Shindengen Electric Manufacturing Co.,Ltd. [6844.T]
TOKYO, Apr 10 (Pulse News Wire) – Shindengen Electric Manufacturing CO.,LTD. (6844.T) announced today that its board of directors, held, approved the introduction of a restricted share compensation plan for executives (excluding executive directorsexecutive officers).
The primary objective of this initiative is to enhance the company's sustainable value by providing incentives to key executives while fostering greater alignment with shareholders' interests. Under the new scheme, eligible executives will contribute cash-based remuneration up to an annual amount of ¥60 million towards acquiring ordinary shares of the company. The total number of shares to be issued or disposed of annually will not exceed 40,000. Each share’s subscription price 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 resolution, ensuring fairness.
Additionally, the company will enter into restrictive stock grant agreements with participating executives. These agreements will prohibit the sale, pledge, or other disposition of the restricted shares during a designated holding period. In certain circumstances, the company reserves the right to acquire these sharesfree of charge. During the restriction period, the restricted shares will be managed through dedicated accounts set up by the executives at securities firms.
This move underscores Shindengen Electric's commitment to aligning executive performance with long-term shareholder value creation.
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