杭汽轮Ｂ: 董事、高级管理人员薪酬管理制度（2023年修订）（英文）_环球快消息

Stock Code: 200771           Stock ID: Hangqilun B             Announcement No.: 2023-49

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                       Hangzhou Steam Turbine Power Group Co., Ltd.

          Remuneration management system for directors and senior management

                                             (Revision 2023)

                                          Chapter I General Provisions

       Article 1. To promote the company standard operation, strengthen the company directors,

 senior management personnel started and integrity consciousness, comprehensive and scientific

 evaluation of the company operating results and operator performance contribution, maximize

 arouse the enthusiasm and creativity of company directors and senior management personnel,

 improve the company management level, promote the sustained growth of the company benefit,

 To ensure the long-term sustainable development of the Company, this system is specially

 formulated.

       Article 2. The assessment objects of this system include the following personnel:

       (I) Member of the Board (Means a director who receives remuneration from the Company，

Exclude independent directors and external directors)；

     (II) Executives (the general manager, vice general managers, chief accountant, chief

engineer, and secretary of the Board);

     (III)The secretary of the party committee, the deputy secretary of the party committee, the

secretary of the discipline inspection commission, the chairman of the labor union and other

personnel deemed applicable by the remuneration and evaluation committee of the Company"s

board of directors.

     Article 3. Fundamental principles of remuneration and assessment

       (1) The principle that remuneration is linked to the interests of shareholders and the

 company, and the principle of combining the Company"s short-term benefits with long-term

 interests;

       (2) The principle of matching remuneration with performance appraisal, guided by the

 results of performance appraisal, and implementing the linkage of remuneration and business

 performance;

       (3) Adhere to the principle of marketization of salary levels, and adjust it combining the

 factors of the salary level in the same industry, the salary level of the region where it is located,

 and the actual operating conditions of the Company;

     (4) The principle of unifying incentives and constraints.

                                  Chapter II. Administration Body

     Article 4. The Remuneration and Assessment Committee is the administrative body which in

charge of the assessment and rewarding processes of directors and executives. It carries out the

aforesaid works against this Criteria.

       The remuneration management system of the Company"s directors and senior management

 shall be deliberated and determined by the Company"s general meeting of shareholders.

     Article 5. The works of the Remuneration and Assessment Committee include the

followings:

       (I) Provide proposals or revising opinions on the remuneration programs for directors and

executives;

     (II)Evaluate the performance of duty and the performance of the Company"s directors, senior

management and other assessment objects;

       (III) Supervises implementation of this Criteria.

                                Chapter III. Constitution of Remunerations

       Article 6. The annual salary system shall be implemented for the assessment objects such

 as directors and senior management personnel serving in the Company, and the annual salary

 shall be composed of basic annual salary, annual performance salary and tenure incentive

 income.

       (1) Basic annual salary: refers to the basic post remuneration received by directors and

 senior management personnel for performing their duties.

       (2) Annual performance salary: refers to the income linked to the results of the annual

 business performance appraisal, calculated by multiplying the adjustment coefficient on the basis

 of 1.5 times the annual basic salary, and the adjustment coefficient is determined according to

 the annual assessment score.

       (3) Tenure incentive income: refers to the income linked to the results of business

 performance assessment in the term, and the annual tenure incentive income is 0.625 times the

 basic annual salary.

       The welfare income of directors and senior management of the Company includes:

statutory benefits and supplementary benefits.

      Article 7. The welfare income of directors and senior management of the Company includes:

statutory benefits and supplementary benefits.

      Statutory benefits refer to the basic endowment insurance, basic medical insurance,

unemployment insurance, work-related injury insurance, maternity insurance and housing

provident fund stipulated by national laws, as well as subsidies uniformly issued in accordance

with national and local policies (except for special subsidies stipulated by the state and provinces),

etc.; Supplementary benefits refer to benefits provided by the company in addition to statutory

benefits, including but not limited to enterprise annuities, supplementary medical insurance, high

temperature subsidies, transportation subsidies for employees of relocated enterprises, etc. Other

special circumstances shall be determined after the study and approval by the board of directors.

       Article 8. Determination of basic annual salary: determined by the remuneration and

 assessment committee according to the scale of the enterprise, market salary level, risk degree,

 market value, operating conditions, etc., combined with the guidance of state-owned assets

 supervision.

      Article 9. Enterprises can focus on the development of the Company"s strategy, establish a

long-term incentive and constraint mechanism that combines short, medium and long term, and

conforms to market practices, and explore the use of management and core backbone shareholding,

equity incentives, excess profit sharing, EVA (economic value added ) sharing, strategy

achievement awards, project co-investment and other long-term incentive methods.

      Article 10. Directors and senior executives may be rewarded for their performance during

their tenure and their contribution to the Company due to the transfer of their organizations or the

expiration of their contracts.

                                 Chapter IV Appraisal and salary calculation

       Article 11. The annual performance salary is calculated on the basis of 1.5 times the annual

 base salary multiplied by the adjustment factor-that is determined based on the annual appraisal

 score. The annual assessment indicators include four categories: key indicators, classification

 indicators, party building indicators, and constraint indicators. Specifically, the annual business

 performance target responsibility letter signed shall prevail, and the adjustment coefficient shall

 be obtained after assessment and evaluation at the beginning of the following year.

     Article 12. Tenure incentive income is reserved annually during the term of office, and is

distributed in one lump sum after the end of the term of office multiplied by the adjustment

coefficient of tenure incentive income, and the adjustment coefficient of tenure incentive income

is determined according to the results of business performance assessment of the term of office.

Term evaluation includes basic indicators and categorical indicators. Specifically, the annual

business performance target responsibility letter signed shall prevail, and the adjustment

coefficient shall be obtained after the assessment and evaluation at the beginning of the following

year after the end of the term.

         Article 13. The annual salary of the personal holding deputy post is based on that of the

 personal holding principal post, which shall be determined by the board of directors of the

 enterprise based on factors such as job responsibilities, risks assumed, extent of contribution, and

 personal annual comprehensive evaluation score, and the annual salary coefficient of the

 individual shall be determined between 0.6-0.9, and the average annual salary of the personal

 holding deputy post shall not exceed 85% of the annual salary of the personal holding principal

 post.

         Article 14. The actual evaluation number of business indicators shall be based on the

 financial data audited by the accounting firm or the data confirmed by the superior department,

 and the final result of the remuneration assessment shall be submitted to the Remuneration and

 Assessment Committee of the Board of Directors for approval.

                                   Chapter V. Payment and Management

     Article 15 The annual salary is paid in advance on a monthly basis, and the 12-month

advance amount is not more than 60% of the sum of the basic annual salary and the annual

performance salary, and is liquidated according to the results of the annual assessment.

         Article 16. If the annual assessment fails (less than 80 points on the 100-point system), the

 annual performance salary in the year will be cancelled; those who exceed the assessment goals

 and tasks or make outstanding contributions may be given special rewards as appropriate. The

 specific award plan is subject to the confirmation of the annual remuneration and evaluation

 committee of board of directors.

         Article 17. If the annual assessment fails (less than 80 points on the 100-point system), the

 annual performance salary in the year will be cancelled; those who exceed the assessment goals

 and tasks or make outstanding contributions may be given special rewards as appropriate. The

 specific award plan is subject to the confirmation of the annual remuneration and evaluation

 committee of board of directors.

         Article 18. Those who retire after reaching the statutory retirement age and receive

 pensions according to regulations shall not continue to receive tenure incentive income in the

 company, except for the annual performance salary and tenure incentive remuneration payable

 based on the actual number of months worked in the management position in the year.

         Article 19. Establish a salary recovery and rebate system in accordance with relevant

 regulations, and clarify it in the post appointment agreement and strictly implement it.

                                   Chapter VI. Supplementary Provisions

        Article 20. This system will be implemented after approval by the Company"s first

extraordinary general meeting of shareholders in 2023. If this system conflicts with the provisions

of relevant laws, regulations, normative documents or the Articles of Association of the Company

as amended by legal procedures, it shall be implemented in accordance with the provisions of

relevant laws, regulations, normative documents and the Articles of Association.

        Article 21. Interpretation of the Remuneration and Assessment Committee is prevail in all

time.

        Article 22. In case of any non-material problems are encountered in execution of this

Criteria, the Remuneration and Assessment Committee is authorized to amend it with

consideration of the practical situation. If major issues of principle are involved, they shall be

submitted to the shareholders" meeting for consideration and amendment.

Hangzhou Steam Turbine Power Group Co., Ltd.

June 10 ,2023

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