ALPICO HOLDINGS CO.,LTD. [297A.T]
TOKYO, May 20 (Pulse News Wire) – Alpico Holdings CO.,LTD. (297A.T) announced today that its board of directors decided to abolish retirement benefits for executives and introduce a restricted stock compensation plan.
The changes will be presented for shareholder approval at the upcoming annual general meeting scheduled for June 26. Under the new equity compensation plan, eligible directors will receive either shares or cash-settled share awards based on the closing price of the company's ordinary shares on the Tokyo Stock Exchange on the day preceding the board resolution approving the issuance or disposal of such shares. The total amount of shares or cash-settled awards granted annually will be capped at ¥70 million.
Additionally, up to 280,000 ordinary shares may be issued or disposed of per year under this scheme, subject to adjustments based on subsequent stock splits or consolidations. In conjunction with the introduction of the new plan, the company plans to seek shareholder approval for a separate budget of up to ¥70 million annually for restricted stock grants, which is distinct from the existing approved limit of ¥300 million set in 2019. Furthermore, non-executive officers who do not concurrently hold director positions within the group will also be eligible for similar restricted stock grants upon approval of the new plan at the shareholders' meeting.
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