KYORITSU AIR TECH INC. [5997.T]
TOKYO, Apr 09 (Pulse News Wire) – Kyoritsu Air Tech Inc. (5997.T) resolved to issue restricted stock compensation to its directors and auditors on April 30, 2026.
The company's board meeting held , decided to distribute ordinary shares worth ¥795 per share, totaling ¥4.1 million. Three directors and one auditor will receive a total of 5,100 shares, representing a monetary value of ¥4.1 million. This distribution follows the introduction of a restricted stock incentive program aimed at promoting sustained growth in the company’s enterprise value and fostering closer alignment between management and shareholders. The program was approved during a previous board meeting on February 20, 2018, and further detailed in the 47th Ordinary General Meeting of Shareholders held on March 28, 2018. Under this scheme, the directors and auditors will hold these shares subject to restrictions until April 29, 2056.
The restricted period spans 30 years, ensuring long-term adherence to the program's objectives. During this time, the recipients cannot sell, pledge, or otherwise dispose of their allocated shares without valid reasons recognized by the board. Additionally, should a recipient lose their position as either a director or auditor within the initial period leading up to the next annual general meeting, the company reserves the right to reclaim the shares free of charge. Kyoritsu Air Tech also outlined conditions for managing the restricted shares, mandating storage through designated accounts with SMBC Nikko Securities Co., Ltd. Furthermore, provisions exist for handling organizational restructuring events such as mergers or spin-offs, allowing for adjustments to the restriction period based on board resolutions.
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