NITTOC CONSTRUCTION CO.,LTD. [1929.T]
TOKYO, Jun 24 (Pulse News Wire) – Nittoc Construction CO.,LTD. (1929.T) announced that it will issue restricted shares as part of its compensation program for executives.
The issuance, scheduled for July 21, involves distributing 20,639 ordinary shares to nine designated individuals, who will contribute a total of ¥22.4 million in cash as capital contribution. Each share will be priced at ¥1,085 per share, resulting in a total issuance value of ¥22.4 million. The restricted shares come with conditions such as a holding period until resignation or retirement from their positions within the company or its subsidiaries.
Additionally, the shares cannot be transferred during the restriction period without approval from the company. In cases of misconduct or violation of laws, the company reserves the right to reclaim the shares. This move follows the company's decision in May 2023 to introduce a restricted stock compensation system aimed at incentivizing long-term performance and aligning executive interests with shareholder value.
The system was further approved by shareholders in June 2023.
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