July 14, 2022
To whom it may concern:
Company name

Sansan, Inc.

Representative

Chikahiro Terada,
Representative Director & CEO(Code: 4443 TSE Prime Market)

Contact

Muneyuki Hashimoto,Director, Executive Officer, CFO

Tel+81-3-6758-0033

Notification Regarding Issuance of Performance Target-linked Stock Acquisition Rights(Stock Options with Charge)
Sansan, Inc. (“the Company”) announces today that, in accordance with the provisions of Articles 236,
238 and 240 of the Companies Act, a resolution has been passed to issue Stock Acquisition Rights to its
directors and executive officers. Details of the resolution, which was passed at a Board of Directors’
meeting held on July 14, 2022, are as set out below. The Stock Acquisition Rights will be issued at fairvalue and not particularly favorable to the individuals to whom they are issued. Thus, the Stock
Acquisition Rights will be implemented without obtaining approval from a general meeting ofshareholders. In addition, the Stock Acquisition Rights will not be paid as remuneration. Instead, thoseeligible will be able to opt in as an individual investment decision.
1. Purpose and Reason for Issuance
The objectives of issuing the Stock Acquisition Rights with charge to directors and executive officers areto further increase their motivation and morale, as well as to further enhance their cohesiveness in order
to expand the Company’s shareholder and corporate value over the medium to long term.
The total number of shares of common stock that would increase if all the Stock Acquisition Rights wereexercised would be equivalent to 0.15% of the total number of outstanding shares at the end of the fiscalyear ended May 31, 2022. However, the Stock Acquisition Rights are subject to the outcome ofperformance targets set in advance, and the Company recognizes that achieving these targets willcontribute to increasing shareholder and corporate value. For this reason, the Company believes that theissuance of the Stock Acquisition Rights will contribute to the benefit of its existing shareholders.
Additionally, the Company believes that the effect of stock dilution due to the issuance will fall within an
acceptable range.
2. Outline of Issuance(1) Name of Stock Acquisition Rights
Sansan Inc. Series 8 Stock Acquisition Rights(2) Persons to Whom Stock Acquisition Rights Are to Be Allotted, Number of those Persons, and Numberof Stock Acquisition Rights to Be Allotted
The Company's Directors
5 persons, 984 rights
The Company's Executive Officers
15 persons, 829 rights(3) Class and Number of Shares to Be Acquired upon Exercise of Stock Acquisition Rights
The class of shares to be issued upon exercise of the Stock Acquisition Rights shall be common stock of
the Company, and the number of shares to be issued upon exercise of each of the Stock Acquisition1

Rights (“the Number of Granted Shares”) shall be one hundred (100).
The Number of Granted Shares shall be adjusted according to the following formula in the event that,after the allotment date of the Stock Acquisition Rights, the Company conducts a stock split (includingthe gratis allotment of common stock of the Company; the same shall apply hereinafter) or a stock
consolidation.
Number of Granted Shares after Adjustment = Number of Granted Shares before Adjustment × Ratio ofStock Split (or Stock Consolidation)
In addition, the Number of Granted Shares shall be appropriately adjusted to the extent reasonable in theevent that, after the allotment date of the Stock Acquisition Rights, the Company conducts a merger,company split or share exchange, or share transfer (“merger, etc.”) that require adjustment of the
Number of Granted Shares. Provided, however, that such adjustment shall be made only with respect tothe number of shares underlying the Stock Acquisition Rights that have not been exercised at the time ofsuch adjustment, and any fraction less than one share arising from the adjustment shall be rounded
down.
(4) Total Number of Stock Acquisition Rights
1,813 rights
The total number of shares that are to be issued upon exercise of the Stock Acquisition Rights shall be181,300 shares of common stock of the Company, and in the event the number of shares to be issued
upon exercise of the Stock Acquisition Rights is adjusted pursuant to Paragraph (3) above, the number
shall be obtained by multiplying the number of shares to be issued upon exercise of the Stock Acquisition
Rights after adjustment by the number of Stock Acquisition Rights.
(5) Amount to Be Paid in Exchange for Stock Acquisition Rights
The amount of money to be paid in exchange for Stock Acquisition Rights shall be JPY12,500. This
amount was determined based on the results of a Monte Carlo simulation, which is a general option
pricing model, taking into account the stock price and other factors of the Company, by Plutus Consulting
Co., Ltd., a third-party valuation institution. Thus, the amount is not particularly favorable to theindividuals to whom they are issued.
(6) Value or Calculation Method of Assets to Be Contributed upon Exercise of Stock Acquisition Rights
The value of the assets to be contributed upon the exercise of the Stock Acquisition Rights shall be theamount obtained by multiplying the amount to be paid per share to be issued of JPY1,021 (“the ExercisePrice") by the Number of Granted Shares.
In the event that the Company conducts a stock split, or a stock consolidation, after the allotment date of
the Stock Acquisition Rights, the Exercise Price shall be adjusted according to the following formula, andany fraction less than one JPY arising from the adjustment shall be rounded up.
1
Exercise Price after
Exercise Price＝×Adjustment
before Adjustment
Ratio of Stock Split (or Stock Consolidation)
In the event that, after the allotment date of the Stock Acquisition Rights, the Company issues newshares or disposes of treasury shares of the Company’s common stock at a price below the market price(except in the case of a conversion or exercise of securities [including those attached to bonds with stockacquisition rights] that can be converted into the Company’s common stock or convertible securities or
which enable the holders thereof to make requests for the delivery of the Company’s common stock), theabove Exercise Price shall be adjusted according to the following formula, and any fraction less than one
JPY arising from the adjustment shall be rounded up.
2Exercise PriceafterAdjustment＝Exercise Price
beforeAdjustment×

Number ofAmount toNew Shares
×Be Paid per
Number oftoBe
IssuedShare
Outstanding ＋Shares
Quotation per Share before
Issuance
Number of Outstanding Shares + Number of New
Shares to Be Issued

In the above formula, the “Number of Outstanding Shares” is the total number of issued common sharesof the Company minus the number of treasury shares of common shares held by the Company. Whendisposing of treasury stock related to the Company's common stock, the “Number of New Shares to Be
Issued” shall be replaced by “Number of Treasury Stock to Be Disposed Of.” In addition, in the event
that, after the allotment date of the Stock Acquisition Rights, the Company merges, conducts a gratis
allocation of shares, or otherwise requires adjustment of the above exercise price, or should adjustment
to the abovementioned exercise price become necessary, the Exercise Price shall be deemed adjustablewithin an appropriately reasonable range in consideration of the conditions of merger, etc. and theconditions for a gratis allocation of shares.
(7) Exercise Period of Stock Acquisition Rights
The period during which Stock Acquisition Rights are exercisable (“the Exercise Period") is from
September 1, 2023, to September 1, 2032 (provided, however, that if the last day is not a Bank Business
Day, it shall be the Previous Bank Business Day).
(8) Conditions of Exercise of Stock Acquisition Rights
i. A holder of the Stock Acquisition Rights may exercise his or her Stock Acquisition Rights up to apredetermined percentage of the Stock Acquisition Rights (“the Exercisable Percentage”) allotted toeach holder of the Stock Acquisition Rights, only when the net sales in the consolidated profit andloss statement for the fiscal year ending May 31, 2023, exceed JPY25,265 million. In determining
the net sales amount, there are events, such as changes in the applicable accounting standards andthe acquisitions of companies, which can have a major impact on the business results of theCompany. In the event that the Board of Directors determines that it is not appropriate to make a
judgment based on actual figures, the Company will eliminate the effect of the acquisition of acompany, etc. within a reasonable range, and it shall be deemed possible to adjust the actual figures
used for judgment. In addition, in the event of significant changes in the concept of items to bereferred to, due to the application of international financial reporting standards, changes in the fiscal
year end, etc., the indicators to be referred to shall be determined by the Company’s Board ofDirectors.
ii. Holders of Stock Acquisition Rights are required to be any one of directors, auditors, employees of
the Company even at the time of the exercise of Stock Acquisition Rights. Provided, however, that
this shall not apply to the case where the Company’s Board of Directors recognizes that there are
justifiable reasons such as retirement due to the expiration of the term of office, retirement at themandatory retirement age, etc.
iii. In the event that a holder of Stock Acquisition Rights dies, the exercise of the Stock Acquisition
Rights by his or her heirs shall not be permitted.
iv. The pledging of the Stock Acquisition Rights or establishment of a security interest shall not bepermitted.
v. If the total number of issued shares of the Company exceeds the total number of authorized shares3

at the time of exercise of the Stock Acquisition Rights, such Stock Acquisition Rights may not beexercised.
vi. Each Stock Acquisition Right may not be exercised for less than one Stock Acquisition Right.
(9) Amount of Stated Capital and Capital Reserve to Be Increased Due to Issuance of Shares upon
Exercise of Stock Acquisition Rights
i. The amount of stated capital to be increased due to the issuance of shares upon exercise of theStock Acquisition Rights shall be one half of the maximum amount of increase in the capital, etc., tobe calculated pursuant to Article 17, Paragraph 1 of the Corporate Accounting Regulations, with any
amount less than one JPY arising from the calculation to be rounded up.
ii. The amount of capital reserve to be increased due to the issuance of shares upon exercise of Stock
Acquisition Rights shall be the amount obtained by subtracting the amount of increase in statedcapital, as specified in the preceding paragraph (9) i. from the maximum amount of increase incapital, etc., as stated in the preceding paragraph (9) i.
(10) Matters Relating to Acquisition of Stock Acquisition Rights
i. In the event of a merger agreement in which the Company becomes a dissolved company, a split
agreement or a split plan in which the Company becomes a split company, or a share exchangeagreement or a share transfer plan in which the Company becomes a wholly owned subsidiary,
which is approved by a general meeting of shareholders (or by a resolution of the Board of Directors
if no approval is required by a general meeting of shareholders), the Company may acquire all of theStock Acquisition Rights without any charge upon the arrival of a date to be separately specified by
its Board of Directors. When acquiring a part of the Stock Acquisition Rights, the part of the Stock
Acquisition Rights to be acquired shall be determined by a resolution of the Company’s Board ofDirectors.
ii. In the event that the exercise of the Stock Acquisition Rights becomes impossible pursuant to theprovisions of Paragraph (8) above prior to the exercise by the holder of the Stock Acquisition Rights,
the Company may acquire the Stock Acquisition Rights without any charge.
(11) Restrictions on Assignment of Stock Acquisition Rights
Any acquisition of the Stock Acquisition Rights through transfer shall require approval by resolution of theCompany’s Board of Directors.
(12) Handling of Stock Acquisition Rights upon Reorganization
In cases where the Company conducts a merger (limited to cases where the Company is dissolved as aresult of a merger), an absorption-type company split, an incorporation-type company split, a shareexchange or a share transfer (an "Act of Structural Reorganization"), the Stock Acquisition Rights of theStock Company listed in Article 236(1)(viii)(a) to (e) inclusive of the Companies Act (“the ReorganizedCompany”) shall be delivered to the Stock Acquisition Rights holder on the effective date of the Act ofStructural Reorganization in each case on the following conditions:
Provided, however, that this shall be limited to the cases where it is stipulated in the absorption-typemergeragreement, consolidation-type merger agreement, absorption-type company split agreement,
incorporation-type company split plan, share exchange agreement, or share transfer plan that the StockAcquisition Rights of the Reorganized Company shall be delivered in accordance with the following
conditions:i. Number of Stock Acquisition Rights of the Reorganized Company to Be Delivered
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The number of Stock Acquisition Rights held by the holder of shall be the same as the number ofStock Acquisition Rights delivered.
ii. Class of Shares of the Reorganized Company to Be Issued upon Exercise of Stock Acquisition
RightsShares of common stock of the Reorganized Company shall be issued.
iii. Number of Shares of the Reorganized Company to Be Issued upon Exercise of Stock Acquisition
RightsDetermination shall be made in accordance with Paragraph (3) above based on consideration ofconditions for the Act of Structural Reorganization.
iv. Amount of Assets to Be Contributed upon Exercise of Stock Acquisition Rights
The investment purpose in exercising each new stock acquisition right is deemed monetary. The
amount of assets to be contributed upon exercise of the stock acquisition rights shall be equal invalue to the post-reorganization exercise price—obtained by adjusting the exercise price specified in(6) above, taking into consideration, among other matters, the conditions for the Act of StructuralReorganization—multiplied by the number of shares of the Reorganized Company determined inaccordance with (12) iii above.
v. Period during Which Stock Acquisition Rights Are Exercisable
From the first day of the period during which the New Stock Acquisition Rights can be exercised, asstipulated in (7) above, or the effective date of the Act of Structural Reorganization, whichever is thelater, until the expiration date of the period during which the New Stock Acquisition Rights specifiedin (7) above can be exercised.
vi. Matters concerning the Capital and Capital Reserve to Be Increased When Shares Are Issued upon
the Exercise of Stock Acquisition Rights
To be determined in accordance with Paragraph (9) above.
vii. Restriction on Acquisition of Stock Acquisition Rights through Transfer
Any acquisition of the Stock Acquisition Rights through transfer shall require approval by resolutionof the Board of Directors of the Reorganized Company.
viii. Other Conditions upon Exercise of Stock Acquisition Rights
To be determined in accordance with Paragraph (8) above.
ix. Conditions and Provisions for Acquisition of Stock Acquisition Rights
To be determined in accordance with Paragraph (10) above.
x. Other conditions shall be determined in accordance with the conditions of the ReorganizedCompany.
(13) Allotment Date of Stock Acquisition Rights
September 2, 2022
(14) Due Date for Payment in Exchange for Stock Acquisition Rights
September 2, 2022
(15) Due Date for Application
August 15, 20225

(16) Rounding Off of Fractions Generated by Exercising of New Stock Acquisition Rights
If the number of shares to be granted to New Stock Acquisition Rights Holders who have exercised theirstock acquisition right produces a fractional number, that fractional portion is to be rounded down.
(17) Matters related to Stock Acquisition Right Certificates
The Company shall not issue certificates for the Stock Acquisition Rights.

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