TOKYO, May 19 (Pulse News Wire) – Zozo,inc. (3092.T) resolved to amend its restricted stock compensation program at today's board meeting.
The proposed changes aim to strengthen the program further to ensure the achievement of the mid-term business plan. The revised program will increase the annual cap on restricted stock grants to executives to [NUM_1] yen and limit the total number of ordinary shares issued annually to [NUM_6]. Under the amended program, the company plans to grant up to [NUM_7] ordinary shares per year to eligible directors within the range of [NUM_2] yen, excluding allowances for executive directors who also serve as employees.
The initial allocation would cover four fiscal-year evaluation periods, effectively granting approximately 576,000 shares annually valued based on the closing price of ZOZO’s ordinary shares on the Tokyo Stock Exchange prior to the board resolution date. Additionally, the amendment includes provisions for lifting restrictions on granted shares contingent upon achieving predetermined performance metrics such as Total Shareholder Return relative to TOPIX growth rate, adjusted EBITDA, and ESG score evaluations set by the board. Failure to meet these criteria could result in acquisition of unexercised restricted shares by the company.
In another development, should the proposal gain shareholder approval at the upcoming 28th Annual General Meeting scheduled for June 29, the company intends to extend similar benefits to its executive officers post-meeting.
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