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| SHARE-BASED COMPENSATION | 13. SHARE-BASED COMPENSATION Share options and restricted share units
In January 2016, the Company’s Shareholders and Board of Directors approved 2016 Global Share Incentive Plan and amended it in March 2018 (the “Amended 2016 Plan”). Under the Amended 2016 Plan, a maximum aggregate number of 5,861,480 ordinary shares may be issued pursuant to all awards granted. Share options expire 10 years from the grant date.
In September 2018, the Company’s Shareholders and Board of Directors approved the 2018 Share Incentive Plan (the “2018 Plan”). Under the 2018 Plan, the maximum aggregate number of ordinary shares available for issuance is 6,733,703 ordinary shares, which shall be increased by a number equal to 1.5% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, each fiscal year during the term of the 2018 Plan, if determined and approved by the Board of Directors for the relevant fiscal year. The Board of Directors has approved annual increases of 2,313,923, 2,326,755 and 2,337,681 ordinary shares for the years ended December 31, 2023, 2024 and 2025, representing 1.5% of total issued and outstanding shares as of December 31, 2022, 2023 and 2024, respectively, pursuant to the 2018 Share Incentive Plan. No share options had been granted for the years ended December 31, 2023, 2024 and 2025. All the outstanding share options had been fully vested and no unrecognized compensation expense related to share options as of December 31, 2023. A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2025 was presented below:
The total intrinsic value of share options exercised for the years ended December 31, 2023, 2024 and 2025, were RMB4,799,425,RMB994,926 and RMB1,396,873, respectively. The total fair value of share options vested for the years ended December 31, 2023 was RMB11,027,023. Compensation expenses recognized for share options for the years ended December 31, 2023 was allocated to the following expense items:
A summary of the restricted share units activities for the year ended December 31, 2025 was presented below:
The restricted share units are generally scheduled to be vested over four equal annual installments, except for 320,000 restricted share units granted in 2024 with vesting in two equal annual installments under 2018 Plan. The total fair value of restricted share units vested during the years ended December 31, 2023, 2024 and 2025 was RMB47,144,928, RMB33,121,118 and RMB22,711,848, respectively. Compensation expenses recognized for restricted share units for the years ended December 31, 2023, 2024 and 2025 were allocated to the following expense items:
As of December 31, 2025, RMB39,331,351 of total unrecognized compensation expense related to restricted share units was expected to be recognized over a weighted average period of approximately 2.66 years. Total share-based compensation expenses recognized for the years ended December 31, 2023, 2024 and 2025 were allocated to the following expense items:
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