20 December 2022
Company Name: HEROZ, Inc.
Names of Representatives:
Takahiro Hayashi,
Co-Chief Executive Officer
Stock Code: 4382
Contact: Hiroya Mori,
Chief Financial Officer(Telephone: +81-3-6435-2495)

Notice: This document is an excerpt translation of the original Japanese document and is only for reference
purposes. In the event of any discrepancy between this translated document and the original Japanese
document, the latter shall prevail.

Notice Concerning Issuance of the 13th Offering of Stock Acquisition Rights (Stock Options)
HEROZ, Inc. (hereinafter referred to as the “Company”) hereby announce that in accordance withthe provisions of Articles 236, 238 and 240 of the Companies Act, a resolution has been passed toissue 13th Stock Acquisition Rights to employees. This resolution was made at a meeting of theCompany's Board of Directors held on December 20, 2022. The details are as follows.

I.

Objectives and Reasons for Issuance of the Stock Acquisition Rights
The Company issues stock acquisition rights to its employees for the purpose of further increasing theirmotivation and morale and commitment to the expansion of the Company's business performance as itaims to increase the Company's corporate value over the medium to long term.

II.

Stock Acquisition Rights Issuance Provisions
1. Number of Stock Acquisition Rights
570 rights
The total number of shares that may be delivered upon exercise of the Stock Acquisition Rights
shall be 57,000 shares of common stock of the Company.
2. Payment in Exchange for Stock Acquisition Rights
No cash payment is required in exchange for these stock acquisition rights. The stockacquisition rights are granted as incentive compensation and do not require payment of money,
but do not fall under the category of favorable issuance.

3. Details of Stock Acquisition Rights(1) Type and number of shares granted for Stock Acquisition Rights
The number and type of shares granted for each Stock Acquisition Right (hereinafter referredto as “number of shares granted”) shall be 100 common shares of the Company.
(2) Value of assets to be invested in the exercise of Stock Acquisition Rights and calculation
methodThe value of the assets to be contributed upon exercise of the SARs shall be the amount tobe paid per share (hereinafter referred to as “exercise price”) multiplied by the number ofshares granted.
The Exercise Price shall be the average closing price of the Company's common stock on theTSE Prime Market on each day of the month preceding the month in which the allotment dateof the Stock Acquisition Rights falls multiplied by 1.05.
However, if such price is lower than the closing price on the allotment date of the Stock
Acquisition Rights (or the closing price on the most recent trading day prior to the allotment
date if no trading has taken place), the exercise price shall be the relevant closing price.
(3) Period during which Stock Acquisition Rights can be exercised
The period during which the Stock Acquisition Rights can be exercised shall be fromJanuary 25, 2025, to January 24, 2028 (if January 24, 2028 is not a bank business day, thepreceding bank business day).
(4) Capital increase and capital reserve(4.1) The amount of capital to be increased upon share issuance through exercising the StockAcquisition Rights shall be half of the capital increase limit calculated in accordance withArticle 17, Paragraph 1 of the Rules of Corporate Accounting. If the calculation results ina fraction of less than JPY 1, the fraction shall be rounded up to the nearest whole yen.
(4.2) The amount of capital reserve upon share issuance through exercising the StockAcquisition Rights shall be the amount obtained by subtracting the amount of increased
capital set forth in 4.1 above from the maximum increase in capital stated in 4.1 above.
(5) Restrictions on acquisition of Stock Acquisition Rights by transfer
Acquisition of the Stock Acquisition Rights by transfer shall require approval by aresolution of the Board of Directors of the Company.
(6) Conditions for exercising stock acquisition Rights(6.1) Holders of stock acquisition rights must be directors, corporate auditors, executive
officers or employees of the Company or its affiliates at the time of exercising the rights.
However, this shall not apply in cases where the Board of Directors of the Company
recognizes that there is a justifiable reason, such as mandatory retirement age.
(6.2) Exercise of the Stock Acquisition Rights by the heirs of the holders of the Stock
Acquisition Rights is not permitted.

(6.3) If the total number of issued shares of the Company exceeds the number ofauthorized shares at the time of exercise of the Stock Acquisition Rights, theStock Acquisition Rights may not be exercised.
(6.4) No less than one of these stock acquisition rights may be exercised.
4．Allotment Date of Stock Acquisition Rights
25 January 2023
5．Number of Stock Acquisition Rights and Persons Receiving Them
570 rights for 22 employees.