# EDGAR Filing Document

**Accession Number:** 0001836369
**File Stem:** 0001104659-23-006544
**Filing Date:** 2023-1
**Character Count:** 37374
**Document Hash:** a8e3353d1d792e569e64abb4a9be1ae9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-006544.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001104659-23-006544

**CONFORMED SUBMISSION TYPE**: SC 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medirom Healthcare Technologies Inc.
- **CENTRAL INDEX KEY:** 0001819704
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91972
- **FILM NUMBER:** 23552654

**BUSINESS ADDRESS:**
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 135-0091
- **BUSINESS PHONE:** 81-3-6721-7364

**MAIL ADDRESS:**
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 135-0091
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eguchi Kouji
- **CENTRAL INDEX KEY:** 0001836369

**FILING VALUES:**
- **FORM TYPE:** SC 13D

**MAIL ADDRESS:**
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 135-0091

**UNITED STATES** **<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13D**

**Under the Securities Exchange Act of 1934**

**(Amendment No.)\***

**MEDIROM Healthcare Technologies Inc.**

(Name of Issuer)

**Common Shares, no par value per share**

(Title of Class of Securities)

**58510H103\*\***

(CUSIP Number)

&nbsp;&nbsp; **Kouji Eguchi**<br> **c/o COZY LLC**<br> **3-5-1 Itabashi, Itabashi-ku**<br> **Tokyo, Japan**<br> **+81 (90) 1847-3740**<br>

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

**January 18, 2023**

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box. ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7(b) for other parties to whom copies are to be sent.

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

\*\* There is no CUSIP number assigned to the Common Shares of the Issuer. CUSIP number 58510H103 has been assigned to the American Depositary Shares ("<u>ADSs</u>") of the Issuer, which are listed on The NASDAQ Capital Market under the symbol "MRM." Each ADS represents one Common Share.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CUSIP No. 58510H103** | &nbsp;&nbsp;**SCHEDULE 13D** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;1 | &nbsp;&nbsp; NAME OF REPORTING PERSONS<br>Kouji Eguchi |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)<br>(a) ¨<br> (b) ¨ |
| 3 | SEC USE ONLY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp; SOURCE OF FUNDS (See Instructions)<br>PF |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ◻ |
| &nbsp;&nbsp;6 | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br>Japan |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;7 | &nbsp;&nbsp; SOLE VOTING POWER<br>2,034,960<sup>(1)(2)</sup> |
| &nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;8 | &nbsp;&nbsp; SHARED VOTING POWER<br>0 |
| &nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;9 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br>2,034,960<sup>(1)</sup> |
| &nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH | &nbsp;&nbsp;10 | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br>0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;11 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>2,034,960<sup>(1)</sup> |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨ |
| &nbsp;&nbsp;13 | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>41.7%<sup>(2)</sup> |
| &nbsp;&nbsp;14 | &nbsp;&nbsp; TYPE OF REPORTING PERSON (See Instructions)<br>IN |

---

<sup>(1)</sup> Represents (i) 1,884,960 Common Shares held directly by Mr. Eguchi, and (ii) an aggregate of 150,000 Common Shares that may be issued upon exercise of certain stock options held by Mr. Eguchi which are exercisable within 60 days from the date hereof.

<sup>(2)</sup> This percentage (i) is based on 4,882,500 Common Shares issued and outstanding as of June 30, 2022, as reported in the Issuer's interim report for the six months ended June 30, 2022 furnished by the Issuer with the U.S. Securities and Exchange Commission on a Report on Form 6-K filed with the U.S. Securities and Exchange Commission on December 27, 2022, and (ii) excludes 662,251 Common Shares issuable upon conversion of the certain convertible bonds held by Kufu Company, Inc., which are deemed to be outstanding and to be beneficially owned by the person holding the convertible bonds for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

**Item 1.** **Security and Issuer.**

This statement on Schedule 13D (this "<u>Statement</u>") relates to the Common Shares, no par value per share (the "<u>Common Shares</u>"), of MEDIROM Healthcare Technologies Inc., a joint stock corporation with limited liability organized under the laws of Japan (the "<u>Issuer</u>"), whose principal executive offices are located at 2-3-1 Daiba, Minato-ku, Tokyo 135-0091, Japan.

The Issuer's American Depositary Shares ("<u>ADSs</u>"), each representing one Common Share, are listed on The NASDAQ Capital Market under the symbol "MRM."

**Item 2.** **Identity and Background.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) This Statement is being filed by Mr. Kouji Eguchi (the " <u>Reporting Person</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal business address of the Reporting Person is 3-5-1 Itabashi, Itabashi-ku, Tokyo, Japan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Reporting Person is the Chief Executive Officer and controlling shareholder of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).

&nbsp;&nbsp;&nbsp;&nbsp;(e) During the last five years, the Reporting Person was not a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Reporting Person is a citizen of Japan.

**Item 3.** **Source and Amount of Funds or Other Consideration.**

The Reporting Person is currently deemed to beneficially own an aggregate of 2,034,960 Common Shares, consisting of (i) 1,884,960 Common Shares held directly by the Reporting Person, and (ii) an aggregate of 150,000 Common Shares that may be issued upon exercise of certain stock options held by the Reporting Person which are exercisable within 60 days from the date hereof. For more information regarding the foregoing, please see the statement on Schedule 13G filed by the Reporting Person with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on January 15, 2021, pursuant to Rule 13d-1(d) promulgated under the Securities Exchange Act of 1934, as amended, in connection with the initial public offering of the ADSs representing Common Shares by the Issuer. The Reporting Person has acquired the Common Shares as the founder of the Issuer and in connection with his service as the Chief Executive Officer of the Issuer.

This Statement is being filed in connection with the potential acquisition of Common Shares by the Reporting Person pursuant to a Rule 10b5(c)(1) stock repurchase plan (the "<u>Rule 10b5-1 Plan</u>"). On January 18, 2023, COZY LLC ("<u>COZY</u>"), a limited liability company organized under the laws of Japan and an entity wholly-owned and controlled by the Reporting Person, entered into the Rule 10b5-1 Plan with a U.S. investment bank, pursuant to which the Reporting Person, through COZY, may purchase up to JPY50 million of the ADSs from time to time during the period commencing on February 13, 2023 and ending on March 31, 2023, subject to, among other factors, certain price, market, volume and timing constraints specified in the Rule 10b5-1 Plan.

There is no assurance that the Reporting Person will purchase any ADSs under the Rule 10b5-1 Plan at all, and no ADSs have been purchased by the Reporting Person under the Rule 10b5-1 Plan to date. All purchases of ADSs to be made under the Rule 10b5-1 Plan will be funded by cash on hand available to the Reporting Person.

**Item 4.** **Purpose of Transaction.**

The information set forth in Item 3 above is hereby incorporated by reference in this Item 4.

Except as described under Item 3 above, the Reporting Person does not have any present plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, the Reporting Person reserves the right to formulate in the future plans or proposals which may relate to or result in the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Depending on the factors discussed herein, the Reporting Person may, from time to time, acquire additional Common Shares and/or retain and/or sell all or a portion of the Common Shares held by the Reporting Person in the open market or in privately negotiated transactions, and/or may distribute the Common Shares held by the Reporting Person to other entities. Any actions the Reporting Person might undertake will be dependent upon the Reporting Person's review of numerous factors, including, among other things, the price levels of the ADSs representing the Common Shares, general market and economic conditions, ongoing evaluation of the Issuer's business, financial condition, operations and prospects, the relative attractiveness of alternative business and investment opportunities, investor's need for liquidity, and other future developments. Any future acquisitions of the Common Shares by the Reporting Person will be subject to the Issuer's policies, including its insider trading policy, as applicable.

**Item 5.** **Interest in Securities of the Issuer.**

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| | |
|:---|:---|
| (a) (b) | The responses of the Reporting Person to Rows (7) through (13) of the cover pages of this Statement are hereby incorporated by reference in this Item 5. As of the date hereof, the Reporting Person may be deemed the beneficial owners of an aggregate of 2,034,960 Common Shares, representing approximately 41.7% of the issued and outstanding Common Shares of the Issuer. |

---

For purposes of this Statement, the Reporting Person has assumed that the total number of the Issuer's issued and outstanding Common Shares is 4,882,500, as reported in the Issuer's interim report for the six months ended June 30, 2022 furnished by the Issuer with the SEC on a Report on Form 6-K filed with the SEC on December 27, 2022, and (ii) excludes 662,251 Common Shares issuable upon conversion of the certain convertible bonds held by Kufu Company, Inc., which are deemed to be outstanding and to be beneficially owned by the person holding the convertible bonds for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

The Reporting Person is also the holder of one Class A Share of the Issuer. The Issuer has one Class A Share issued and outstanding to date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as described above, the Reporting Person has
not effected any transactions in the Issuer's securities within the past 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;(d) None.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

**Item 6.** **Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.**

The information set forth in Items 3, 4 and 5 above is incorporated herein by reference.

*Rule 10b5-1 Plan*

On January 18, 2023, the Reporting Person entered into the Rule 10b5-1 Plan with a U.S. investment bank, pursuant to which the Reporting Person may purchase up to JPY50 million of the ADSs from time to time during the period commencing on February 13, 2023 and ending on March 31, 2023, subject to, among other factors, certain price, market, volume and timing constraints specified in the Rule 10b5-1 Plan.

The foregoing description of the Rule 10b5-1 Plan is qualified in its entirety by reference to the Rule 10b5-1 Plan, a form of which is filed as Exhibit 99.1 to this Statement and is incorporated herein by reference in its entirety.

There is no assurance that the Reporting Person will purchase any ADSs under the Rule 10b5-1 Plan at all, and no ADSs have been purchased by the Reporting Person under the Rule 10b5-1 Plan to date. All purchases of ADSs to be made under the Rule 10b5-1 Plan will be funded by cash on hand available to the Reporting Person.

**Item 7.** **Material to be Filed as Exhibits.**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm234310d1_ex99-1.htm) | [Form of Rule 10b5-1 Stock Repurchase Plan (Pursuant to Item 601(b)(10)(iv) of Regulation S-K, certain information contained in this exhibit has been omitted because such information is not material and is the type of information that we treat as private or confidential)](tm234310d1_ex99-1.htm) |

---

**SIGNATURES**

After reasonable inquiry and to the best of his or its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.

Date: January 25, 2023

---

| |
|:---|
| */s/ Kouji Eguchi*  |
| Kouji Eguchi |

---

## Exhibit 99.1

**Exhibit 99.1**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE SUCH INFORMATION (I) IS NOT MATERIAL, (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED, AND (III) IS THE TYPE OF INFORMATION THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.**

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**Rule 10b5-1 Purchase Plan and Client Representations**

I, COZY LLC, hereby establish this Purchase Plan (the "Plan") to purchase, commencing on the date specified below, American Depositary Shares (the "Shares") representing the common shares of MEDIROM HEALTHCARE TECHNOLOGIES INC. ("Issuer"), pursuant to the requirements of Rule 10b5-1 and Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). I request that Maxim Group LLC ("Maxim") execute the Plan as follows:

**1. <u>Purchase Instructions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** Starting on _________ and ending on _________ :

◻ purchase $________ Dollars' worth of MRM for a total of $__________ Dollars each month, on or about the first and sixteenth day of every month, or on the first trading day thereafter, provided the price per Share is at or below $____ on the principal exchange or market on which the Shares are traded (the "Exchange");

⌧ purchase Shares pursuant to the following table;

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| | | | |
|:---|:---|:---|:---|
|  <br> **Start Date** | <br> **End Date** | <br> **Share Quantity** | **Purchase Price**<br> **at or below "Limit"** |
| 02/13/2023 | 03/31/2023 | Not exceeding the lesser of (i) then applicable volume limitation pursuant to Rule 10b-18 of the Exchange Act, or (ii) JPY50,000,000 for the aggregate amount of total Shares purchased. | $[\*\*\*] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total:** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** Section Intentionally Blank

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**2. <u>Account Credit</u>**

In the event any scheduled purchase of Shares is not executed as provided for in Section 1 (or Section 3, if applicable) of the Plan, upon Maxim's knowledge of such event, Maxim will purchase Shares that should have been purchased as soon as reasonably practicable, and will credit my account as if such purchase had been executed as provided for in Section 1 (or Section 3, if applicable), if needed.

**3. <u>Suspension</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** If Maxim must suspend purchases allocated under the Plan, pursuant to Section 1 above, on a particular day for any of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** a day specified by the Plan is not a day on which the Shares
trade regular way on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** trading of the Shares on the Exchange is suspended for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** there is insufficient volume for any or all of the Shares at
or below the specified price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Maxim cannot effect a purchase of Shares due to legal, regulatory
or contractual restrictions applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** Maxim cannot effect a purchase of Shares due to legal, regulatory
or contractual restrictions applicable to me; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** Maxim is notified in writing by the Issuer that a purchase of
Shares should not be effected due to legal, regulatory, contractual restrictions or internal policies applicable to the Issuer or to
me;

then Maxim will resume purchases in accordance with the Plan as promptly as practicable after (a) the cessation or termination of such applicable legal, regulatory or contractual restriction or other event applicable to Maxim in the case of the occurrence of an event described in 3.1.4, (b) Maxim receives notice in writing from the Issuer that it may resume purchases in accordance with Section 1 of the Plan, in the case of the occurrence of an event described in 3.1.5 and 3.1.6 above or (c) Maxim determines, using its reasonable business judgement, that it may resume purchases in accordance with the Plan in the case of the occurrence of an event described in 3.1.1, 3.1.2, and 3.1.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Shares allocated under the Plan for purchase during the period when trading was suspended (check one of the following):

◻ will not be purchased

⌧ will be purchased as soon as possible once trading under the Plan resumes

◻ will be carried forward to be purchased with the next amount of Shares to be purchased in accordance with Section 1 of the Plan

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**4.**  **<u>Termination</u>** 

The Plan shall terminate on the earliest to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** the end date listed under Section 1.1 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** the completion of all purchases contemplated in Section 1 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** my or Maxim's reasonable determination that: (a) the Plan does not comply with Rule 10b5-1, Rule 10b-18 or other applicable securities laws; (b) I have not complied with the Plan, Rule 10b5-1 or other applicable securities laws; or (c) I have made misstatements in my representations or warranties in Section 8 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** receipt by Maxim of written notice from the Issuer or me of: (a) the commencement of a bankruptcy petition by the Issuer or me; (b) the public announcement of a merger, recapitalization, acquisition, tender or exchange offer, or other business combination or reorganization resulting in the exchange or conversion of the Shares of the Issuer into shares of a company other than the Issuer; or (c) the conversion of the Shares into rights to receive fixed amounts of cash or into debt securities and/or preferred stock (whether in whole or in part); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** receipt by Maxim of written notice of termination from me.

**5.**  **<u>Execution, Average Pricing and Pro Rata Allocation of Purchases</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** If my order to purchase Shares pursuant to the Plan, whether market or limit, is handled by a Maxim trading desk, my order shall be handled as "not held". A "not held" or "working order" permits a Maxim trader to use reasonable brokerage judgment, exercising price and time discretion, as to when to execute the order. This provision shall only apply to orders handled by a Maxim trading desk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Maxim may execute my order: (a) in a single transaction or multiple transactions during the course of the trading day, or (b) it may aggregate my order with other orders for other purchasers of the Issuer's securities that may or may not have been accepted pursuant to a Rule 10b5-1 purchase plan, execute them as a block or in multiple smaller transactions, and allocate an average price to each purchaser, *provided* that, such aggregation of smaller transactions or the block transaction must comply with all applicable requirements of Rule 10b-18 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** When orders are aggregated, Maxim shall allocate the shares purchased pro rata among the purchasers, based on the ratio of (x) the shares to be purchased and (y) the sum of all proceeds used to purchase shares, and Maxim will provide each purchaser an "average price confirmation" that identifies the amount of securities purchased for the applicable purchaser together with an average price for purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** In no event shall any member of Maxim's investment banking team who may be involved in a public offering of the Shares or other securities of the Issuer execute or be involved in the execution of my order.

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**6.**  **<u>Stock Splits/Reincorporation/Reorganizations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** In the event of a stock split or reverse stock split, the quantity and price at which the Shares are to be purchased will be adjusted proportionately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** In the event of a stock dividend or spin-off, the quantity and price at which the Shares are to be purchased will be adjusted as instructed by the Issuer. Any adjustment shall only become effective upon receipt by Maxim of written notice from Issuer as to the occurrence of the dividend or spin-off, as well as specific instructions as to the adjustment to the quantity and price at which Shares are to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** In the event of a reincorporation or other corporate reorganization resulting in an automatic share-for-share exchange of new shares of the Issuer for the Shares subject to the Plan, then the new shares will automatically replace the Shares originally specified in the Plan.

**7.**  **<u>Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** I agree to indemnify and hold harmless Maxim from and against all claims, losses, damages and liabilities arising out of inquiries and/or proceedings resulting from assertions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Plan or purchases made under the Plan do not comply with
Rule 10b5- 1 or with state securities laws or regulations prohibiting trading while in possession of material nonpublic information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maxim
 has not executed any purchases pursuant to the provisions of the Plan;

provided, however, in no event shall I indemnify or hold harmless Maxim, to the extent that any claims, losses, damages or liabilities are caused in whole or in part by the bad faith or willful misconduct of Maxim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** This indemnification will survive termination of the Plan.

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**8.**  **<u>Client Representations</u>** 

In consideration of Maxim accepting orders to buy securities under a written plan that I have established to meet the requirements of Rule 10b5-1 under the Exchange Act, I make the following representations, warranties and covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** I have established the Plan in good faith, in compliance with the requirements of Rule 10b5-1, and at a time when I was not in possession of material nonpublic information about the Issuer, whose securities are the subject of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** I have consulted with legal counsel and other advisors in connection with my decision to enter into the Plan and have confirmed that the Plan meets the criteria set forth in Rule 10b5-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** Except as provided in the Plan and while the Plan is in effect, I confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I will not engage in an offsetting or hedging transaction in
violation of Rule 10b5-1; particularly, I will not place any repurchase order or effect any purchase while I am, or any of
my members or managers is, in possession of material non-public information of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 agree to notify Maxim in advance of any sales or purchases of any of the Issuer's securities
 or any derivative transactions on the Issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** I understand that while my plan is in effect, I may not disclose to those executing my plan at Maxim any information concerning the Issuer that might influence Maxim's execution of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** Compliance with the Issuer's insider trading policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Plan does not violate the Issuer's insider trading
policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 have informed the Issuer of the existence and provisions of the Plan, and, if necessary under
 the Issuer's insider-trading policies, authorized representatives of the Issuer have
 approved the Plan and retained a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I hereby instruct Maxim to send duplicate copies of confirmations
of all transactions executed pursuant to the Plan to the Issuer, Attention: General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** Compliance with Rule 10b-18:

I understand and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all
 purchases of securities under the Plan will be in accordance with Rule 10b-18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no
 purchase is permitted until after the opening transaction and that no purchase can occur
 during the 30 minutes before the scheduled close of the primary trading session in the principal
 market for the Shares, and the 30 minutes before the scheduled close of the primary trading
 session in the market where the purchase is effected;

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the
 purchase amount, other than a block purchase, is limited daily to the higher of (i) 100
 Shares or (ii) 25% of the average daily trading volume during the four calendar weeks p receding
 the week in which the purchase is to be effected. Block purchases by the issuer must be subtracted
 in computing the average daily volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. no
 purchase may be made at a price higher than the highest independent bid or the last independent
 sale price, whichever is higher, quoted or reported in the consolidated system at the time
 the purchase is effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I agree to make or cause to be made all necessary filings, including
filings pursuant to Section 13 of the Exchange Act, and any other filings necessary pursuant to the Securities Act and/or the Exchange
Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I
 agree to inform Maxim as soon as possible of any subsequent restrictions imposed on me due
 to changes in the securities (or other) laws or of any contractual restrictions imposed by
 or on the Issuer, which would prevent Maxim or me from complying with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** Delivery requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 agree to have delivered into the custody of Maxim prior to the date of execution of any purchases
 specified under the Plan necessary funds to settle the intended purchases under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 agree that Maxim's obligation to execute purchases under the Plans is conditioned on
 the satisfaction of the foregoing delivery requirements.

**9.**  **<u>Modification</u>** 

The Plan may be modified or amended only upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the written agreement of myself and Maxim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the receipt by Maxim of written confirmation that I have signed
to the effect that the representations, warranties and covenants contained in my Client Representations, dated the date hereof, are true
as of the date of such written confirmation.

**10.**  **<u>Counterparts</u>** 

The Plan may be signed in counterparts, each of which will be an original.

**11.**  **<u>Entire Agreement</u>** 

The Plan and my Client Representations set forth herein together constitute the entire agreement between me and Maxim with respect to the subject matter hereof and supersede any prior agreements or understandings regarding the Plan.

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**12.**  **<u>Notices</u>** 

---

| |
|:---|
| All notices given by the parties under this Plan will be as follows: |
| If to Maxim: |
| Compliance Department |
| Maxim Group LLC |
| 300 Park Avenue, 16th Floor |
| New York, NY 10022 |
| If to me: |
| Cozy LLC |

---

<u>3-5-1 Itabashi, Itabashi-ku, Tokyo </u> <br> <u>JAPAN</u>

**13.**  **<u>Officer & Director Equity Service</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** I authorize Maxim to transmit transaction information via fax and/or email for open window transactions and transactions under the Plan (sales and purchases) to:

---

| | |
|:---|:---|
| Name: | Name:  |
| Title: | Title: |
| Organization:  | Organization: |
| Fax: | Fax: |
| Tel.: | Tel.: |
| e-mail: | e-mail: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** Reasonable efforts will be made to transmit transaction information for open market transactions under the Plan (purchase or sale) by the close of business on the day of the purchase or sale, but no later than the close of business on the first trading day following the purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** I acknowledge that Maxim has no obligation to confirm receipt of any email or faxed information by the designated contact. If any of the above contact information changes, or I would like to terminate this authorization, I will promptly notify Maxim in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** I further authorize Maxim to transmit transaction information to a third party service provider who will make the information available to my designated representative(s) listed above.

---

| | |
|:---|:---|
| Issuer Name: | MEDIROM Healthcare Technologies Inc. |
| Client Name: | COZY LLC |
| Symbol: | MRM |
| Start Date: | February 13, 2023 |
| End Date: | March 31, 2023 |

---

**14.**  **<u>Governing Law</u>** 

This Plan will be governed by and construed in accordance with the internal laws of the State of New York.

---

| | |
|:---|:---|
| COZY LLC | COZY LLC |
| By: |  |
| Name: | Kouji Eguchi |
| Title: | Managing Member |
| Date: | Date: |

---

Acknowledged and Agreed this _____ day of

January, 2023:

---

| | |
|:---|:---|
| Maxim Group LLC | Maxim Group LLC |
| By: |  |
| Name: | John Sergio |
| Title: | COO |

---

**Annex A –Issuer Certificate**

**This Annex A may not be amended except in accordance with the Plan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Issuer certifies that it has approved, and retained a copy of, the Purchase Plan relating to the Shares (the "Plan") between COZY LLC ("Purchaser") and Maxim Group LLC ("Maxim") relating to the American Depositary Shares (the "Shares") representing the common shares of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Plan is consistent with Issuer's insider trading policies, and, to the best of Issuer's knowledge, there are no legal, contractual or regulatory restrictions applicable to Purchaser as of the date of this representation that would prohibit Purchaser from entering into the Plan or affecting any purchase of Shares pursuant to the Plan.

Dated:

By:   <br> Fumitoshi Fujiwara <br> Chief Financial Officer