occurrence:Refer to "Treasury Shares Questions and Answers Edition 202203" to amend some of the provisions of the Company's "12th Plan of Transferring the Repurchased Shares to Employees". 6.Countermeasures: The before and after amendments are as follows: Before Article 4 Employees who are eligible to be the assignee of the repurchased shares should be employed by the Company before the subscription date, including full-time employees of the Company and its subsidiaries. Employees' subscription ratio and number of shares are determined base on employees' title, salary, years of service, performance, and their contribution to the Company. The qualifications of the transferee in the preceding paragraph and the number of shares that can be subscribed will be decided in accordance with the relevant laws and regulations at the time of the transfer, and in consideration of the Company's operational needs and business development strategies and guidelines. The human resources department shall formulate proposals in accordance with the preceding paragraph. Managers who conform to the Company's Organization Regulations of the Remuneration Committee shall be submitted to the Remuneration Committee for discussion and the Board of Directors for approval. The rest shall be approved by the chairman. The subsidiary mentioned in the first paragraph refer to a subsidiary which the company directly or indirectly holds more than 50% of the subsidiary's voting shares. Article 5 The transfer procedure of this share repurchase program is described as follows: 1. The Company publicly announces it is going to repurchase outstanding shares and will execute within the implemented period following the Board of Directors' resolution. 2. The related matters such as the employee's stock subscription base date, the criteria for the number of shares to be subscribed, the subscription payment period, the content of rights and other operational matters are proposed by the Company's human resources department in accordance with the Company's procedures and shall be approved by the Company's chairman. If the employees are the Company's managers, shares allocated to managers should also be approved by the remuneration committee and the Board of Directors. 3. Employees who do not make payment of shares subscription within the subscription period are deemed abstention. It will be the chairman to decide which employee will subscribe the remaining unsubscribed shares. 4. The Company will complete the related registration based on the actual number of shares subscribed by employees. After Article 4 Employees who are eligible to be the assignee of the repurchased shares should be employed by the Company before the subscription date, including full-time employees of the Company and its subsidiaries. Employees' subscription ratio and number of shares are determined base on employees' title, salary, years of service, performance, and their contribution to the Company. The qualifications of the transferee in the preceding paragraph and the number of shares that can be subscribed shall be decided in accordance with the relevant laws and regulations at the time of the transfer, taking into account the Company's operational needs and business development strategies and guidelines, and shall also take into account the total amount of repurchased shares held by the Company on the subscription base date and a single employee factors such as the upper limit of the number of shares to be subscribed, shall be formulated by the human resources department in accordance with the principles in the preceding paragraph, and shall be decided by the board of directors, and shall not be authorized by the chairman of the board. Employees with manager status in the stock subscription list shall be submitted to the Remuneration Committee for discussion and then submitted to the board of directors for approval; non-manager employees shall be submitted to the Audit Committee for discussion and then submitted to the board of directors for approval. The subsidiary mentioned in the first paragraph refer to a subsidiary which the company directly or indirectly holds more than 50% of the subsidiary's voting shares. Article 5 The transfer procedure of this share repurchase program is described as follows: 1. The Company publicly announces it is going to repurchase outstanding shares and will execute within the implemented period following the Board of Directors' resolution. 2. The board of directors shall determine the employee's stock subscription base date, the criteria for the number of shares to be subscribed, the subscription payment period, the content of rights and restrictions, and other operational matters in accordance with this Plan. 3. Employees who do not make payment of shares subscription within the subscription period are deemed abstention. The remaining unsubscribed shares shall be referred to other employees for subscription according to Article 4 of this Plan. 4. The Company will complete the related registration based on the actual number of shares subscribed by employees. 7.Any other matters that need to be specified:None