Enforcement Rule of the Privatization of Government-Owned Enterprises Act Article 24

The price of subscribed shares paid by the employees pursuant to the amount for subscription set forth in subparagraph 1, paragraph 1 of Article 23, shall be consistent with the lowest trading price among the selling prices of the shares sold at the same time. When the government-owned shares are sold only through overseas sale in the form of stocks or in the form of overseas depositary receipts, the price of subscribed shares paid by the employees may be the underwriting price in the overseas sale of shares converted to New Taiwan Dollars or the closing price of the concerned enterprise's share on the domestic stock market at the same day of fixing the underwriting price in the overseas sale, whichever is lower.If the employees voluntarily conduct a centralized deposit of all or part of their subscribed shares with the organization appointed by the enterprise and warrant not to transfer or pledge them within two years, the shares placed for such centralized deposit may be subscribed at 90% of the transaction price in the preceding paragraph; if employees warrant not to transfer or pledge within three years, the shares placed for such centralized deposit may be subscribed at 80% of the transaction price in the preceding paragraph.The price of subscribed shares paid by the employees within the additional subscription amount provided in subparagraph 2, paragraph 1 of Article 23 shall be consistent with the lowest trading price among the selling prices of the shares sold at the same time.Employees who hold shares within the limit of the subscription amount referred to in paragraph 1 of Article 23 for a period longer than the one prescribed by the competent authority in charge of the enterprises may, upon the expiration of the period prescribed by the competent authority in charge of the enterprises, subscribe the shares at the par value price at the ratio specified in subparagraph 3 of paragraph 1 of Article 23; provided, however, that should the original price for subscription be less than fourteen New Taiwan Dollars, the employees may subscribe the shares at 70% of the subscription price.After the employees terminate their employment or retire, the provisions regarding the benefit for shares held for a long period of time referred to in subparagraph 1, paragraph 1 of Article 23 shall remain applicable to the shares subscribed by them during their employment.