TOKYO, Apr 23 (Pulse News Wire) – Innovacell Co., Ltd. (504A.T) announced today that its board of directors, held on April 23, approved the issuance of restricted shares to executives as part of a long-term incentive program.
The issuance will take place on May 22, with a total of 53,400 ordinary shares being distributed to three internal directors. Each share will be priced at ¥685 per share, resulting in a total issuance amount of ¥36.6 million. This initiative aims to enhance executive motivation and promote greater value alignment with shareholders. Under the newly implemented restricted stock award system, executives will contribute their cash compensation up to ¥100 million annually towards acquiring company shares.
The restriction period for these shares begins on May 22 and ends upon the executive's departure from any predefined senior position within the company or its subsidiaries. The share price was determined based on the closing price of Innovacell’s ordinary shares on the Tokyo Stock Exchange on April 22, which was set at ¥685. This ensures a fair valuation without favoring any party involved. Additionally, non-resident executives will receive phantom stock-based monetary awards equivalent to the restricted stock grants, adhering to similar conditions and restrictions.
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