TOKYO, Mar 27 (Pulse News Wire) – Noritz Corporation (5943.T) announced today that its board of directors approved the issuance of restricted stock compensation to four directors and three executive officers. The transaction, scheduled for April 15, involves the distribution of 18,800 ordinary shares valued at ¥2,372 per share, totaling ¥44,377,600.
The restricted stock program was introduced in 2021 to align executives' interests with shareholders by sharing the benefits and risks associated with stock price fluctuations. Under this scheme, the total number of shares issued annually cannot exceed the value of cash compensation awarded to eligible directors and executives. In this instance, the company allocated a combined cash compensation amount of ¥44,377,600 to the recipients. The restricted stock will remain untransferable until the end of the service period, which runs from the issue date through April 1, 2027.
During this period, if a recipient ceases to hold their position due to death, term expiration, or other valid reasons recognized by the board, the restriction will be lifted proportionally based on the duration of service. Upon completion of the restriction period, the company will acquire any remaining restricted shares without payment. The shares will be managed in dedicated accounts at Nomura Securities during the restriction period to prevent unauthorized transfers. In case of significant organizational changes such as mergers or spin-offs, the board may lift restrictions on a pro-rata basis depending on the approval timeline.
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