TECMIRA HOLDINGS INC. [3627.T]
TOKYO, Apr 24 (Pulse News Wire) – TECMIRA HOLDINGS INC. (3627.T) resolved to propose issuing stock options in the form of subscription rights to its directors (excluding audit committee members and outside directors) at the April 24 board meeting.
The proposal will be presented at the 22nd annual shareholders' meeting scheduled for May 27. Under the plan, the annual compensation amount for the stock options will be up to ¥30 million. Each subscription right's fair value per share on the grant date will determine the total number of shares granted. Additionally, the company will consider various factors such as the purpose of the compensation, the company’s operating conditions, individual director remuneration policies, and other circumstances when setting the upper limits and conditions for granting the subscription rights. The stock option grants will consist of up to 1,200 subscription rights within one year of the regular shareholders’ meeting.
Directors will not need to pay cash upon exercising the subscription rights; instead, the exercise price will be based on the average closing price of the company's ordinary shares in the month preceding the grant date, rounded up to the nearest whole number. Adjustments will be made if the company undergoes mergers, spin-offs, or changes in share structure. Directors will have four to seven years from the grant date to exercise their subscription rights, subject to certain restrictions. Exercise is contingent on the recipient being a current employee, director, or auditor of the company or its affiliates. Transfer of subscription rights requires approval from the board of directors.
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