Notice regarding review of executive compensation system

The Company reviewed its executive compensation system at the Board of Directors meeting held today. While maintaining the same amount of remuneration for directors as before, we have introduced a new "stock option" system for directors (excluding outside directors; hereinafter referred to as "eligible directors") from the perspective of increasing stock price linkage. This will be a two-pronged stock compensation system with the "restricted stock compensation" system introduced in 2019. Along with this, the remuneration limit related to the restricted stock compensation system will be revised and the amount of compensation as stock options will be revised. We would like to inform you that we have decided to submit a proposal regarding the review of the executive compensation system to the 34th Ordinary General Meeting of Shareholders scheduled to be held on June 20, 2022.

Record

1. Regarding the revision of the compensation limit related to the restricted stock compensation plan

At the 31st Ordinary General Meeting of Shareholders held on June 17, 2019, a restricted stock compensation system was introduced, and monetary compensation claims were paid to eligible directors for allotment of restricted stocks, and the amount of compensation was It has been approved that the total amount of the Company's common stock to be issued or disposed of to eligible directors will be no more than 40,000 shares per year.
In conjunction with the introduction of a stock option compensation system, the compensation limit for monetary compensation claims for allocating restricted stock to eligible directors will be revised to within 40 million yen per year. Additionally, the total number of common shares of the Company issued or disposed of to Eligible Directors shall not exceed 20,000 shares per year. There are no other changes to the content approved at the 31st Ordinary General Meeting of Shareholders held on June 17, 2019.

2. Determining the amount and content of remuneration as stock options

Separately from the remuneration mentioned in 1 above, with the aim of increasing motivation to improve corporate value by aligning interests with shareholders, eligible directors will receive stock acquisition rights as stock options for an annual amount of 40 million yen. (up to 60,000 shares per year).

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