August 30, 2021
FOR IMMEDIATE RELEASE
Company name:
Representative:

Digital Arts Inc.
Representative
Toshio Dogu
Director, President
and CEO(Securities Code: 2326, First Section of the Tokyo Stock Exchange)
Contact:
Isao Konishi, Administration
Department
TEL: 03-5220-6045

Notice of Issuance of Stock Acquisition Rights (Paid Stock Options)
Digital Arts Inc. (the “Company”) announces that its Board of Directors has resolved at a meeting held on August 30,
2021 to issue stock acquisition rights to its employees. Details are as follow: This issue will be carried out withoutobtaining the approval of a general meeting of shareholders, as it will be issued at a fair price to those who subscribe
to the stock acquisition rights for and not on particularly favorable terms.
Details are as follows:
Ⅰ．11th Issue of Paid-in Stock Acquisition Rights (Paid Stock Options)
1. Purpose of and reasons for offering stock acquisition rights
The Company will issue stock acquisition rights to the Company’s employees for value to enhance the unity of
the Group and further increase the motivation and morale of the Group’s employees to contribute to the increaseof corporate value.
The stock acquisition rights will be exercisable only when the Company achieves the predetermined businessperformance criteria set forth in (8) Terms and Conditions for the Exercise of Stock Acquisition Rights of 2.
Outline of the issuance of stock acquisition rights. The total number of shares of common stock of the Company
that will be issued if all of the stock acquisition rights are exercised will be approximately 0.49% of the total
number of shares issued. Consequently, we believe that the impact on the dilution of shares will be reasonable.
2. Outline of the issuance of stock acquisition rights (11th issue of paid-in stock acquisition rights)(1) Name of stock acquisition rights
Digital Arts Inc.

11th Issue of Paid-in Stock Acquisition Rights(2) Persons to whom stock acquisition rights are to be allotted, the number of persons to whom such rights areto be allotted, and the number of stock acquisition rights to be allotted
The Company’s employees

16 employees‒ 1 ‒690 stock acquisition rights

(3) Class and number of shares to be issued upon exercise of stock acquisition rights
The class of shares to be issued upon the exercise of the stock acquisition rights shall be the common stockof the Company, and the number of shares to be issued upon exercise of the stock acquisition rights (the“Number of Shares Granted”) shall be 100 shares per stock acquisition right.
After the date of the allotment of the Stock Acquisition Rights (the “Allotment Date”), if the Company
conducts a stock split (including the gratis allotment of the Company’s common stock; hereinafter the same
shall apply for any description of a stock split) or a reverse stock split of its common stock, the Number of
Shares Granted shall be adjusted for the Stock Acquisition Rights that have not been exercised at the time ofthe stock split or reverse stock split by the following calculation formula.
Number of shares granted after adjustment = Number of shares granted before adjustment × Ratio of stock
split or reverse stock split
In addition to the above, if unavoidable circumstances arise that require the adjustment of the Number of
Shares Granted, the Company may adjust the Number of Shares Granted as deemed necessary by the Boardof Directors of the Company.
Any fractions less than one (1) share resulting from the above adjustment shall be rounded down.
(4) Total number of stock acquisition rights
There shall be 690 stock acquisition rights in total.
The above total number of stock acquisition rights is the number to be allotted. If it is reduced, such as whenno subscriptions are made, the total number of stock acquisition rights to be allotted shall be the total numberof stock acquisition rights issued.
(5) Amount to be paid in for stock acquisition rights
The issue price per one Stock Acquisition Right shall be 2,000 yen. This amount was determined based on
the Company’s closing price on the Tokyo Stock Exchange on the trading day prior to its Board of Directors’
resolution regarding the issuance of these new stock acquisition rights of 8,310 yen per share, stock pricevolatility of 61.502%, dividend yield of 0.662%, risk-free interest rate of 0.246%, and the conditions set forthin the outline of the issuance of these new stock acquisition rights (exercise price of 8,310 yen per share, term
to maturity of 15.77 years, and performance conditions), in reference to the value calculated by the Yamada
Consulting Group Co., Ltd., a third party valuation institution, using a Monte Carlo simulation, taking into
consideration the Company’s stock price information, etc.
(6) Value of assets to be contributed upon exercise of stock acquisition rights
The amount to be paid upon exercise of this stock acquisition right shall be the amount obtained bymultiplying the amount to be paid in per share issued or transferred through the exercise of the stockacquisition right (the “Issue Amount”) by the Number of Shares Granted.
The Exercise Price shall be 8,310 yen. The Exercise Price is equal to the closing price of the Company’scommon stock on the Tokyo Stock Exchange on August 27, 2021.
If any of the reasons shown below arise after the Allotment Date, the Exercise Price shall be adjusted
accordingly.
(i)

If the Company conducts a stock split or a reverse stock split of its common stock, the Exercise Price shallbe adjusted according to the following formula, and any fraction of less than one (1) yen arising from theadjustment shall be rounded up to the nearest one (1) yen.
Exercise Priceafter adjustment=

1
Exercise Price
before adjustment
Ratio of split or reverse split‒ 2 ‒(ii) In the event that the Company issues new shares of common stock of the Company or disposes of treasury
stock at a price lower than the market price (excluding sale of treasury stock pursuant to the provisions ofArticle 194 of the Companies Act (request for sale of shares constituting less than one unit by shareholders
constituting less than one unit), or the case of conversion of securities convertible into or can be converted
into shares of common stock of the Company or the case of the exercise of stock acquisition rights to claim
delivery of shares of common stock of the Company (including those attached to bonds with stockacquisition rights)), the Exercise Price shall be adjusted according to the following formula, and any fraction
less than one (1) yen arising from the adjustment shall be rounded up to the nearest one (1) yen.
Number of shares
Amount to be
newly issued
paid per share
Market price per share
Exercise Price
Exercise Price=
after adjustment
before adjustment
Number of shares already issued + Number of shares newly issued
Number of sharesalready issued+

The “number of shares already issued” in the above formula shall be the number obtained by subtracting
the number of treasury shares held by the Company from the total number of issued shares of the Company,
and in the case of disposal of treasury shares, the “number of shares newly issued” shall be replaced withthe “number of shares to be disposed of” and the “amount to be paid per share” with the “amount to bedisposed of per share.”(iii) In the event of a merger of the Company, a corporate split, or in any other cases where the adjustment of
the exercise price is necessary in accordance with these cases, the exercise price shall be adjusted to theextent necessary and reasonable.
(7) Exercise period of stock acquisition rights
The period shall be from July 1, 2036 to June 30, 2038.
(8) Conditions for the exercise of stock acquisition rights(i)Persons who have received an allotment of stock acquisition rights (“Stock Acquisition Rights Holders”)
may exercise their stock acquisition rights only during the period set forth in (7) above if the Company’s
operating profit for any period from the fiscal year ending March 31, 2022 to fiscal year ending March 31,2036 exceeds 14,736 million yen. Moreover, operating profit shall be defined as operating profit as statedin the non-consolidated statement of income in the Company’s Annual Securities Report, and in the eventof a material change in the concept of operating profit to be referred to due to the application of International
Financial Reporting Standards, etc., the Board of Directors shall separately determine the index to bereferred to.

(ii) Stock Acquisition Rights Holders must be directors, corporate auditors, or employees of the Company or
its subsidiaries at the time they exercise their stock acquisition rights. Provided, however, this provision
shall not apply to Stock Acquisition Rights Holders who have retired due to the expiration of their terms ofoffice, or stock acquisition right holders who have retired upon reaching the mandatory retirement age orfor other legitimate reasons that its Board of Directors may deem appropriate.
(iii) In the event of the death of a Stock Acquisition Rights Holder, the exercise of these rights by his/her heirs
shall not be permitted.
(iv) Other conditions shall be as set forth in the stock acquisition right allotment agreement to be concluded
between the Company and the Stock Acquisition Rights Holders.
(9) Amount of share capital and legal capital surplus to be increased in the event of the issuance of shares upon
‒ 3 ‒the exercise of stock acquisition rights(i)

The amount of share capital to be increased due to the issuance of shares upon the exercise of the Stock
Acquisition Rights shall be half of the maximum amount of increase in share capital, etc., that is calculated
pursuant to Article 17, Paragraph 1 of the Corporate Accounting Rules, and any fraction of less than one(1) yen resulting from the calculation shall be rounded up to the nearest one (1) yen.

(ii) The amount by which the legal capital surplus increases through the issuance of shares upon the exerciseof share acquisition rights shall be obtained by subtracting the increase in the amount of share capital set
out in (i) above from the upper limit of the increase in the amounts of stated share capital and other items
described in (i) above.
(10) Matters concerning the acquisition of stock acquisition rights(i)

In the event that the Stock Acquisition Rights Holder is unable to exercise the stock acquisition rights dueto the provisions of (8) above or the stock acquisition right allotment agreement before exercising the rights,
the Company may acquire such stock acquisition rights without consideration on a date separately
determined by the Board of Directors of the Company.

(ii) If any of the following proposals, a, b, c, d or e, are approved at a general meeting of shareholders of theCompany (or approved by the Board of Directors of the Company if a resolution of a general meeting ofshareholders is not required), the Company may acquire the stock acquisition rights without consideration
on a date separately determined by its Board of Directors of the Company.
a. Proposal for the approval of a merger agreement under which the Company is to be dissolved
b. Proposal for the approval of a company split agreement or company split plan under which the Company
is to be split
c. Proposal for the approval of a stock exchange agreement or stock transfer plan under which theCompany is to become a wholly owned subsidiaryd. Proposal for the approval of a change to the Company’s Articles of Incorporation to establish provisions
concerning the requirement for the Company’s approval regarding the acquisition of all outstanding
shares of stock through a transfer
e. Proposal for the approval of a change to the Company’s Articles of Incorporation to establish provisions
concerning a requirement for the Company’s approval regarding the acquisition through a transfer ofshares issued upon the exercise of these stock options or concerning the acquisition by the Company ofall shares issued upon the exercise of stock options by resolution of the Company’s General Meeting of
Shareholders.
(11) Restriction on transfer of stock acquisition rights
Acquisition of stock acquisition rights by transfer shall require the approval of the Board of Directors of theCompany.
(12) Handling of stock acquisition rights at the time of organizational restructuring
If the Company engages in a merger (only if the Company ceases to exist after the merger), absorption-typecompany split or incorporation-type company split (in each case only if the Company is the split company),or a stock exchange or stock transfer (in each case only if the Company becomes a wholly-owned subsidiary)(hereinafter collectively referred to as “Reorganization Actions”), the Company shall deliver to Stock
Acquisition Right Holders who hold any stock acquisition rights remaining (hereinafter referred to as the“Remaining Stock Acquisition Rights”) directly before the effective date of the Reorganization Actions(effective date of absorption-type merger in case of absorption type merger, date of incorporation of joint‒ 4 ‒stock company established by consolidation-type merger in case of consolidation-type merger; effective dateof absorption-type split in case of absorption-type split; date of incorporation of company established byincorporation-type split in case of incorporation-type split; effective date of stock exchange in case of stock
exchange; or date of incorporation of parent company established by stock transfer in case of stock transfer;the same applies hereinafter) the stock acquisition rights of the relevant stock companies listed in Article 236,
paragraph 1, No.8 -(a) through (e) of the Companies Act (hereinafter referred to as the “ReorganizedCompany”). Provided, however, that the foregoing shall be on the condition that the allotment of such stockacquisition rights by the Reorganized Company in accordance with each of the following items is stipulated
in an absorption-type merger agreement, a consolidation-type merger agreement, an absorption-typecompany split agreement, an incorporation-type company split plan, a share exchange agreement or a sharetransfer plan.
(i)

Number of stock acquisition rights of the Reorganized Company to be delivered
The Number of Stock Acquisition Rights shall be the same as the number of remaining stock acquisitionrights held by the Stock Acquisition Rights Holders(ii) Class of of shares of the Reorganized Company to be issued upon exercise of stock acquisition rights
Common stock of the Reorganized Company(iii) Number of shares of the Reorganized Company to be issued upon exercise of stock acquisition rights
It shall be determined in accordance with (3) above, taking into consideration the terms and conditions of
the Reorganization Actions.
(iv) Value of assets to be contributed upon exercise of the stock acquisition rights
The value of assets to be contributed upon exercise of each stock acquisition right to be delivered shall be
the amount obtained by multiplying the exercise price after reorganization, obtained through adjustment of
the Exercise Price provided for in (6) above taking into consideration factors such as the terms andconditions of the Reorganization Actions, by the number of shares of the Reorganized Company to be issued
upon exercise of each of such stock acquisition right as determined in accordance with (3) above.
(v) Exercise period of stock acquisition rights
It shall be determined in accordance with (7) above, taking into consideration the terms and conditions of
the Reorganization Actions.
(vi) Amount of share capital and legal capital surplus to be increased in the event of the issuance of shares upon
the exercise of stock acquisition rights
It shall be determined in accordance with (9) above.
(vii) Restriction on acquisition of stock acquisition rights by transfer
Any acquisition of share acquisition rights by transfer shall be subject to approval by resolution of the Boardof Directors of the Reorganized Company.
(viii) Conditions for the exercise of stock acquisition rights
They shall be determined in accordance with (8) above.
(ix) Acquisition terms of stock acquisition rights
They shall be determined in accordance with (10) above.
(13) Arrangement for any fractional shares less than one (1) share arising from the exercise of stock acquisitionrightsWhen there are any fractional shares in the number of shares to be delivered to Stock Acquisition Right
Holders who exercise stock acquisition rights, such fractional shares shall be rounded down.
(14) Allotment Date of stock acquisition rights‒ 5 ‒September 24, 2021
(15) Date of payment of money in exchange for stock acquisition rights
September 24, 2021

(16) Stock Acquisition Rights Certificates
No stock acquisition rights certificates for stock acquisition rights shall be issued.
Ⅱ．12th Issue of Paid-in Stock Acquisition Rights (Paid Stock Options)
1. Purpose of and reasons for offering stock acquisition rights
The Company will issue stock acquisition rights to the Company’s employees for value to enhance the unity of
the Group and further increase the motivation and morale of the Group’s employees to contribute to the increaseof corporate value.
The stock acquisition rights will be exercisable only when the Company achieves the predetermined businessperformance criteria set forth in (8) Terms and Conditions for the Exercise of Stock Acquisition Rights of 2.
Outline of the issuance of stock acquisition rights. The total number of shares of common stock of the Company
that will be issued if all of the stock acquisition rights are exercised will be approximately 1.4% of the total
number of shares issued. Consequently, we believe that the impact on the dilution of shares will be reasonable.
2. Outline of the issuance of stock acquisition rights (12th issue of paid-in stock acquisition rights)(1) Name of stock acquisition rights
Digital Arts Inc.

12th Issue of Paid-in Stock Acquisition Rights(2) Persons to whom stock acquisition rights are to be allotted, the number of persons to whom such rights areto be allotted, and the number of stock acquisition rights to be allotted
The Company’s employees

79employees

1,975 stock acquisition rights(3) Class and number of shares to be issued upon exercise of stock acquisition rights
The class of shares to be issued upon the exercise of the stock acquisition rights shall be the common stockof the Company, and the number of shares to be issued upon exercise of the stock acquisition rights (the“Number of Shares Granted”) shall be 100 shares per stock acquisition right.
After the date of the allotment of the Stock Acquisition Rights (the “Allotment Date”), if the Company
conducts a stock split (including the gratis allotment of the Company’s common stock; hereinafter the same
shall apply for any description of a stock split) or a reverse stock split of its common stock, the Number of
Shares Granted shall be adjusted for the Stock Acquisition Rights that have not been exercised at the time ofthe stock split or reverse stock split by the following calculation formula.
Number of shares granted after adjustment = Number of shares granted before adjustment × Ratio of stock
split or reverse stock split
In addition to the above, if unavoidable circumstances arise that require the adjustment of the Number of
Shares Granted, the Company may adjust the Number of Shares Granted as deemed necessary by the Boardof Directors of the Company.
Any fractions less than one (1) share resulting from the above adjustment shall be rounded down.

‒ 6 ‒(4) Total number of stock acquisition rights
There shall be 1,975 stock acquisition rights in total.
The above total number of stock acquisition rights is the number to be allotted. If it is reduced, such as whenno subscriptions are made, the total number of stock acquisition rights to be allotted shall be the total numberof stock acquisition rights issued.
(5) Amount to be paid in for stock acquisition rights
The issue price per one Stock Acquisition Right shall be 2,700 yen. This amount was determined based on
the Company’s closing price on the Tokyo Stock Exchange on the trading day prior to its Board of Directors’
resolution regarding the issuance of these new stock acquisition rights of 8,310 yen per share, stock pricevolatility of 70.010%, dividend yield of 0.662%, risk-free interest rate of 0.423%, and the conditions set forthin the outline of the issuance of these new stock acquisition rights (exercise price of 8,310 yen per share, term
to maturity of 20.77 years, and performance conditions), in reference to the value calculated by the Yamada
Consulting Group Co., Ltd., a third party valuation institution, using a Monte Carlo simulation, taking into
consideration the Company’s stock price information, etc.
(6) Value of assets to be contributed upon exercise of stock acquisition rights
The amount to be paid upon exercise of this stock acquisition right shall be the amount obtained bymultiplying the amount to be paid in per share issued or transferred through the exercise of the stockacquisition right (the “Issue Amount”) by the Number of Shares Granted.
The Exercise Price shall be 8,310 yen. The Exercise Price is equal to the closing price of the Company’scommon stock on the Tokyo Stock Exchange on August 27, 2021.
If any of the reasons shown below arise after the Allotment Date, the Exercise Price shall be adjusted
accordingly.
(i)

If the Company conducts a stock split or a reverse stock split of its common stock, the Exercise Price shallbe adjusted according to the following formula, and any fraction of less than one (1) yen arising from theadjustment shall be rounded up to the nearest one (1) yen.
Exercise Priceafter adjustment=

1
Exercise Price
before adjustment
Ratio of split or reverse split(ii) In the event that the Company issues new shares of common stock of the Company or disposes of treasury
stock at a price lower than the market price (excluding sale of treasury stock pursuant to the provisions ofArticle 194 of the Companies Act (request for sale of shares constituting less than one unit by shareholders
constituting less than one unit), or the case of conversion of securities convertible into or can be converted
into shares of common stock of the Company or the case of the exercise of stock acquisition rights to claim
delivery of shares of common stock of the Company (including those attached to bonds with stockacquisition rights)), the Exercise Price shall be adjusted according to the following formula, and any fraction
less than one (1) yen arising from the adjustment shall be rounded up to the nearest one (1) yen.
Number of shares
Amount to be
newly issued
paid per share
Market price per share
Exercise Price
Exercise Price=
after adjustment
before adjustment
Number of shares already issued + Number of shares newly issued
Number of sharesalready issued+

The “number of shares already issued” in the above formula shall be the number obtained by subtracting
the number of treasury shares held by the Company from the total number of issued shares of the Company,
and in the case of disposal of treasury shares, the “number of shares newly issued” shall be replaced with‒ 7 ‒the “number of shares to be disposed of” and the “amount to be paid per share” with the “amount to bedisposed of per share.”(iii) In the event of a merger of the Company, a corporate split, or in any other cases where the adjustment of
the exercise price is necessary in accordance with these cases, the exercise price shall be adjusted to theextent necessary and reasonable.
(7) Exercise period of stock acquisition rights
The period shall be from July 1, 2041 to June 30, 2043.
(8) Conditions for the exercise of stock acquisition rights(i)Persons who have received an allotment of stock acquisition rights (“Stock Acquisition Rights Holders”)
may exercise their stock acquisition rights only during the period set forth in (7) above if the Company’s
operating profit for for any period from the fiscal year ending March 31, 2022 to the fiscal year ending
March 31, 2041 exceeds 20,630 million yen. Moreover, operating profit shall be defined as operating profit
as stated in the non-consolidated statement of income in the Company’s Annual Securities Report, and in
the event of a material change in the concept of operating profit to be referred to due to the application ofInternational Financial Reporting Standards, etc., the Board of Directors shall separately determine theindex to be referred to.

(ii) Stock Acquisition Rights Holders must be directors, corporate auditors, or employees of the Company or
its subsidiaries at the time they exercise their stock acquisition rights. Provided, however, this provision
shall not apply to Stock Acquisition Rights Holders who have retired due to the expiration of their terms ofoffice, or stock acquisition right holders who have retired upon reaching the mandatory retirement age orfor other legitimate reasons that its Board of Directors may deem appropriate.
(iii) In the event of the death of a Stock Acquisition Rights Holder, the exercise of these rights by his/her heirs
shall not be permitted.
(iv) Other conditions shall be as set forth in the stock acquisition right allotment agreement to be concluded
between the Company and the Stock Acquisition Rights Holders.
(9) Amount of share capital and legal capital surplus to be increased in the event of the issuance of shares upon
the exercise of stock acquisition rights(i)

The amount of share capital to be increased due to the issuance of shares upon the exercise of the Stock
Acquisition Rights shall be half of the maximum amount of increase in share capital, etc., that is calculated
pursuant to Article 17, Paragraph 1 of the Corporate Accounting Rules, and any fraction of less than one(1) yen resulting from the calculation shall be rounded up to the nearest one (1) yen.

(ii) The amount by which the legal capital surplus increases through the issuance of shares upon the exerciseof share acquisition rights shall be obtained by subtracting the increase in the amount of share capital set
out in (i) above from the upper limit of the increase in the amounts of stated share capital and other items
described in (i) above.
(10) Matters concerning the acquisition of stock acquisition rights(i)

In the event that the Stock Acquisition Rights Holder is unable to exercise the stock acquisition rights dueto the provisions of (8) above or the stock acquisition right allotment agreement before exercising the rights,
the Company may acquire such stock acquisition rights without consideration on a date separately
determined by the Board of Directors of the Company.

‒ 8 ‒(ii) If any of the following proposals, a, b, c, d or e, are approved at a general meeting of shareholders of theCompany (or approved by the Board of Directors of the Company if a resolution of a general meeting ofshareholders is not required), the Company may acquire the stock acquisition rights without consideration
on a date separately determined by its Board of Directors of the Company.
a. Proposal for the approval of a merger agreement under which the Company is to be dissolved
b. Proposal for the approval of a company split agreement or company split plan under which the Company
is to be split
c. Proposal for the approval of a stock exchange agreement or stock transfer plan under which theCompany is to become a wholly owned subsidiaryd. Proposal for the approval of a change to the Company’s Articles of Incorporation to establish provisions
concerning the requirement for the Company’s approval regarding the acquisition of all outstanding
shares of stock through a transfer
e. Proposal for the approval of a change to the Company’s Articles of Incorporation to establish provisions
concerning a requirement for the Company’s approval regarding the acquisition through a transfer ofshares issued upon the exercise of these stock options or concerning the acquisition by the Company ofall shares issued upon the exercise of stock options by resolution of the Company’s General Meeting of
Shareholders.
(11) Restriction on transfer of stock acquisition rights
Acquisition of stock acquisition rights by transfer shall require the approval of the Board of Directors of theCompany.
(12) Handling of stock acquisition rights at the time of organizational restructuring
If the Company engages in a merger (only if the Company ceases to exist after the merger), absorption-typecompany split or incorporation-type company split (in each case only if the Company is the split company),or a stock exchange or stock transfer (in each case only if the Company becomes a wholly-owned subsidiary)(hereinafter collectively referred to as “Reorganization Actions”), the Company shall deliver to Stock
Acquisition Right Holders who hold any stock acquisition rights remaining (hereinafter referred to as the“Remaining Stock Acquisition Rights”) directly before the effective date of the Reorganization Actions(effective date of absorption-type merger in case of absorption type merger, date of incorporation of joint
stock company established by consolidation-type merger in case of consolidation-type merger; effective dateof absorption-type split in case of absorption-type split; date of incorporation of company established byincorporation-type split in case of incorporation-type split; effective date of stock exchange in case of stock
exchange; or date of incorporation of parent company established by stock transfer in case of stock transfer;the same applies hereinafter) the stock acquisition rights of the relevant stock companies listed in Article 236,
paragraph 1, No.8 -(a) through (e) of the Companies Act (hereinafter referred to as the “ReorganizedCompany”). Provided, however, that the foregoing shall be on the condition that the allotment of such stockacquisition rights by the Reorganized Company in accordance with each of the following items is stipulated
in an absorption-type merger agreement, a consolidation-type merger agreement, an absorption-typecompany split agreement, an incorporation-type company split plan, a share exchange agreement or a sharetransfer plan.
(i)

Number of stock acquisition rights of the Reorganized Company to be delivered
The Number of Stock Acquisition Rights shall be the same as the number of remaining stock acquisitionrights held by the Stock Acquisition Rights Holders(ii) Class of of shares of the Reorganized Company to be issued upon exercise of stock acquisition rights‒ 9 ‒Common stock of the Reorganized Company(iii) Number of shares of the Reorganized Company to be issued upon exercise of stock acquisition rights
It shall be determined in accordance with (3) above, taking into consideration the terms and conditions of
the Reorganization Actions.
(iv) Value of assets to be contributed upon exercise of the stock acquisition rights
The value of assets to be contributed upon exercise of each stock acquisition right to be delivered shall be
the amount obtained by multiplying the exercise price after reorganization, obtained through adjustment of
the Exercise Price provided for in (6) above taking into consideration factors such as the terms andconditions of the Reorganization Actions, by the number of shares of the Reorganized Company to be issued
upon exercise of each of such stock acquisition right as determined in accordance with (3) above.
(v) Exercise period of stock acquisition rights
It shall be determined in accordance with (7) above, taking into consideration the terms and conditions of
the Reorganization Actions.
(vi) Amount of share capital and legal capital surplus to be increased in the event of the issuance of shares upon
the exercise of stock acquisition rights
It shall be determined in accordance with (9) above.
(vii) Restriction on acquisition of stock acquisition rights by transfer
Any acquisition of share acquisition rights by transfer shall be subject to approval by resolution of the Boardof Directors of the Reorganized Company.
(viii) Conditions for the exercise of stock acquisition rights
They shall be determined in accordance with (8) above.
(ix) Acquisition terms of stock acquisition rights
They shall be determined in accordance with (10) above.
(13) Arrangement for any fractional shares less than one (1) share arising from the exercise of stock acquisitionrightsWhen there are any fractional shares in the number of shares to be delivered to Stock Acquisition Right
Holders who exercise stock acquisition rights, such fractional shares shall be rounded down.
(14) Allotment Date of stock acquisition rights
September 24, 2021
(15) Date of payment of money in exchange for stock acquisition rights
September 24, 2021
(16) Stock Acquisition Rights Certificates
No stock acquisition rights certificates for stock acquisition rights shall be issued.

End‒ 10 ‒