PROGRESS TECHNOLOGIES GROUP, Inc. [339A.T]
TOKYO, May 01 (Pulse News Wire) – Progress Technologies (339A.T) announced today that its board of directors approved the introduction of a restricted stock compensation plan aimed at enhancing long-term corporate value and fostering greater alignment with shareholders. The plan was decided upon during a meeting held on April 21, 2026, and will be presented for shareholder approval at the upcoming annual general meeting scheduled for May 28, 2026.
Under the new scheme, eligible directors will receive either ordinary shares or cash-settled equity awards within an annual limit of ¥50 million. The total number of newly issued ordinary shares will not exceed 37,000 per year, subject to adjustment based on any share splits or consolidations effective after the resolution date. Share issuance prices will be determined based on the closing price of the company's ordinary shares on the Tokyo Stock Exchange on the day preceding the board decision.
Additionally, the company plans to extend similar restricted stock compensation arrangements to non-executive directors who do not concurrently hold executive positions, contingent on shareholder approval at the upcoming meeting. The plan includes restrictions on transferring shares for a certain period and provisions allowing the company to reclaim such shares under certain conditions. Shares will be managed in dedicated accounts set up with Nomura Securities during the restriction period.
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