KYORIN Pharmaceutical Co.,Ltd. [4569.T]
TOKYO, May 12 (Pulse News Wire) – Kyorin Pharmaceutical CO.,LTD. (4569.T) announced today that its board of directors approved amendments to its equity compensation plan, which now includes executive directors.
Originally introduced on May 12, 2016, and detailed further on July 29, 2016, the performance-linked stock award program was initially designed for executives but has now expanded to cover appointed executive officers as well. Under the amended plan, the company will allocate up to 1,000 points per fiscal year, with 800 points reserved for regular directors. Points awarded to directors will be converted into shares based on their roles and achievement levels. Beneficiaries meeting certain criteria will receive company shares corresponding to their point allocation; however, under specific conditions, cash payments equivalent to the share value may be made instead.
The trust fund established for this purpose received an initial investment of ¥148.9 billion, covering the period from March 2017 to March 2020. Subsequently, the scope was extended through March 2026, aligning with the company's medium-term management plan. Any additional funding needed during the revised period will be disclosed promptly. In addition, the trust agreement stipulates that voting rights associated with the held shares will not be exercised to maintain neutrality towards the company’s operations.
Dividends earned by the trust will be used to offset acquisition costs and trustee fees until the trust concludes.
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