# EDGAR Filing Document

**Accession Number:** 0001819704
**File Stem:** 0001104659-25-086400
**Filing Date:** 2025-9
**Character Count:** 65881
**Document Hash:** ddb94383adcd365920d62a7be0179b88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-086400.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001104659-25-086400

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medirom Healthcare Technologies Inc.
- **CENTRAL INDEX KEY:** 0001819704
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PERSONAL SERVICES [7200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91972
- **FILM NUMBER:** 251285912

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **BUSINESS PHONE:** 81-3-6721-7364

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0
**FILED BY**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2-3-1 DAIBA, MINATO-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

The undersigned hereby agree that the Statement on Schedule 13D, dated September 2, 2025, with respect to the common shares of MEDIROM Healthcare Technologies Inc. is filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. Each of the undersigned agrees to be responsible for the timely filing of this Statement, and for the completeness and accuracy of the information concerning itself contained therein. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of September 2, 2025.

---

| | |
|:---|:---|
| **Kouji Eguchi** | **Kouji Eguchi** |
| /s/ Kouji Eguchi | /s/ Kouji Eguchi |
| **COZY LLC** | **COZY LLC** |
| By: | /s/ Kouji Eguchi |
| Name: | Kouji Eguchi |
| Title: | Managing Member |

---

## Exhibit 99.2

**Exhibit 99.2**

CERTAIN PERSONALLY IDENTIFIABLE INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF REDACTING A PORTION OF THE TEXT AND REPLACING IT WITH [\*\*\*].

[English Translation]

8th Series Stock Option Allotment Agreement

In accordance with the resolutions of the special meeting of shareholders and the meeting of the class A shareholder held on August 31, 2020 and the meeting of the board of directors held on October 2, 2020 (the "Resolutions"), this Stock Option Allotment Agreement (this "Agreement") has been entered into between MEDIROM Healthcare Technologies Inc. (the "Company") and Kouji Eguchi (the "Grantee") as follows:

Article 1 (Descriptions of Stock Options)

The terms and conditions of the stock options to be allotted by the Company to the Grantee in accordance with the Resolutions (the "Stock Options") shall be as stated in Exhibit 1, "Descriptions of Grant of Stock Options", and Exhibit 2, "Terms and Conditions for Grant of Stock Options".

Article 2 (Procedure for Acquisition of Stock Options)

1. The Company has notified the Grantee of Exhibit 1, "Descriptions of Grant of Stock Options",
and Exhibit 2, "Terms and Conditions for Grant of Stock Options", and the Grantee has submitted an application form to
the Company for the acceptance of the terms and conditions thereof.

2. The Grantee shall pay the total amount for the grant stated in Exhibit 1, "Descriptions of Grant
of Stock Options", within the period between October 15, 2020, the execution date hereof, and October 30, 2020 by wire
transfer to the Company's designated bank account. The Grantee shall be responsible for any wire transfer fee.

3. Upon arrival of the wired funds in the Company's designated bank account as stated in the preceding
paragraph, the grant and acquisition of the Stock Options shall take effect.

4. If the wire transfer stated in Paragraph 2 is not completed within the period stated therein, the Stock
Options shall not be granted to the Grantee and this Agreement shall be terminated as a matter of course.

Article 3 (Restrictions on Exercise)

In addition to the items stated in the other provisions hereof and Exhibit 2, "Terms and Conditions for Grant of Stock Options", the Grantee's exercise of the Stock Options shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares acquired by exercise of the Stock Options shall be maintained in a brokerage account in the name
of the Grantee opened at the securities company designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Grantee may exercise the Stock Options subject to the following unit requirement and other conditions:

The amount exercisable shall be 500 per unit, and for the Grantee to exercise two or more units, such number of units must be a whole number. In case where there is a fractional number of units due to the number of stock options being less than 500, such fraction shall be deemed as one (1) unit.

Article 4 (Method of Exercise)

1. If the Grantee wishes to exercise the Stock Options, the Grantee shall submit to the Company an application
for exercise in the form prescribed by the Company and wire the amount to the bank account designated by the Company within the exercise
period stated in Exhibit 2, "Terms and Conditions for Grant of Stock Options" (the "Exercise Period"). The
Grantee shall be responsible for any wire transfer fee.

2. If the Grantee wishes to exercise in the manner stated in the preceding paragraph, the Grantee shall open
a brokerage account in the name of the Grantee at a securities company designated by the Company.

3. Upon confirming that the procedure stated in Paragraph 1 has been carried out, the Company shall deliver
the shares to the Grantee by transferring those shares to the account in the name of the Grantee opened at the securities company in accordance
with the preceding paragraph.

4. The Grantee shall not cancel the exercise after the procedure in the preceding paragraph has been initiated.

5. The exercise of the Stock Options shall take effect at the time when the application for exercise set
forth in Paragraph 1 that meets the applicable requirements has arrived at the Company and the full amount of the funds set forth in Paragraph
1 has been transferred to the bank account designated by the Company.

6. The Company and the Grantee mutually confirm that delivery of shares in connection with exercise of the
Stock Options will be implemented to the extent not contrary to the matters, which were resolved for such delivery, set forth in Paragraph
1 of Article 238 of the Companies Act.

Article 5 (Certificate of Stock Options)

The Company shall not issue or deliver any certificate of the Stock Options to the Grantee, and the grant and allotment of the Stock Options shall be evidenced by the existence of this Agreement and the wire transfer of the full amount of the funds stated in Exhibit 1, "Descriptions of Grant of Stock Options".

Article 6 (Disqualification of Rights)

If the Grantee falls within any of the following items, irrespective of whether such event occurred during the Exercise Period set forth herein, the Grantee shall immediately forfeit all rights with respect to the Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Grantee is sentenced to a term of imprisonment or a more severe criminal penalty.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Grantee is dismissed or terminated by disciplinary action by decision of the Company's internal
organization.

&nbsp;&nbsp;&nbsp;&nbsp;(3) If ten (10) business days elapse after the date he or she resigns or leaves the company for his or
her voluntary reasons (except for the case where the Company's board of directors resolves not to forfeit the Stock Options)

&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Grantee assumes the role of an officer or employee of a company that competes with the Company
(except for the case where the Company gives prior approval in writing)

&nbsp;&nbsp;&nbsp;&nbsp;(5) If the Grantee dies and no inheritance procedure stated in Item (3) of Paragraph 1 of Article 7
is taken

&nbsp;&nbsp;&nbsp;&nbsp;(6) If the Grantee violates laws, the Company's internal rules, or this Agreement, and the Company's
board of directors resolves to forfeit the right

&nbsp;&nbsp;&nbsp;&nbsp;(7) If the Grantee or his or her Successor (defined in Paragraph 1 of Article 7) offers to waive all
or part of the Stock Options in writing prescribed by the Company, and the Company accepts the offer.

Article 7 (Inheritance)

1. Only if the Grantee dies and the Stock Options are inherited and solely belong to one of the spouse and
first-degree relatives among Grantee's legal heirs (excluding those who fall within Item (1) of the preceding article. The
same shall apply hereinafter) (the "Successor"), the Successor may exercise the Stock Options in accordance with this Agreement.
In case of exercise by the Successor, the term "Grantee" herein shall be replaced with and read as "Successor". However,
notwithstanding Item (2) of Article 3 and Paragraph 1 of Article 4, exercise by the Successor shall be subject to the following
conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Successor shall complete the inheritance procedure prescribed by the Company within 9 months after
the commencement of the inheritance and before the last day of the Exercise Period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provision of Item (2) of Article 3, the Successor may only exercise the
Stock Options in a lump sum within the Exercise Period and three months from the completion of the inheritance procedure prescribed by
the Company.

2. If the Successor dies, heirs of such Successor shall no longer be able to exercise the Stock Options.

Article 8 (Change of Contact Information, etc.)

1. If there is any change in the last or first name, residential address, telephone number, e-mail address,
and the like (hereinafter collectively referred to as "Contact Information") stated in Exhibit 1, "Descriptions of
Grant of Stock Options", during the period between the execution of this Agreement and the last day of the Exercise Period, or if
there is a long international or domestic trip, business trip, or the like the duration of which is more than one month (hereinafter collectively
referred to as "Business Trip, Etc."), the Grantee shall promptly notify the Company of the changed Contact Information or destination
of the Business Trip, etc. ("Trip Destination")

2. If the Grantee fails to provide the notification set forth in the preceding paragraph, the Company may
provide necessary matters to Grantee's former Contact Information (or Trip Destination in the case Business Trip, Etc., that has
been reported. The same applies hereinafter.), and the Company shall not be liable for any damages incurred to the Grantee in that case.

Article 9 (Prohibition of Disposition of Rights)

1. The Grantee and the Successor may not transfer, create a security interest in or pledge, or dispose of
in any manner the Stock Options to any third party.

Article 10 (Method of Manifestation of Intent and Notice)

1. Manifestation of intent and notice by the Company to the Grantee ("Notice, Etc.") shall be made
in any manner prescribed by the Company, and the Grantee acknowledges such fact.

2. Notice, Etc. shall be given to the Contact Information of the Grantee, and in principle, such Notice,
Etc. shall become effective on the date MEIDROM dispatched such Notice, Etc..

Article 11 (Handling of Personal Information)

1. The Company may use Grantee's personal information acquired from the Grantee to prepare and manage
the register of the Stock Options stipulated in the Companies Act, to produce documents and reports prepared in accordance with relevant
laws and regulations, and perform all matters related to the management and administrative processing of the Stock Options, including
administrative procedures related to exercises by the Grantee (hereinafter collectively referred to as the "Relevant Administrative
Process").

2. The Grantee agrees in advance that the Relevant Administrative Process may be outsourced to securities
companies, transfer agents, and the like (hereinafter collectively referred to as the "Contractors"), that Grantee's personal
information held by the Company may be provided to the Contractors for the purpose of Contractors' performing the Relevant Administrative
Process, and that the Contractors may use such information.

Article 12 (Establishment of Detailed Rules)

1. To establish a detailed practice concerning this Agreement, the Company may establish "Detailed
Rules on Stock Option Allotment Agreement" (the "Rules") as internal rules of the Company and may amend or
abolish them.

2. If the Company establishes, amends, or abolishes the Rules, the Company shall promptly notify the Grantee
thereof.

3. The notification set forth in the preceding paragraph shall be made to the Contact Information of the
Grantee.

4. The Grantee may peruse the Rules and the Company shall cooperate accordingly.

Article 13 (Amendment to the Agreement)

1. If the Company considers any of the provisions of this Agreement as illegal or inappropriate due to any
amendment to relevant laws or regulations, the Company shall notify the Grantee and may amend or abolish any articles as required by following
the procedures specified in the following paragraphs.

2. The amendment or abolition under the preceding paragraph may be made by consent of the Company and the
Grantee, and by a resolution of the Company's board of directors.

3. After the amendment and abolition procedure set forth in the preceding paragraph, the Company and the
Grantee shall promptly execute an amendment agreement.

Article 14 (Tax Processing)

The Grantee shall pay, at his or her own expense and responsibility, income tax and any other taxes and duties imposed in connection with the allotment of the Stock Options, exercise, and sale of shares of the Company acquired upon exercise.

Article 15 (Confidentiality)

1. The Company and the Grantee shall not disclose the fact of the execution of this Agreement, the contents
of this Agreement, or any confidential matters of the other party that have been acquired in connection with this Agreement ("Confidential
Information") without the other party's written consent.

2. The Company and the Grantee shall not disclose or divulge the Confidential Information to any person other
than their own officers and employees who need to know such confidential matters to perform this Agreement ("Employees") and
shall cause the Employees to enter into confidentiality obligations equivalent to the provisions hereof during the period of their office
and employment and even after they leave.

3. The Company and the Grantee shall cause any third parties involved in performance of this Agreement to
enter into confidentiality obligations equivalent to the provisions in Paragraph 1 and the preceding paragraph.

4. Business information that falls within one of the following categories shall not be included in the Confidential
Information as defined in Paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information held prior to being provided by the other party;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Information that has entered the public domain for reasons not attributable to oneself;

&nbsp;&nbsp;&nbsp;&nbsp;(3) Information legitimately obtained from a third party;

&nbsp;&nbsp;&nbsp;&nbsp;(4) Information that was publicly known before it was provided by the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) Information developed independently by the party receiving information.

5. If the Company or the Grantee is requested to disclose Confidential Information by a competent authority,
securities exchange or laws and regulations, and cannot reject such request in a lawful and reasonable manner, the provision in Paragraph
1 shall not apply. If permitted by law, the party requested to do so shall notify the other party in writing of that to the extent permitted,
as soon as possible after becoming aware of the possibility of such disclosure. The timing, scope, and manner of disclosure shall be discussed
with the other party, and the party may only make disclosure in the above circumstances only if it takes requests of the other party into
consideration.

Article 16 (Governing Law, Jurisdiction)

This Agreement shall be governed by the laws of Japan, and the Tokyo District Court shall have exclusive jurisdiction of the first instance over all disputes arising out of or in connection with this Agreement.

Article 17 (Matters Not Stipulated)

The Company and the Grantee shall consult with each other in good faith with respect to matters not stipulated in this Agreement and the Rules, and settle those matters amicably, and the Grantee shall respect the Company's decision.

IN WITNESS WHEREOF, two copies of this Agreement have been prepared, and after affixing its name and seal of the Company and the Grantee, each party retains one copy.

October 15, 2020

Company:

MEDIROM Healthcare Technologies Inc.

2-3-1 Daiba, Minato-ku, Tokyo

Kouji Eguchi, CEO

Grantee:

Kouji Eguchi

[\*\*\*]

Exhibit 1, "Descriptions of Grant of Stock Options"

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| | |
|:---|:---|
| Address of Grantee: | [\*\*\*] |
| Name of Grantee: | Kouji Eguchi |
| Phone Number： | [\*\*\*] |
| Email Address: | [\*\*\*] |

---

---

| | |
|:---|:---|
| Number of Options Granted： | 150000 |
| Grant Price： | JPY 1 per option |
| Total Grant Amount： | JPY 150,000 |
| Payment Term： | From October 15, 2020, to October 30, 2020 |

---

Company's Designated Bank Account： [\*\*\*]

Exhibit 2 "Terms and Conditions for Grant of Stock Options"

Terms of 8th Series Stock Options

I. Method of allotment of stock options and persons to be allotted

The Stock Options will be allotted to Kouji Eguchi, CEO of the Company.

II. Descriptions and the maximum of the number of the Stock Options determinable in accordance with the resolution of the meeting of shareholders

1. Number of Stock Options

150,000

2. Consideration for Stock Options

The issue price per stock option shall be JPY 1. Such amount was obtained from the option pricing of a third-party valuation firm using the Black-Scholes model, which is a general option pricing calculation model.

3. Grant Date

October 30, 2020

4. Description of Stock Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class and number or method for calculating the number of shares to be issued upon the exercise of stock options 150,000 shares of the Company's common stock. One (1) share will be issued for each stock option.

If the Company conducts a stock split or reverse stock split, the number of shares to be issued per stock option shall be adjusted in accordance with the following formula, provided that such adjustment shall be made to the number of shares of the stock options unexercised at the time of such adjustment, and any fraction of less than one share arising as a result of such adjustment shall be rounded down:

Number of shares after adjustment = Number of shares before adjustment X Ratio of split or reverse split

Additionally, in the event that the Company conducts a merger, share exchange, or share transfer (collectively, "**Merger, Etc.**"), gratis allotment of shares, or that there is any necessity to otherwise adjust the number of shares, the number of shares may be adjusted to a reasonable extent after considering the conditions of the Merger, Etc. or gratis allotment of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Value of assets to be contributed upon the exercise of the Stock Options

The value of assets to be contributed upon the exercise of the stock options shall be the amount to be paid-in per share upon the exercise of the stock options (the "**Exercise Price**") multiplied by the number of shares to be issued upon the exercise of each stock option, and the Exercise Price shall be JPY 2,000. If the Company conducts stock split or reverse stock split, the foregoing Exercise Price shall be adjusted in accordance with the following formula based on the ratio of the stock split or reverse stock split, and any fraction less than one (1) Japanese yen arising as a result of such adjustment shall be rounded up:

Exercise Price after adjustment = Exercise Price before adjustment X <u>1 </u> <br> Ratio of split or<br> reverse split

If the Company will be issuing new common stock or disposing of treasury shares (excluding the sale of treasury shares or the conversion or exercise of securities that will or can be converted into the Company's common stock, or stock options for the issuance of the Company's common stock (including those attached to convertible bonds) pursuant to the provisions of Article 194 (which is the provision concerning demand for sale of less than one unit of shares made by a holder holding less than one unit of shares) of the Companies Act) at a price below the Exercise Price set forth in this paragraph (provided that if the adjustment under this paragraph has already been made, the amount after the adjustment shall apply; same shall apply hereinafter in this paragraph), the foregoing Exercise Price shall be adjusted in accordance with the following formula, and any fraction less than one (1) Japanese yen arising as a result of such adjustment shall be rounded up:

Exercise Price after adjustment =

---

| |
|:---|
| Number of shares already issued X Exercise Price before adjustment + Number of shares newly issued X Amount paid in per share |
| Number of shares already issued+Number of shares newly issued |

---

"Number of shares already issued" in the formula above shall be the total number of issued shares of the Company's common stock less the treasury shares of the Company's common stock, and if the treasury shares of the Company's common stock will be disposed of, "Number of shares newly issued" shall be replaced with "Number of treasury shares to be disposed". In addition, in the event that the Company conducts a Merger, Etc., gratis allotment of shares, or there is any necessity to otherwise adjust the foregoing Exercise Price, the Exercise Price may be adjusted to a reasonable extent after considering conditions of the Merger, Etc. or gratis allotment of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Exercisable period

The exercise period shall be from October 1, 2021 to September 30, 2026. If the start date of the exercise period falls on a holiday of the Company, the start date shall be the next business day, and if the end date of the exercise period falls on a holiday of the Company, the end date shall be the previous business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Matters regarding registered paid-in capital and capital reserve in case of issuance of shares upon exercise of stock options

The amount of registered paid-in capital to be increased in the event of the issuance of shares upon the exercise of the stock options shall be the maximum amount of increase in paid-in capital, etc. calculated in accordance with Article 17 of the Corporate Calculation Regulations multiplied by 0.5, with any fraction of less than one (1) Japanese yen resulting from the calculation being rounded up to the nearest one (1) Japanese yen. The amount of capital reserve to be increased shall be the amount obtained by subtracting the amount of stated capital to be increased from the maximum amount of increase in paid-in capital, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No Assignment, Inheritance, Pledge, or Deposit

The stock options may not be assigned or transferred to any other person, whether with or without consideration, or by gift inheritance, seizure or any other legal procedure. The establishment of a security interest in the stock options and the establishment, management or exercise of the rights to others through trusts or other methods shall not be permitted. In the event of any transfer, creation of security interest or deposit without the approval of the board of directors, such stock options shall be extinguished in accordance with Article 287 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Conditions for the exercise of stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The stock option holder(s) must be a director, corporate auditor, or employee of the Company or its related company at the time
the option is exercised. However, this shall not apply to directors and corporate auditors who retire due to expiration of their terms
of office, and employees who retire due to mandatory retirement age or company reasons (except in the case of dismissal or termination
by disciplinary action). The foregoing shall not apply in cases where the Company's board of directors determines that there is
good cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Company adopts a share unit system by amending its Articles of Incorporation, a stock option cannot be exercised for the amount
less than one unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other conditions for exercise shall be as set forth in the "Stock Option Allotment Agreement" to be executed between the
Company and the holders of stock options in accordance with the resolutions of the meetings of shareholders and the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reasons for which the Company can acquire stock options and the conditions for such acquisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a stock option holder no longer meets conditions for exercise of stock options set forth in Item (6), "Conditions for the
exercise of stock options", the Company may acquire such stock options at no cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a proposal for the approval of a merger agreement under which the Company will be dissolved is approved at the Company's
general meeting of shareholders or a proposal for the approval of a share exchange agreement or share transfer plan under which the Company
will become a wholly-owned subsidiary is approved at the Company's general meeting of shareholders, the Company may acquire such
stock options at no cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Handling of stock options in the event of organizational restructuring

In the event that the Company conducts organizational restructuring and stipulates, in a statutory contract, plan, or the like prepared for such restructuring, that stock options of a joint-stock corporation stated in the following items will be delivered, stock options of such joint-stock corporation set forth in the following items shall be delivered in accordance with the ratio of such reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Merger (limited to case where the Company is to be dissolved)

Joint-stock corporation surviving after the merger or the joint-stock corporation to be established as a result of the merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Absorption-type demerger

Joint-stock corporation that succeeds all or part of the rights and obligations held by a joint-stock corporation to be demerged in an absorption-type demerger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Incorporation-type demerger

Newly established joint-stock corporation in incorporation-type demerger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Share exchange

Joint-stock corporation that acquires all of the issued shares of a joint-stock corporation that conducts a share exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Share transfer

Joint-stock corporation to be incorporated through a share transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Round down of fractions arising upon exercise of stock options

Any fraction of less than one share in the number of shares to be issued to holders of stock options who exercised their options shall be rounded down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Other matters concerning stock options

Any other matters concerning the stock options shall be determined, together with other terms, by a meeting of the board of directors.

## Exhibit 99.3

**Exhibit 99.3**

CERTAIN PERSONALLY IDENTIFIABLE INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF REDACTING A PORTION OF THE TEXT AND REPLACING IT WITH [\*\*\*].

[English Translation]

11th Series Stock Option Allotment Agreement

This Stock Option Allotment Agreement (this "**Agreement**") is entered into between MEDIROM Healthcare Technologies Inc. (the "**Company**") and the undersigned stock option holder (the "**Holder**"), in accordance with the resolution at the meeting of the board of directors held on June 26, 2025, as follows:

Article 1 (Purpose)

The purpose of this Agreement is to set forth the terms and conditions for the allotment to the Holder of the Company's 11th series stock options (the "**SO**") issued for the purpose of enhancing the Holder's motivation and morale toward improving the Company's performance.

Article 2 (Terms of the SOs)

1. Except otherwise provided in this Agreement, the terms of the SOs shall be as set forth in the attached
"Terms and Conditions of Issue of MEDIROM Healthcare Technologies Inc. 11th Series Stock Options" (the "**Terms of Issue** ").

2. This SO is being issued under the Company's 2024 Equity Incentive Compensation Plan (the "**Plan** ")
and the terms of the Plan are incorporated into, and form part of, this Agreement. To the extent of any conflict between the terms of
this Agreement or the Plan, on the one hand, and the Terms of Issue, on the other hand, the Holder agrees to cooperate with the Company
and take such actions as are reasonably requested by the Company to give effect to this Agreement and the Plan (including amending this
Agreement for consistency with the Plan if requested by the Company).

Article 3 (Number of SOs, etc.)

1. The number of SOs to be allotted to the Holder shall be 36,500 units.

2. Each SO shall be exercisable for one share of the Company's common stock (each, a "**Common Share** ").

3. The Holder shall subscribe for all of the SOs to be allotted.

4. On or before the date of the payment in exchange for the SOs (specified in Section 8 of the Terms
of Issue), the Holder shall pay, into the bank account designated by the Company, an amount equal to the issue price per SO multiplied
by the number of SOs set forth in paragraph 1 above.

Article 4 (Exercise Restrictions and Method)

1. The Holder may exercise all or part of the allotted SOs, provided that the exercise shall be made in whole-number
units of one (1) SO.

2. During the exercise period specified in Section 3(3) of the Terms of Issue (the "**Exercise Period** "), the Holder shall not abandon all or part of the SOs the Holder holds without the Company's consent.

3. To exercise a SO, the Holder shall pay the exercise price (specified in Section 3(2) of the
Terms of Issue) into the bank account designated by the Company and submit the exercise request form and other documents prescribed by
the Company.

4. Under no circumstances shall any SO be exercisable if such exercise would cause the Company to issue a
number of Common Shares under the Plan that would exceed the number of Shares reserved and available for delivery under the Plan pursuant
to Section 4.1 of the Plan.

Article 5 (Forfeiture of Rights)

Even within the Exercise Period, the Holder shall immediately forfeit his or her right to exercise the SOs upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Holder is sentenced to imprisonment without work or a more severe criminal penalty;

&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Holder violates the Company's or any of its affiliates' working rules or other
internal regulations, or commits a breach of trust against society, the Company or any of its affiliates, and as a result, is dismissed
for cause or resigns;

&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Holder quits or resigns and twelve (12) months have elapsed since the termination date (except
where the board of directors has resolved in advance that the right is not forfeited), or in the case the Holder is an external collaborator,
if the relevant contractual relationship ends and twelve (12) months have elapsed since the termination date (except where the board of
directors has resolved in advance that the right is not forfeited);

&nbsp;&nbsp;&nbsp;&nbsp;(4) If, without an order of the Company or its affiliates or without their prior written consent, the Holder
becomes an officer, executive officer, advisor or employee of any entity other than the Company or its affiliates, provided that this
item does not apply to external collaborators;

&nbsp;&nbsp;&nbsp;&nbsp;(5) If the Holder causes or is likely to cause damage to the Company or its affiliates, or if the board of
directors determines that allowing exercise would be inappropriate in light of the purpose of granting the SOs;

&nbsp;&nbsp;&nbsp;&nbsp;(6) If the Holder, with the consent of the Company or its affiliates, files the prescribed written waiver
to forfeit all or part of the SOs; or

&nbsp;&nbsp;&nbsp;&nbsp;(7) Any other circumstances set forth in the Plan under which the SOs will be terminated or forfeited or may
no longer be exercised.

Article 6 (Inheritance of the SOs)

1. If the Holder dies after the commencement of the Exercise Period of the SOs, and as of that time, the
conditions set forth in Section 3(6) of the Terms of Issue are satisfied, the Holder's heirs may, only within twelve (12) months
after the commencement of inheritance, exercise such SOs in accordance with the procedures set forth in this article. In that case, every
reference to the "Holder" in Articles 4, 7 through 12, and 14 shall be read as "Successor" as defined in paragraph
2(3) of this Article 6, and those provisions shall apply to the Successor. A single SO may not be divided and inherited in parts.
If the Holder dies before the commencement of the Exercise Period, the heirs may not exercise the SOs, nor may the SO be re-inherited
upon the death of a Successor.

2. In the circumstances described in the preceding paragraph, all of the Holder's heirs shall, jointly and
promptly after the commencement of inheritance, submit to the Company, in the form prescribed by the Company, a notice containing the
following matters, together with the deed of partition of inheritance and any other documents prescribed by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The date on which inheritance commenced;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The contents of, and the date of execution of, the deed of partition of inheritance relating to the SOs;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The address and name of the heirs who succeeded to the SO (the "**Successors** ");

&nbsp;&nbsp;&nbsp;&nbsp;(4) The address and name of the representative of the Successors; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) Any other matters prescribed by the Company.

3. All Successors shall exercise the SOs and any other rights under this Agreement jointly through the representative
specified in item (4) of the preceding paragraph (the "**Successor Representative** "). The Successor Representative
shall have the authority to act on behalf of all Successors with respect to any and all matters concerning this Agreement, including the
exercise or waiver of the SOs.

4. The Successors may exercise the SOs only once and only jointly.

5. The Successors shall be jointly and severally liable for payment of the exercise price and for the performance
of all other obligations of the Holder under this Agreement.

6. If, during the Exercise Period, any change occurs in the matters specified in items (3) through (5) of
paragraph 2 of this Article 6, the Successors shall promptly notify the Company thereof in the form prescribed by the Company.

Article 7 (Change of Registered Information)

1. If, after execution of this Agreement and until the last day of the Exercise Period, the Holder changes
his or her name, address, telephone number, e-mail address or any other contact information (collectively, "**Contact Details** "),
or plans any domestic or overseas trip or assignment exceeding one (1) month ()"**Long-Term Absence** "), the Holder
shall promptly notify the Company of the new Contact Details or, in the case of a Long-Term Absence, the destination.

2. If the Holder fails to make such notification, the Company may send required notices to the Holder's
former Contact Details (or, if a Long-Term Absence has been notified, to the destination), and the Company shall bear no liability for
any disadvantage or loss thereby incurred by the Holder.

Article 8 (Prohibition of Assignment of Rights)

Notwithstanding Section 3(5) of the Terms of Issue, the Holder may not assign, pledge or otherwise dispose of any SO except in cases of inheritance pursuant to Article 6 of this Agreement.

Article 9 (Non-Issuance of Certificates)

1. Except as otherwise determined by the Company, the Company shall not issue any certificate representing
the SOs.

2. The Holder shall not request the Company to issue such certificates.

Article 10 (Disclaimer of the Company)

1. After completion of the exercise procedures for the Holder's SOs, the Company shall not be liable
for any damage or loss suffered by the Holder due to any delay in the issuance of new shares or disposition of treasury shares caused
by the negligence of the Company or any other party involved therein.

2. If so requested by the Holder, the Company shall endeavor, after the exercise of the SOs, to issue American
Depositary Shares that represent the Company's common shares ()"**ADSs** "). However, due to restrictions under U.S.
law and/or those imposed by the depositary bank, the Company does not guarantee that ADSs will be issued at the time or on the terms desired
by the Holder. The Company shall bear no liability for any failure to issue ADSs in accordance with the Holder's expectations.

Article 11 (Compliance with Laws and Regulations)

The Holder shall comply with the Companies Act, the Financial Instruments and Exchange Act and all other applicable laws and regulations, as well as all internal rules of the Company, in relation to the exercise of the SOs and any sale of shares acquired upon such exercise.

Article 12 (Taxes and Expenses)

All public charges, taxes and any other expenses arising in connection with the exercise of the SOs and any sale or other disposition of shares obtained upon exercise shall be borne by the Holder.

Article 13 (Amendment to the Agreement)

1. The Company may amend this Agreement to the extent permitted by law by following the procedures required
under applicable laws and the Company's internal rules. Amendments to the Plan in accordance with the Plan shall also amend this
Agreement to the extent such amendments are applicable to this Agreement.

2. Notwithstanding the preceding paragraph, the Company may from time to time amend the detailed terms relating
to the exercise of the SOs.

Article 14 (Governing Law and Dispute Resolution)

This Agreement shall be governed by and construed in accordance with the law of Japan. Any dispute arising in connection herewith shall be resolved through good-faith consultation between the Company and the Holder; provided, however, that if litigation becomes necessary, the Tokyo District Court shall have exclusive jurisdiction as the court of first instance.

Article 15 (Japanese Language Governs)

This Agreement is executed in the Japanese language. If this Agreement is translated into any other language, the Japanese language version shall control and prevail in the event of any discrepancies, inconsistencies, or conflicts between the Japanese version and any translation. Any such translations are provided for convenience only and shall have no legal effect.

IN WITNESS WHEREOF, one (1) original of this Agreement has been prepared. The Company shall retain the original, and the Holder shall retain a copy thereof.

July 7, 2025

Company:

2-3-1 Daiba, Minato-ku, Tokyo

MEDIROM Healthcare Technologies Inc.

Kouji Eguchi, Representative Director and CEO

Option Holder:

Kouji Eguchi

[\*\*\*]

Schedule

Terms and Conditions of Issue of The 11th Series Stock Options

1. Number of Stock Options

400,000 Units

The total number of shares of the Company's common stock to be delivered upon exercise of all the SOs shall be 400,000 shares. If the number of shares granted per SO is adjusted pursuant to Section 3(1) below, the total number of underlying shares shall equal the post-adjustment granted-share number multiplied by the number of outstanding units.

2. Issue Price per SO

The issue price of each SO shall be JPY2. This amount is derived from a valuation provided by Plutus Consulting Co., Ltd., an independent third-party valuation company, using the Monte Carlo simulation model based on the Company's share price data.

3. Content of the SOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class and Number of Shares Underlying Each SO

Each SO shall be exercisable for one (1) share of the Company's common stock (the "**Granted Shares**").

If, after the allotment date, the Company conducts a stock split (including a gratis allotment of shares; the same applies hereafter) or reverse split, the number of the Granted Shares shall be adjusted in accordance with the following formula. The adjustment applies only to rights that remain unexercised at the time of the relevant corporate action; any fractional share of less than one share arising from the adjustment shall be rounded down.

Adjusted Granted Shares = Granted Shares before adjustment X Ratio of split (or reverse split)

If, after the allotment date, the Company carries out a merger, company split, capital reduction or any other event that makes a similar adjustment reasonable, the number of the Granted Shares shall be adjusted appropriately within a reasonable scope to preserve the economic intent of the SO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount of Assets to Be Contributed upon Exercise of SOs, or Method for Calculation of Such Amount

The amount of assets to be contributed upon exercise of each SO shall be the exercise price per share (the "**Exercise Price**") multiplied by the Granted Shares.

The Exercise Price shall be US$1.74 (which is an amount equal to 120%, with any fraction of less than one cent rounded up, of the closing price of one ADS representing one share of the Company's common stock on Nasdaq on the business day immediately preceding the resolution authorizing the issuance of these SOs).

However, if this amount is lower than the closing price of the ADS on Nasdaq on the allotment date of these SOs (or, if no trade occurs on that date, the closing price on the most recent preceding trading day), then that price shall instead be the Exercise Price.

If, after the allotment date, the Company conducts a stock split or reverse split, the Exercise Price shall be adjusted as follows; any fraction less than one cent resulting from the adjustment shall be rounded up.

Adjusted Exercise Price = Exercise Price before adjustment X <u>1 </u> <br> Ratio of split or<br> reverse split

If, after the allotment date, the Company is involved in a merger with another company, company split or any similar event requiring adjustment, the Company may adjust the Exercise Price appropriately within a reasonable scope to preserve the economic intent of the SO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Period during Which the SOs May be Exercised

The period during which the SOs may be exercised (the "**Exercise Period**") shall be from July 18, 2026 to July 17, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Increase in Registered Paid-in Capital and Capital Reserve upon Exercise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The amount of registered paid-in capital to be increased upon the issuance of shares through exercise shall be one-half of the "maximum capital increase amount" calculated pursuant to Article 17, Paragraph 1 of the Ordinance on Company Accounting; any fraction less than one yen shall be rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The amount of capital reserve to be increased shall equal the maximum capital increase amount less the increase in registered paid-in capital calculated in Item (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Restriction on Acquisition of SOs by Transfer

Any acquisition of a SO by transfer shall require approval by resolution of the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Conditions for Exercise of the SOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The SO holders may exercise their SOs if, in any fiscal year from the fiscal year ending December 31, 2026 through the fiscal year ending December 31, 2028, the adjusted consolidated revenues of the issuer, calculated by deducting (A) revenue from the Digital Preventative Healthcare and (B) revenue from the Sales of Directly-Owned Salons from the consolidated total revenues stated in the issuer's audited consolidated financial statements, exceeds JPY10 billion at least once. For the purpose of this item (i), "Digital Preventative Healthcare" means the segment labelled "Digital Preventative Healthcare" in the segment information and revenue stream table contained in the audited consolidated financial statements and the notes thereto and the "Sales of Directly-Owned Salons" means the line item labelled "sale of directly-owned salons" in the same segment information and revenue stream table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the time of exercise, the option holder shall still be a director, statutory auditor or employee of the Company or a direct or indirect parent or subsidiary of the Company, or an external collaborator engaged by one (or more) of them and if the option holder loses any of these positions, the option may be exercised only within twelve (12) months from the date of such termination; provided, however, that this requirement shall not apply where the board of directors determines that Holder's leave is due to expiration of tenure, mandatory retirement age or other just cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A SO may not be exercised if doing so would cause the total number of issued shares of the Company to exceed the then-authorized number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A SO may not be exercised for a fraction of less than one (1) whole SO.

4. Allotment Date of Stock Options

July 18, 2025

5. Acquisition of SOs by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a merger agreement under which the Company will be the disappearing company, a company split agreement or split plan under which the Company will be the splitting company, or a share exchange agreement or share transfer plan pursuant to which the Company will become a wholly owned subsidiary is approved by a general meeting of shareholders (or, if no shareholder approval is required, by a resolution of the board of directors), the Company may, on a date separately determined by its board of directors, acquire all of the SOs without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If, before exercise, the SOs become unexercisable under Section 3(6) above, the Company may acquire those SOs without consideration.

6. Treatment of SOs upon Corporate Reorganization

If the Company conducts a merger (limited to cases where the Company ceases to exist), absorption-type company split, incorporation-type company split, share exchange or share transfer (collectively, "**Corporate Reorganization**"), each option holder shall receive, on the effective date of the Corporate Reorganization, stock acquisition rights of the company listed in Article 236, Paragraph 1, Items 8 (a) through (e) of the Companies Act (the "**Reorganized Company**") under the conditions below, provided, that such delivery is stipulated in the relevant merger agreement, absorption-type company split agreement, incorporation-type company split plan, share exchange agreement or share transfer plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Number of Rights of the Reorganized Company to be Delivered

The same number as the SOs held immediately prior to the Corporate Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Class of Shares Underlying the Rights in the Reorganized Company

Common shares of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Number of Shares Underlying Each Right in the Reorganized Company

Determined mutatis mutandis pursuant to Section 3(1) above, taking into consideration the terms of the Corporate Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Amount of Assets to be Contributed upon Exercise

The post-reorganization exercise price (calculated by adjusting the Exercise Price set forth in Section 3(2) above in light of the terms of the Corporate Reorganization) multiplied by the number of shares of the Reorganized Company underlying such stock acquisition rights determined under Section 6(3) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Exercise Period

From the later of (i) the first day of the Exercise Period set out in Section 3(3) and (ii) the effective date of the Corporate Reorganization, until the last day of that Exercise Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Increase in Registered Paid-in Capital and Capital Reserve upon Exercise of Stock Acquisition Rights

Determined mutatis mutandis pursuant to Section 3(4) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Transfer Restrictions on Stock Acquisition Rights

Acquisition by transfer shall require approval by the board of directors of the Reorganized Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Other Exercise Conditions of Stock Acquisition Rights

Determined mutatis mutandis pursuant to Section 3(6) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Events and Conditions for Acquisition of Stock Acquisition Rights

Determined mutatis mutandis pursuant to Section 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Other conditions shall be determined in accordance with the terms of the Reorganized Company.

7. Issuance of Certificates for the SOs

The Company will not issue physical certificates for the SOs.

8. Payment Date for Issue Price

July 18, 2025

9. Subscription Deadline

July 4, 2025

10. Allottees and Number of SOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 192,000 units to directors and statutory auditors of the Company and its affiliates totaling 14 people

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 92,000 units to employees of the Company and its affiliates totaling 17 people

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 116,000 units to external collaborators of the Company and its affiliates totaling 8 people

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**MEDIROM Healthcare Technologies Inc.**

*(Name of Issuer)*

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

*(Title of Class of Securities)*

**58510H103**

*(CUSIP Number)*

**Kouji Eguchi c/o COZY LLC**<br>3-5-1 Itabashi #1504<br>Itabashi-ku<br>Tokyo M0 173-0004<br>81 (90) 1847-3740

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

**12/11/2024**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **58510H103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kouji Eguchi** | Name of reporting person<br>**Kouji Eguchi** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**M0** | Citizenship or place of organization<br>**M0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**2075003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**2075003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2075003.00** | Aggregate amount beneficially owned by each reporting person<br>**2075003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**25.77%** | Percent of class represented by amount in Row (11)<br>**25.77%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** With respect to rows 7, 9, and 11 immediately above, the aggregate amount of shares beneficially owned by Kouji Eguchi reflects (i) 1,877,460 Common Shares, no par value per share (the "Common Shares"), of the Issuer held by Mr. Eguchi, (ii) 22,543 American Depositary Shares of the Issuer, each representing one Common Share (the "ADSs"), held by COZY LLC, a limited liability company (godo kaisha) organized under the laws of Japan that is wholly owned and controlled by Mr. Eguchi ("COZY"), (iii) an aggregate of 150,000 Common Shares that may be issued upon exercise of stock options held by Mr. Eguchi that are exercisable within 60 days from the date hereof, and (iv) 25,000 Common Shares held by COZY.

With respect to row 13 immediately above, the percentage is based on (i) 7,901,950 Common Shares issued and outstanding as of December 31, 2024, as reported in the Issuer's annual report on form 20-F for the year ended December 31, 2024, filed by the Issuer with the U.S. Securities and Exchange Commission on April 29, 2025, and (ii) 150,000 Common Shares that may be issued upon exercise of stock options held by Mr. Eguchi that are exercisable within 60 days from the date hereof, which are deemed to be outstanding for the purpose of computing the percentage of outstanding securities owned by Mr. Eguchi.

| **CUSIP No.** | **58510H103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**COZY LLC** | Name of reporting person<br>**COZY LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**M0** | Citizenship or place of organization<br>**M0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**47543.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**47543.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**47543.00** | Aggregate amount beneficially owned by each reporting person<br>**47543.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.60%** | Percent of class represented by amount in Row (11)<br>**0.60%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** With respect to rows 7, 9, and 11 immediately above, the aggregate amount of shares beneficially owned by COZY reflects (i) 22,543 ADSs of the Issuer held by COZY and (ii) 25,000 Common Shares held by COZY.

With respect to row 13 immediately above, the percentage is based on 7,901,950 Common Shares issued and outstanding as of December 31, 2024, as reported in the Issuer's annual report on form 20-F for the year ended December 31, 2024, filed by the Issuer with the U.S. Securities and Exchange Commission on April 29, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, no par value per share

**(b) Name of Issuer:**
MEDIROM Healthcare Technologies Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2-3-1 Daiba, Minato-ku, Tokyo, M0, 135-0091

This amendment No. 1 ("Amendment No. 1") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission on January 25, 2023 (as amended, the "Schedule 13D"), relating to the Common Shares. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D.

This Amendment No. 1 is being filed to update the aggregate percentage of the Issuer's Common Shares beneficially owned by Kouji Eguchi to reflect the Issuer's issuance of additional ADSs representing Common Shares on December 11, 2024 and not due to an acquisition or disposition of any Common Shares by Mr. Eguchi. In connection with this update, COZY (together with Mr. Eguchi, the "Reporting Persons") is being added as a joint filer due to its acquisition of Common Shares and ADSs prior to the date of this Amendment No. 1. Due to administrative oversight, this Amendment No. 1 is being filed late by the Reporting Persons.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and restated as follows:

The Reporting Persons do 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 Persons reserve 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 Persons may, from time to time, acquire additional Common Shares or ADSs and/or retain and/or sell all or a portion of the Common Shares or ADSs held by the Reporting Persons in the open market or in privately negotiated transactions, and/or may distribute the Common Shares or ADSs held by the Reporting Persons to other entities. Any actions the Reporting Persons might undertake will be dependent upon each Reporting Person's review of numerous factors, including, among other things, the price levels of the ADSs, 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 Persons will be subject to the Issuer's policies, including its insider trading policy, as applicable.

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

**(a)**
Items 5(a) and 5(b) of the Schedule 13D are hereby amended and restated as follows:

The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.

Kouji Eguchi beneficially owns an aggregate of 2,075,003 Common Shares, representing 25.77% of the outstanding Common Shares.

For purposes of this Statement, Mr. Eguchi has assumed that the total number of the Issuer's issued and outstanding Common Shares is 8,051,950, which is based on (i) 7,901,950 Common Shares issued and outstanding as of December 31, 2024, as reported in the Issuer's annual report on form 20-F for the year ended December 31, 2024 filed by the Issuer with the U.S. Securities and Exchange Commission on April 29, 2025 (the "2024 20-F"), and (ii) 150,000 Common Shares that may be issued upon exercise of stock options held by Mr. Eguchi that are exercisable within 60 days from the date hereof, which are deemed to be outstanding for the purpose of computing the percentage of outstanding securities owned by Mr. Eguchi.

COZY beneficially owns an aggregate of 47,543 Common Shares, representing 0.60% of the outstanding Common Shares. As COZY is 100% owned by Mr. Eguchi, he has sole voting and dispositive power over these Common Shares and is deemed to be the beneficial owner of the Common Shares held by COZY.

For purposes of this Statement, COZY has assumed that the total number of the Issuer's issued and outstanding Common Shares is 7,901,950, which is based on 7,901,950 Common Shares issued and outstanding as of December 31, 2024, as reported in the Issuer's 2024 20-F.

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 as of the date of this Amendment No. 1.

**(b)**
See item 5(a) immediately above.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and restated as follows:

The Reporting Persons have not effected any transactions in the Issuer's securitieswithin the past 60 days.

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

Item 6 of the Schedule 13D is hereby amended and restated as follows:

The relationships between the Reporting Persons described in Items 2 and 5(a) above are incorporated herein by reference.

In addition, Kouji Eguchi holds 186,500 stock options of the Issuer, granting Mr. Eguchi the right to purchase up to 186,500 Common Shares as detailed below.

                                                                                                               Total              Total Number
                                                                                                          Number of         of Common
                                                             End of            Exercise            Stock              Shares
                            Beginning of          Exercise           Price               Options            Underlying
Grant Date         Exercise Period       Period            (per share)        Granted          Stock Options
10/30/2020         10/1/2021              9/30/2026        JPY    2,000         150,000               150,000
7/18/2025           7/18/2026              7/17/2030        $         1.74           36,500                 36,500

The stock options held by Mr. Eguchi granted in July 2025 may only be exercised upon the achievement of certain revenue targets by the Issuer, which are set forth in more detail in the 11th Series Stock Option Allotment Agreement, a copy of which is attached hereto as Exhibit 99.3 (the "11th Series Option Agreement"). The foregoing description of the stock options is a summary only and does not purport to be complete and is qualified in its entirety by the full text of the 8th Series Stock Option Allotment Agreement, a copy of which is attached hereto as Exhibit 99.2, and the 11th Series Option Agreement, which together are incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Kouji Eguchi

**Signature:** /s/ Kouji Eguchi

**Name/Title:** Kouji Eguchi

**Date:** 09/02/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** COZY LLC

**Signature:** /s/ Kouji Eguchi

**Name/Title:** Kouji Eguchi, Managing Member

**Date:** 09/02/2025