# EDGAR Filing Document

**Accession Number:** 0002012600
**File Stem:** 0001493152-26-015600
**Filing Date:** 2026-4
**Character Count:** 35267
**Document Hash:** 07a2342289072d5f441049815c5f374a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-015600.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001493152-26-015600

**CONFORMED SUBMISSION TYPE**: 20-F/A

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** rYojbaba Co., Ltd.
- **CENTRAL INDEX KEY:** 0002012600
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42781
- **FILM NUMBER:** 26846218

**BUSINESS ADDRESS:**
- **STREET 1:** 4-3-1, OHASHI, MINAMI-KU
- **STREET 2:** FUKUOKA-SHI
- **CITY:** FUKUOKA
- **STATE:** M0
- **ZIP:** 815-0033
- **BUSINESS PHONE:** 81 (92) 553-0344

**MAIL ADDRESS:**
- **STREET 1:** 4-3-1, OHASHI, MINAMI-KU
- **STREET 2:** FUKUOKA-SHI
- **CITY:** FUKUOKA
- **STATE:** M0
- **ZIP:** 815-0033

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F/A**

**(Amendment No. 1)**

**☐** **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025**

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☐** **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number 001-42781**

**RYOJBABA CO., LTD.**

**(Exact name of registrant as specified in its charter)**

**Japan** 

**(Jurisdiction of incorporation or organization)**

**4-3-1, Ohashi, Minami-Ku**

**Fukuoka-Shi, Fukuoka, 815-0033, Japan**

**(Address of principal executive offices)**

**Takayuki Nakano**

**Chief Executive Officer** 

**4-3-1, Ohashi, Minami-Ku**

**Fukuoka-Shi, Fukuoka, 815-0033, Japan**

**Telephone: +81 (92) 553-0344**

**Email: <u>t.nakano@ryojbaba.co.jp</u>**

**(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Shares, no par value | RYOJ | The Nasdaq Stock Market LLC |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act: None**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 11,550,000 Common Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

**EXPLANATORY NOTE**

This Amendment No. 1 on Form 20-F/A (the "Amended Annual Report") amends the Annual Report on Form 20-F of rYojbaba Co., Ltd. (the "Company" or "we") for the year ended December 31, 2025 (the "Original Form 20-F"), filed on March 23, 2026, with the Securities and Exchange Commission (the "SEC"). The only changes made to the Original Form 20-F are to revise the Exhibit Table to include the Company's Clawback policy, which was erroneously omitted from the previous filing.

Except as noted above, the Company has not modified, or updated disclosures presented in this Amended Annual Report. Accordingly, the Amended Annual Report does not reflect events occurring after the Original Form 20-F or modify or update those disclosures affected by subsequent events.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| PART III. |  |
| ITEM 19. | [EXHIBITS](#D_001) |

---

**ITEM 19. EXHIBITS**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 1.1 | [Articles of Incorporation of rYojbaba Co., Ltd. (incorporated by reference to Exhibit 3.1 to the Registrant's Form F-1 filed on August 2, 2024).](https://www.sec.gov/Archives/edgar/data/2012600/000149315224030085/ex3-1.htm) |
| 2.1 | [Form of the Representative's Warrants (incorporated by reference to Exhibit 4.1 to the Registrant's Form F-1 filed on May 8, 2025).](https://www.sec.gov/Archives/edgar/data/2012600/000164117225009218/ex4-1.htm) |
| 2.2 | [Description of Securities (incorporated by reference to Exhibit 2.2 to the Registrant's Form 20-F filed on March 23, 2026)](https://www.sec.gov/Archives/edgar/data/2012600/000149315226012158/ex2-2.htm) |
| 4.1 | [Consulting and Services Agreement, dated as of April 4, 2023, between rYojbaba Co., Ltd. and HeartCore Enterprises, Inc. (incorporated by reference to Exhibit 10.1 to the Registrant's Form F-1 filed on August 2, 2024).](https://www.sec.gov/Archives/edgar/data/2012600/000149315224030085/ex10-1.htm) |
| 4.2 | [1st Stock Acquisition Rights Allotment Agreement, dated March 3, 2023, between rYojbaba Co., Ltd. and HeartCore Enterprises, Inc. (incorporated by reference to Exhibit 10.2 to the Registrant's Form F-1 filed on August 2, 2024).](https://www.sec.gov/Archives/edgar/data/2012600/000149315224030085/ex10-2.htm) |
| 4.3 | [Independent Director Agreement between rYojbaba Co., Ltd. and Ferdinand Groenewald (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 6-K filed on August 15, 2025).](https://www.sec.gov/Archives/edgar/data/2012600/000164117225024259/ex10-1.htm) |
| 4.4 | [Underwriting Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 6-K filed on August 15, 2025).](https://www.sec.gov/Archives/edgar/data/2012600/000164117225024481/ex10-1.htm) |
| 4.5 | [Comprehensive Global Labor Support and Union Infrastructure Development Agreement with International Labor Union by and between rYojbaba Co., Ltd. and International Labor Union, dated October 1, 2025 (English Translation) (incorporated by reference to Exhibit 99.1 to the Registrant's Current Report on Form 6-K filed on March 4, 2026)](https://www.sec.gov/Archives/edgar/data/2012600/000149315226008848/ex99-1.htm) |
| 8.1 | [List of Subsidiaries of the rYojbaba Co., Ltd. (incorporated by reference to Exhibit 21.1 to the Registrant's Form F-1 filed on August 2, 2024).](https://www.sec.gov/Archives/edgar/data/2012600/000149315224030085/ex21-1.htm) |
| 11.1 | [Insider Trading Policy (incorporated by reference to Exhibit 11.1 to the Registrant's Form 20-F on March 23, 2026)](https://www.sec.gov/Archives/edgar/data/2012600/000149315226012158/ex11-1.htm) |
| 12.1\* | [Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-1.htm) |
| 12.2\* | [Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-2.htm) |
| 13.1\* | [Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex13-1.htm) |
| 97.1\* | [Clawback Policy](ex97-1.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

**SIGNATURE**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **rYojbaba Co., Ltd.** | **rYojbaba Co., Ltd.** |
| April 7, 2026 | By: | */s/ Takayuki Nakano* |
|  | Name: | Takayuki Nakano |
|  | Title: | Chief Executive Officer and Director |

---

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS**

I, Takayuki Nakano, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Annual Report on Form 20-F/A for the fiscal year ended December 31, 2025 of rYojbaba Co., Ltd.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared; and

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles; and

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: April 7, 2026

---

| |
|:---|
| */s/ Takayuki Nakano* |
| Takayuki Nakano |
| Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATIONS**

I, Hiroyuki Oishi, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this Annual Report on Form 20-F/A for the fiscal year ended December 31, 2025 of rYojbaba Co., Ltd.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared; and

(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles; and

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: April 7, 2026

---

| |
|:---|
| */s/ Hiroyuki Oishi* |
| Hiroyuki Oishi |
| Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F/A of rYojbaba Co., Ltd. (the "Company") for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Takayuki Nakano, Chief Executive Officer, and Hiroyuki Oishi, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
 the Company.

---

| | |
|:---|:---|
| Date: April 7, 2026 | */s/ Takayuki Nakano* |
|  | Takayuki Nakano |
|  | Chief Executive Officer<br> (Principal Executive Officer) |
| Date: April 7, 2026 | */s/ Hiroyuki Oishi* |
|  | Hiroyuki Oishi |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

*This certification accompanies this Annual Report on Form 20-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.*

## Exhibit 97.1

**Exhibit 97.1**

![](ex97-1_001.jpg)

**RYOJBABA CO., LTD.**

**CLAWBACK POLICY**

A. OVERVIEW

In accordance with the applicable rules of the of The Nasdaq Stock Market (the "**Nasdaq Rules**"), Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") ("**Rule 10D-1**"), the Board of Directors (the "**Board**") of rYojbaba Co., Ltd. (the "**Company**") has adopted this Policy (the "**Policy**") to provide for the recovery of erroneously awarded Incentive-based Compensation from Executive Officers. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Section H, below.

B. RECOVERY
 OF ERRONEOUSLY AWARDED COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of an Accounting Restatement, the Company will reasonably promptly recover the Erroneously Awarded Compensation Received in accordance with the Nasdaq Rules and Rule 10D-1 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After
 an Accounting Restatement, the Board or, if the Company is no longer a "foreign private issuer" under the U.S. Securities
 and Exchange Commission ()"**SEC**") rules or a "Controlled Company" under the Nasdaq rules, Compensation
 Committee of the Board (the "**Committee** "), shall determine the amount of any Erroneously Awarded Compensation Received
 by each Executive Officer and shall promptly notify each Executive Officer with a written notice containing the amount of any Erroneously
 Awarded Compensation and a demand for repayment or return of such compensation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 Incentive-based Compensation based on (or derived from) the Company's stock price or total shareholder return, where the amount
 of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable
 Accounting Restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 amount to be repaid or returned shall be determined by the Board or Committee, as applicable, based on a reasonable estimate of the
 effect of the Accounting Restatement on the Company's stock price or total shareholder return upon which the Incentive- based
 Compensation was Received; and

ii. The
 Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation as required
 to the Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Board or Committee, as applicable, shall have discretion to determine the appropriate means of recovering Erroneously Awarded Compensation
 based on the particular facts and circumstances. Notwithstanding the foregoing, except as set forth in Section B(2) below, in no
 event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of an Executive
 Officer's obligations hereunder.

(iii) To
 the extent that the Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under
 any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed
 amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy.

(iv) To
 the extent that an Executive Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall
 take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Executive Officer.
 The applicable Executive Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including
 legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

Page \| 1<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section B(1) above if the Board or Committee, as applicable, determines that recovery would be impracticable *and* any of the following two conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Board or Committee, as applicable, has determined that the direct expenses paid to a third party to assist in enforcing the Policy
 would exceed the amount to be recovered. Before making this determination, the Company must make a reasonable attempt to recover
 the Erroneously Awarded Compensation, document such attempt(s) and provide such documentation to the Nasdaq;

(ii) Recovery
 would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company,
 to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations
 thereunder or the laws of Japan, as applicable.

C. DISCLOSURE
 REQUIREMENTS

The Company shall file all disclosures with respect to this Policy required by applicable SEC filings and rules.

D. PROHIBITION
 OF INDEMNIFICATION

The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company's enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy). It is hereby acknowledged that Rule 10D-1(b)(1)(v) and the Nasdaq Rules provide that the Company is prohibited from indemnifying any executive officer or former executive officer against the loss of erroneously awarded compensation. It is therefore acknowledged that such indemnification is prohibited by applicable law for all purposes, including any and all such agreements.

E. ADMINISTRATION
 AND INTERPRETATION

This Policy shall be administered by the Board or Committee, as applicable, and any determinations made by the Board or Committee, as applicable, shall be final and binding on all affected individuals.

The Board or Committee, as applicable, is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company's compliance with the Nasdaq Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation of the SEC or Nasdaq promulgated or issued in connection therewith.

F. AMENDMENT;
 TERMINATION

The Board or Committee, as applicable, may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. Notwithstanding anything in this Section F to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or Nasdaq rules.

G. OTHER
 RECOVERY RIGHTS

This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or Nasdaq, their beneficiaries, heirs, executors, administrators or other legal representatives. The Board or Committee, as applicable, intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement.

Page \| 2<br>

H. DEFINITIONS

For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "**Accounting Restatement**" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "**Clawback Eligible Incentive Compensation**" means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "**Clawback Period**" means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date (as defined below), and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "**Controlled Company**" means a company in which over 50% of the voting power is held by an individual, a group or another company is not required to comply with Rule 5605(b), (d) and (e) of the Nasdaq Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "**Erroneously Awarded Compensation**" means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "**Executive Officer**" means each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include each executive officer who is or was identified pursuant to Item 401(b) of Regulation S-K or Item 6.A of Form 20-F, as applicable, as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "**Financial Reporting Measures**" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company's financial statements or included in a filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "**Incentive-based Compensation**" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "**Nasdaq**" means The Nasdaq Stock Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "**Received**" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation to the Executive Officer occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) "**Restatement Date**" means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

Effective as of August 15, 2025

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**Exhibit A**

**ATTESTATION AND ACKNOWLEDGEMENT** 

**OF** 

**CLAWBACK POLICY**

By my signature below, I acknowledge and agree that:

● I have received and read the attached Policy for the Recovery of Erroneously Awarded Compensation (this "**Policy** ").

● I hereby agree to abide by all of the terms of this Policy both during and after my employment with rYojbaba Co., Ltd., including, without limitation, by promptly repaying or returning any Erroneously Awarded Compensation to the Company as determined in accordance with this Policy.

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| Date: |

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