Note: This document is a translation of the original Japanese version and provided for reference purposes only.
In the event of any discrepancy between the Japanese original and this English translation, the Japanese original
shall prevail.

November 13, 2023
Company: TODA CORPORATION
Representative: Seisuke Otani, President and Representative Director(Securities Code: 1860 TSE Prime Market)
Contact: Toshiyuki Kubodera, General Manager, Financial & IR Div.
(Phone: 03-3535-1357)

Notice Concerning the Introduction of Post-Delivery Type Stock
Grant Program for Employee Shareholding Association
TODA CORPORATION (the “Company”) hereby announces that at the Board of Directors Meeting held today,
the Company has resolved to introduce a scheme to grant post-delivery type stock to its employees through theTODA CORPORATION Employee Shareholding Association (the “Shareholding Association”) as an incentive

program for employees (the “Program”) as described below.
1.

Purpose of introducing the Program
The Company has been offering incentives to employees who participate in the Shareholding Associationfor the purpose of building their wealth and motivating them to work through the ownership of the Company's
common stock, and will now introduce the Program to further promote this concept.
The introduction of the Program is intended to provide employees with an opportunity to acquire sharesof the Company's common stock through the Shareholding Association, thereby sharing shareholder value overthe medium- to long-term, contributing to medium- to long-term improvements in the Company's businessperformance and corporate value, and providing incentives to motivate employees to continue working for theCompany.
2.

Outline of the Program(1) Eligible persons

The Shareholding Association participants who madecontinuous contributions and did not make any withdrawals
during the eligible period (one year).
* Inactive Shareholding Association participants, those whohave withdrawn from the Shareholding Association for
personal reasons, and those who reside overseas are noteligible.

(2) When to grant

Scheduled for March after the end of the eligible period (oneyear).

(3) Eligible period

January 1, 2024 to December 31, 2024

(4) Number of shares granted per person 150 shares.

(5) Expected number of eligible persons

Maximum 4,200.

(6) Number of shares allocated

The maximum total number of shares allocated to theShareholding Association is 630,000.

Under the Program, the Company shall grant points to employees who are the Shareholding Association
participants and have agreed to the Program (the “Eligible Employees”) after the end of the eligible period aspredetermined by the Company.

After the points are granted, the Company shall provide a monetary claim

to the Eligible Employee as a special stock incentive for the grant of shares of the Company's common stock(the “Special Stock Incentive”), and the Eligible Employee shall contribute the Special Stock Incentive to theShareholding Association.
The Shareholding Association shall make an in-kind contribution to the Company of the Special Stock
Incentive contributed by the Eligible Employees, and the Company shall allot shares of the Company's
common stock by means of issuance of new shares or disposal of own shares.

The number of shares to be

allotted may be reasonably adjusted in the event of unavoidable circumstances requiring adjustments of thenumber of shares, such as a stock split, gratis allotment of shares, or consolidation of shares of the Company's
common stock.
The allocation and management of the shareholdings in the Shareholding Association to be allocated shallbe conducted through Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., the administrative agent of theShareholding Association.
Specific details regarding the Program will be announced as soon as they are determined by the Board ofDirectors.
(Reference)【Structure of the Program】
1. The Company shall establish the Rules for Granting of Post-Delivery Type Stock, and the Shareholding
Association shall amend its terms and agreements to include details relating to the granting of Special Stock
Incentive.
2. The Company provides each participant with a Special Stock Incentive payment (in March after the end ofthe eligible period).
3. Each participant contributes the Special Stock Incentive paid to the Shareholding Association (in Marchafter the end of the eligible period).
4. The Company allots the Company's common stock to the Shareholding Association.
5. The Shareholding Association aggregates the Special Stock Incentive contributions made by theparticipants and pays them to the Company.
6. The allocated Company's common stock shall be distributed and managed as participants' shareholdings
within the Shareholding Association through Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., theadministrative agent of the Shareholding Association.
* The participants may withdraw their shareholdings at their own discretion.

2. Special Stock Incentive payment

Participants

3. Contribution

The Company

1. Establishment of the Rules for
Granting of Post-Delivery Type Stock
1. Amendments of the Terms andAgreements of the Shareholding
Association
5. Payment of contributions* Withdrawal of
the shareholdings

The Shareholding
Association
Participants'
shareholdings

4. Share allotment
6. Distribution and managementof the shareholdings

Mitsubishi UFJ Morgan Stanley
Securities Co., Ltd.

End