TOKYO, Jun 17 (Pulse News Wire) – Tsugami Corporation (6101.T) announced today that its board of directors approved the distribution of restricted shares as part of its executive compensation program. The distribution, set for July 10, involves awarding ordinary shares worth ¥7,380 per share to three directors and 19 executives, totaling ¥174.2 million.
The total monetary compensation amounting to ¥174.2 million will be converted into restricted shares, with each recipient receiving a number of shares based on their contribution and various factors. Under the agreement, the restricted period runs from July 10 until the recipient's departure from any executive position within the company. During this time, recipients cannot transfer, pledge, or otherwise dispose of the awarded shares without valid reasons recognized by the board. Upon completion of the restricted period, the restrictions will be lifted, allowing free disposal of the shares.
In cases of early resignation or retirement, the company reserves the right to reclaim the shares without compensation. Tsugami also clarified that the share price used for the valuation was determined based on the closing price of its ordinary shares on the Tokyo Stock Exchange on June 16, which was ¥7,380. This pricing method ensures fairness and, The restricted shares will be managed through accounts opened at SMBC Nikko Securities according to instructions from Tsugami Corporation. Any organizational restructuring during the restriction period could lead to adjustments in the treatment of these shares, subject to approval by the board or shareholders' meeting.
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