IR News
【PARK24 Co., Ltd. 】Notice of Decision on Remuneration as Stock Options for Directors and Corporate Auditors
Park24 Co., Ltd. (the "Company") is pleased to announce that a meeting of the Board of Directors held today resolved to submit a resolution on remuneration as stock option for directors and corporate auditors to the 24th Annual Meeting of Shareholders to ?be held on January 28, 2009. Details are as follows.
[1] Purpose of granting stock option |
||
Putting emphasis on ensuring that the Company's directors share an awareness of profits with shareholders, and to link the increase of long-term shareholder value with remuneration so as to encourage an improvement in the corporate value of the PARK24 Group and improve the soundness of management and social standing of the Company by raising awareness of its corporate auditors about proper audits, the Company seeks to grant equity warrants as stock options to its directors and corporate auditors. |
||
[2]Details of the equity warrants |
||
1. |
Type and the number of shares to be issued for the equity warrants |
|
The type of shares to be issued for the equity warrants is the Company's common shares. The upper limit of the number of shares to be issued for the equity warrants is 280,000 shares for directors and 20,000 shares for corporate auditors. |
||
2. |
Number of equity warrants |
|
The Company sets the upper limit of the number of the equity warrants at 2,800 units for directors and 200 units for corporate auditors. |
||
3. |
Amount of property invested when exercising the equity warrants |
|
The object of the investment for exercising equity warrants should be money, and the amount of investment per equity warrant when exercising the equity warrants should be calculated by multiplying the price per share determined by the following method (hereinafter "exercise price") by the number of shares to be issued. |
||
4. |
Period for exercising the right of the equity warrants |
|
The period for exercising the right of the equity warrants should be determined by resolution of the Board of Directors within the period from the date when two years have passed since the date of the resolution on the subscription requirements of the equity warrants to the date when ten years have passed since the date of the resolution. |
||
5. |
Conditions for exercising the right of the equity warrants |
|
(i) Persons who received an allotment of equity warrants need to be a director, corporate auditor, employee of the Company or its subsidiaries, or hold any equivalent position at the time of exercising the right. However, this shall not apply to cases in which a person who received an allotment of the equity warrants has retired at the expiration of the term, or when the Board of Directors acknowledges that reasonable grounds exist to waive the requirements. |
||
6. |
Other details of the equity warrants |
|
Other details of the equity warrants should be determined along with the other subscription requirements by the Board of Directors, which is responsible for decisions about the subscription requirements of the equity warrants. |