TOKYO, Apr 24 (Pulse News Wire) – KOA Corporation (6999.T) announced on April 24 that its board of directors decided to introduce a restricted share compensation plan for outside directors. The plan will be presented for approval at the upcoming 98th annual shareholders' meeting scheduled for June 20.
Under the new plan, outside directors will receive restricted shares instead of solely cash compensation. The total monetary value of the compensation will be capped at ¥45 million per annum, with a limit of 75,000 shares shares allocated annually. This framework aligns within the existing approved compensation structure without expanding the overall cap of ¥90 million per annum. Key features of the restricted share plan include a vesting period during which the shares cannot be transferred, pledged, or gifted.
Should an outside director resign before the end of the vesting period, except for valid reasons recognized by the board, KOA reserves the right to reclaim the shares. Additionally, the restrictions will lapse upon completion of the vesting period, contingent on continuous service as an outside director until the next regular shareholders' meeting. This initiative aims to foster long-term value creation and enhance alignment between outside directors and shareholders. It does not alter the number of shares based on performance nor serve as a direct incentive for short-term goals.
The decision was made following thorough deliberation by the Nomination and Remuneration Committee and careful review by the board.
🟡 Confidence: Standard AI-translated content.