TRADERS HOLDINGS CO.,LTD. [8704.T]
TOKYO, May 22 (Pulse News Wire) – Traders Holdings CO.,LTD. (8704.T) announced today that its board of directors has approved a proposal to expand its restricted stock compensation plan to include outside directors.
The proposal will be presented to shareholders at the company's 27th annual general meeting scheduled for June 26, 2024. Under the new plan, non-audit committee outside directors will receive restricted stock grants based on cash compensation bonds valued up to ¥100 million annually. The total number of ordinary shares issued due to such grants will be limited to 100,000 shares per year. Directors will make physical capital contributions corresponding to the value of their cash compensation bonds on the last trading day prior to the board resolution date.
Additionally, the company plans to enter into restricted stock grant agreements with its subsidiary’s outside directors contingent upon approval of the proposal. The agreements stipulate a 30-year restriction period during which outside directors cannot sell, pledge, or otherwise dispose of the granted shares without valid reasons. Upon termination of service before the end of the restriction period, the company will acquire the shares. The proposal also includes provisions for lifting restrictions under certain conditions, such as mergers or organizational restructuring approved by the board or shareholders' meetings.
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