Document:

Exhibit 4.1

 

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

 

MEDIROM Healthcare Technologies Inc.

1st Unsecured Convertible-Type Corporate Bonds
with Share Options 

PURCHASE AGREEMENT

 

This Purchase Agreement (hereinafter referred
to as the "Agreement") was made and entered into as of December 9, 2022, by and between MEDIROM Healthcare Technologies
Inc. (hereinafter referred to as the “Issuer”) and Kufu Company Inc. (hereinafter referred to as the “CB Holder”)
with respect to 1st unsecured convertible-type corporate bonds with share options, JPY 500,000,000 of the value (hereinafter referred
to as the "CBs"), which are projected to be issued by the Issuer and purchased by the CB Holder on December 28,
2022. The terms used in this Agreement shall have the meanings defined in the Terms of the CBs in Schedule 1 (hereinafter referred to
as the "Terms of CBs") unless otherwise provided for in this Agreement or unless the context otherwise requires or unless
the definitions set forth in Schedule 4. In addition, Schedule 1 to 3 attached at the end of this Agreement shall form an integral part
of this Agreement.

 

Article 1   (Issue
and Purchase)

 

		1.	The Issuer shall issue the CBs on December 28, 2022 or the date agreed upon by the Issuer and the
CB Holder which shall be within 30 days from the satisfaction of conditions precedent or waivers thereof by the CB Holder, in the event
that any conditions precedent set forth in Paragraph 3 are not satisfied (the "Issue Date") pursuant to the Terms of
CBs, and the CB Holder shall purchase the total number of the CBs under the terms and conditions of this Agreement.

 

		2.	The payment for the CBs shall be made on the Issue Date.

 

Article 2   (Payment
on the Payment Date)

 

Pursuant to the provisions of this Agreement, the CB Holder
shall make payment to the Issuer on December 28, 2022, by remitting the amount to be paid in for the price of the CBs (JPY 500,000,000)
to the following.

 

[***]

 

Article 3   (Conditions
Precedent for Payment)

 

		1.	The CB Holder shall perform its obligations set forth in Article 2 on the Issue Date, subject to
all of the conditions set forth in the following items being satisfied; provided, however, that the CB Holder may, at its discretion,
waive any of the conditions set forth herein:

 

		(1)	Details of capital alliance (hereinafter referred to as the “Alliance Agreement”) are
agreed separately between the Issuer and the CB Holders and the Capital Alliance Agreement remains in effect.

 

    1

     

    

 

		(2)	As of the Issue Date, the Issuer maintains a listing on the NASDAQ Stock Exchange, on which the American
Depository Receipts representing the Issuer's common shares are listed. Even in this case, this item shall not be satisfied if the Issuer
did not take an appropriate appeal process in response to a notice stating that the Issuer hits delisting standards;

 

		(3)	A written form of agreement whereby the exclusivity, which was granted to the Issuer by Matrix Industries, Inc.
(hereinafter referred to as “Matrix”) under the Development and Production Agreement dated on August 4, 2020 and
the Amendment to Development and Production Agreement dated on February 15, 2022, of [***] and [***], of a purchase right for modules
made by Matrix ([***]), will be extended to [***] is executed, and Matrix may not sell or distribute modules manufactured by Matrix within
such [***] and [***] under the exclusivity until [***].

 

		(4)	The Issuer’s semi-annual report for the first half of the fiscal year of 2022 that is required for
the Issuer to disclose under the listing rule of NASDAQ Stock Exchange and other rules or directions has been disclosed lawfully
and effectively.

 

		(5)	The representations and warranties of the Issuer as set forth in Paragraph 1 of Article 7 hereof
and the Alliance Agreement are true and accurate in material respects as of the date of execution of this Agreement and the Issue Date;

 

		(6)	The Issuer has performed or satisfied in a material respect the matters to be performed or satisfied by
the Issuer by the Issue Date hereunder and the Alliance Agreement;

 

		(7)	The board of directors of the Issuer has resolved to approve the issue of the CBs, and such resolution
remains in effect.

 

		(8)	The procedures required to duly and validly implement the issuance of the CBs have been duly and validly
completed and remains in effect;

 

		(9)	There is no lawsuit or the like pending or existing to seek injunction against whole or a part of the
issuance of CBs, and there is no judicial or administrative decision or the like to the effect that this transaction is restricted or
prohibited in whole or in part; and

 

		(10)	For the period from the execution date of this Agreement to the Issue Date, no event that could have a
material adverse effect on Issuer’s or its subsidiaries’ operation, financial conditions, operating results, cash flow, assets,
liabilities, or business plan has occurred or been identified, and there is no likelihood of such event.

 

		2.	The Issuer shall exert the best efforts to satisfy the conditions precedent set forth in the preceding
paragraph by the Issue Date.

 

Article 4   (Transfer
of CBs)

 

The CB Holder may not transfer the CBs
to a third party, provided, however, that this shall not apply in case where the board of directors of the Issuer approves in writing
in advance (even in such case, the transferee shall not be an anti-social force). In addition, this article shall not preclude the CB
Holder from transferring common shares obtained after conversion of the CBs.

 

    

     

    

 

Article 5   (Non-Establishment
of Bond Manager)

 

Pursuant to the proviso of Article 702
of the Companies Act, there is no bond manager being established for the CBs. The CB Holder shall manage the CBs and be responsible to
take necessary acts to realize its own right.

 

Article 6   (Use
of Funds)

 

The Issuer shall use the funds received
through the payment of the CBs for the purpose of continuously developing MOTHER Bracelet developed by the Issuer, analyzing the data
obtained therefrom, providing the services set forth in the Alliance Agreement to be concluded separately, and other matters agreed upon
by the Issuer and the CB Holders.

 

Article 7   (Representations
and Warranties)

 

		1.	The Issuer represents and warrants to the CB Holder that the matters set forth in Schedule 2 are true
and correct as of the date of execution of this Agreement and the date of payment (provided, however, that if the time of representation
and warranty is specified in each item of Schedule 2, it shall apply at that time).

 

		2.	The CB Holder represents and warrants to the Issuer that the matters set forth in Schedule 3 are true
and correct as of the date of execution of this Agreement and the date of payment (provided, however, that if the time of representation
and warranty is specified in each item of Exhibit 3, it shall apply at that time).

 

Article 8   (Covenants)

 

		1.	The Issuer shall notify the CB Holder of any breach of the representations and warranties of the Issuer
set forth in Paragraph 1 of Article 7, any breach of its obligations hereunder, or any receipt of notice issued by the U.S. Securities
and Exchange Commission or the NASDAQ Stock Exchange of any breach of U.S. securities laws or any violation of listing rules, or any likelihood
thereof.

 

		2.	During the period from the execution date hereof to the issuance of the CBs, the Issuer shall execute
its business operation, and manage and operate assets of each of the Issuer and its subsidiaries to the extent of the ordinary course
of and substantially equivalent to the business being carried out prior to the execution date hereof.

 

		3.	In the event that, after the issuance of common shares of the Issuer upon conversion of the CBs, the CB
Holder acquires American depository receipts by depositing such common shares and the holding period for restriction on sale under the
U.S. securities law attached to such American depository receipts has passed, the Issuer shall cooperate with procedures for registration
of securities and other necessary legal procedures under the U.S. securities law so that such American depository receipts may be sold
at any time the CB holder would intend.

 

		4.	The CB Holder shall notify the Issuer of any breach of the representations and warranties of the CB Holder
set forth in Paragraph 2 of Article 7, any breach of its obligations hereunder, or any likelihood thereof.

 

		5.	In the event that the Issuer and the CB Holder agree that the Issue Date will be any date other than December 28,
2022 pursuant to Paragraph 1 of Article 1, the Issuer shall pass a resolution of the Board of Directors within three business days
after the agreement.

 

    

     

    

 

		6.	With respect to the purchase of the CBs, in the event that the CB Holder holds any material non-public
information obtained from the Issuer, the CB Holder shall not sell, transfer, offer to transfer, or create a security interest on the
CBs and common shares acquired after conversion of the CBs until such material non-public information is published by the Issuer.

 

Article 9   (Indemnification)

 

		1.	In the event of any breach of the obligations of the Issuer under this Agreement or any breach of the
representations and warranties of the Issuer set forth in Paragraph 1 of Article 7, the Issuer shall compensate or indemnify for
any damages, losses or expenses (including reasonable attorney fees) suffered by the CB Holder. Any damages incurred by the Issuer or
its subsidiaries arising out of or in connection with breach of Issuer’s representations and warranties hereunder or breach of Issuer’s
duties hereunder shall be deemed as damages incurred by the CB Holders in accordance with the contribution ratio of the CB Holder to the
Issuer calculated based on an assumption that all CBs were converted at the time of the issuance.

 

		2.	In the event of any breach of the obligations of the CB Holder under this Agreement or any breach of the
representations and warranties of the CB Holder set forth in Paragraph 2 of Article 7, the CB Holder shall compensate or indemnify
for any damages, losses or expenses (including reasonable attorney fees) suffered by the Issuer.

 

Article 10   (Termination)

 

		1.	In the event any of the following events occurs, the Issuer may terminate this Agreement by giving a written
notice to the CB Holder, provided, however, that the Issuer may no longer terminate after the CBs have been issued:

 

		(1)	There is any CB Holder’s material breach of obligations under this Agreement and such breach is
not cured within 10 business days from the date of a demand made by the Issuer to the CB Holder in writing;

 

		(2)	Any material breach of the representations or warranties of the CB Holder under Paragraph 2 of Article 7
occurs, and results in impracticability to maintain essential terms of the representations or warranties; and

 

		(3)	A petition has been filed against the CB Holder for commencement of bankruptcy proceedings, etc.

 

		(4)	No payment for the CBs was made by March 31, 2023 without any reason attributable to the CB Holder.

 

		2.	In the event of any of the following events occurs, the CB Holder may terminate this Agreement by giving
a written notice to the Issuer, provided, however, that the CB Holder may no longer terminate after the CBs have been issued:

 

		(1)	There is any Issuer’s material breach of obligations under this Agreement and, such breach is not
cured within 10 business days from the date of a demand made by the CB Holder to the Issuer in writing;

 

		(2)	Any material breach of the representation or warranty of the Issuer under Paragraph 1 of Article 7
occurs, and results in impracticability to maintain the essential terms of the representations or warranties; and

 

    

     

    

 

		(3)	A petition has been filed against the Issuer for commencement of bankruptcy proceedings, etc.

 

		3.	Termination of this Agreement shall be permitted in accordance with this article and for the whole of
this Agreement only. Unless processed under this article, the parties hereto shall not terminate this Agreement, nor shall the parties
terminate this Agreement in part, regardless of any breach of contract, nonconformity to terms of contract, tort, statutory liability,
or any other cause of action.

 

		4.	Claims for damages or indemnification under Article 9 shall not be prevented by termination of this
Agreement under this article.

 

Article 11   (Exclusion
of Antisocial Forces)

 

		1.	The Issuer and the CB Holder represent and warrant to the other party, as of the execution date hereof
and the Issue Date, that it does not fall within categories of any anti-social force and assures that it will not fall within those categories
in future.

 

		2.	The Issuer and the CB Holder shall not engage in anti-social activities by themselves or by using a third
party on or after the date of this Agreement.

 

		3.	In the event the Issuer or the CB Holder falls within categories set forth in Paragraph 1, conducts or
has any third party conduct any act falling under the preceding paragraph, or is found that the representations and warranties under the
provision of Paragraph 1 are not true at the time when such representations and warranties were made, the breaching party shall immediately
compensate damages suffered by the other party due to the breach of such assurance or false in the representations and warranties to the
reasonable extent of causation.

 

		4.	In the case where damage or the like is caused to a breaching party by or in connection with acceleration
of any obligations as a result of the breach of Paragraph 1 and Paragraph 2, such breaching party may not make any claim to the other
party.

 

Article 12   (Confidentiality)

 

The Issuer and
the CB Holder shall not divulge to any third party (excluding, but limited to the extent of business needs, the Issuer’s and CB
Holder’s directors and other officers, employees, attorneys-at-law, certified public accountants, certified tax expert, judicial
scriveners and other advisers, the Issuer’s and the CB Holder’s affiliated companies) the existence and descriptions of this
Agreement and the information of the other party obtained in connection with this Agreement, and shall not use it for any purpose other
than the performance of its obligations under this Agreement. Provided, however, that the foregoing shall not apply where such disclosure
is required under applicable laws and regulations, orders or instructions from administrative authorities, or rules of stock exchanges,
or where such disclosure is made after receiving prior written consent from the other party and concluding a confidentiality agreement
that is reasonably satisfactory to the other party.

 

		2.	The preceding paragraph shall not apply to the following information:

 

		(1)	information that is already publicly available at the time of disclosure by the discloser;

 

		(2)	information that becomes publicly available for a reason not attributable to the recipient after the disclosure
of such information;

 

    

     

    

 

		(3)	information known to the recipient before the disclosure; or

 

		(4)	information obtained from a third party with legitimate rights, without being imposed confidential obligation
on.

 

Article 13   (Notification
Pursuant to the Financial Instruments and Exchange Act)

 

Pursuant to Article 23-13(4) of
the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; hereinafter referred to as the "FIEA"),
the Issuer notifies the CB Holder of the following matters:

 

		(1)	With regard to the CBs, the solicitation of offers to acquire pertaining to the issuance of the CBs falls
under the category of solicitation to a small number of investors prescribed in Article 23-13(4)(i)(a) of the FIEA (Article 2(3)(ii)(c) of
the FIEA) and no registration statement has been made under Article 4(1) of the FIEA in connection with the solicitation of
offers to acquire.

 

		(2)	The CBs may not be split in the nature of CBs.

 

Article 14   (Governing
Law, Jurisdiction, etc.)

 

		1.	The rights and obligations of the parties hereunder shall be governed by and construed in accordance with
the laws of Japan.

 

		2.	The parties hereto agree that the Tokyo District Court shall be the exclusive jurisdictional court of
first instance for litigation and other legal proceedings relating to this Agreement or the rights and obligations of the parties hereunder.

 

		3.	Any matters not stipulated in this Agreement shall be determined through consultation in good faith between
the Issuer and the CB Holder.

 

(Blank)

 

    

     

    

 

IN WITNESS WHEREOF, two original copies of this
Agreement shall be executed, signed and sealed, and each party shall retain one copy.

 

December 9, 2022

 

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

Issuer:                                        MEDIROM
Healthcare Technologies Inc. 

/s/ Kouji
Eguchi, Representative Director

 

    

     

    

 

1-4-28, Mita,
Minato-ku, Tokyo 

CB Holder:                               Kufu
Company Inc.

/s/ Yoshiteru
Akita, Chief Executive Officer

 

    

     

    

 

(Schedule 1)

 

Terms of CBs

 

As attached

 

    

     

    

 

(Schedule 2)

 

Issuer's Representations and Warranties

 

As attached.

 

    

     

    

 

(Schedule 3)

 

CB Holder’s Representations and Warranties

 

As attached.

 

    

     

    

 

(Schedule 4)

 

Definitions

 

As AttachedExhibit 4.2

 

Terms of 1st Unsecured Convertible-Type Corporate
Bonds with Share Options of MEDIROM Healthcare Technologies Inc.

 

		1.	Name of Securities

 

The name of securities is 1st Unsecured
Convertible-Type Corporate Bonds with Share Options (hereinafter referred to as the “CB”, the bond portion of which
is hereinafter referred to as the “Bond” and the share option portion of which is hereinafter referred to as the “Share
Option”) of MEDIROM Healthcare Technologies Inc. (hereinafter referred to as the “Issuer”)

 

		2.	Total Amount of Issued Bonds

 

JPY 500,000,000 (JPY 500,000,000 as
face value)

 

		3.	Amount of Each Bond

 

JPY 12,500,000, one bond. The CBs may
not be split into a bond the value of which is less than each of the Bond.

 

		4.	Paid-in Money for Each Bond

 

JPY 12,500,000 (JPY 100 to be paid
per JPY 100 face value)

 

		5.	Paid-in Money for Each Share Option

 

No payment is required in exchange
for the Share Options.

 

		6.	Matters Regarding CB Certificate

 

The CB shall be a bearer security,
and neither bond certificate nor share option certificate shall be issued. Pursuant to Paragraph 2 and 3 of Article 254 of the Companies
Act, the CBs shall not be transferred severally in part by Bonds or Share Options only.

 

		7.	Interest Rate of Bond

 

5.0% per annum

 

		8.	Method of Payment of Interests and Due Date

 

		(1)	Interests shall accrue from the next date of the Issue Date to Maturity Date, which date shall be included
in accrual period, (provided, however, that the end of the period shall be the early redemption date in case of early redemption, or the
buy-back date in case of buy-back pursuant to Paragraph 15 of these Terms; the same applies hereinafter). The first payment date shall
be due on June 30, 2023 and the interests accrued by that date shall be paid, and interests accrued hereinafter shall be paid by
the end of every December and June, and the last payment shall be due on December 28, 2027.

 

		(2)	In case of interests being paid for the period between the following day of the Issue Date and June 30,
2023, and the period of less than six months at the time of redemption or conversion, such interests shall be calculated on a daily basis.

 

    1

     

    

 

		(3)	In case interests are paid due on a bank holiday, the payment shall be made on the previous business day
of such bank holiday.

 

		(4)	In the event that the Bonds are redeemed prior to December 28, 2027, interests of the Bonds redeemed
shall be paid, on the redemption day, for the period from the following day, which date shall be included in accrual period, of the interest
payment date immediately preceding to such redemption day (the “interest payment date” shall be replaced with and read as
the “payment due of the Bonds”, in case of the redemption before the first interest payment date) to the redemption date,
which date shall be included in accrual period.

 

		(5)	In the event of exercise of the Share Options, interests of the Bonds to which the exercised Share Options
are attached shall be paid, no later than ten business days after the effective date, for the period from the following day, which shall
be included in accrual period, of the interest payment date immediately preceding to the effective date of a claim for exercise of such
Share Options (the “interest payment date” shall be replaced with and read as the “payment due of the Bonds”,
in case of the exercise before the first interest payment date) to the effective date, which date shall be included in accrual period.

 

		(6)	In the event that the Issuer fails to tender a payment of interest accrued from the Bonds on the interest
payment date (such interest payment date shall be replaced with and read as the redemption day, in the case of Item (4) above, or
ten business days after the effective date of a claim for exercise of the Share Options, in the case of Item (5) above; the same
shall apply hereinafter), the Issuer shall be liable for 14.6% per annum of delinquency interests for a period from the following date,
which date shall be included in accrual period, of such interest payment date to the day, which date shall be included in accrual period,
of tender of payment.

 

		(7)	No interests shall accrue after the redemption.

 

		9.	Payment Due of the Bonds

 

December 28, 2022

 

		10.	Grant Date of the Share Options

 

December 28, 2022 or the date
of completion of payment for the Bonds

 

		11.	Method of Offering and Party Subscribing

 

All of the CBs are to be allotted to
Kufu Company Inc. (hereinafter referred to as “CB Holder”) by the method of third-party allotment.

 

		12.	Matters of Security Interests/Guarantee

 

Neither security interest on property
nor guarantee is attached to the CBs, and no asset is compromised for the CBs.

 

    2

     

    

 

		13.	No Bond Manager

 

Since the CB satisfies the requirements
set forth in the proviso of Article 702 of the Companies Act and Article 169 of the Ordinance of the Companies Act, there is
no bond manager being engaged.

 

		14.	Method of Redemption and Due Date

 

		(1)	Redemption on the Maturity Date

 

The Issuer shall repay the total amount
of the principal by JPY 100 per JPY 100 face value due on December 28, 2027.

 

		(2)	The CB Holder is entitled to a right to request to the Issuer for early redemption of all or part of the
CBs based on the face value due on the end of June or December, (but not after the Maturity Date), which shall be selected, at CB
Holder’s own discretion, between June 28, 2023 and December 27, 2027, by giving a notice prior to 15 business days of
the selected early payment due.

 

		(3)	Notwithstanding the foregoing provision, after any of the following events occurs, the CB Holder will
be entitled to a right to request to the Issuer for early redemption of all or part of the CBs based on the face value due on an early
repayment date, which shall be selected at CB Holder’s own discretion, but not after the Maturity Date, by giving a notice prior
to 10 business days of the selected early payment due, in any of the events that:

 

		1	The Issuer is disqualified for listing standards stipulated by any securities exchange, whether
                                                                     local or foreign, on which its shares (including depositary receipts representing such shares; same applies in this (3)) are listed,
                                                                     fails to cure the deficiency after receipt of the Notification of Deficiencies (that is a notice delivered to a company by the stock
                                                                     exchange stating that failure to cure the disqualification status for listing standards may result in delisting), and results in
                                                                     receipt of Delisting Determination Letter (that is a notice delivered to a company by the stock exchange stating that the company
                                                                     will fall under the status of delisting of listed securities by failing to cure the disqualification status for listing standards),
                                                                     provided, however, that the CB Holders shall not be entitled to a right to redeem the Bonds setting the due as the end of March 2023
                                                                     under this 1;

 

		2	The Issuer fails to make a filing
                                            of an annual report or other documents in connection with its shares that the Issuer is obliged
                                            to file under local or foreign security-related laws and listing rules of securities exchange
                                            by the due date, except for case where the Issuer is lawfully and duly granted for extension
                                            of the due date pursuant to such laws and rules (even in this case, such exception hereunder
                                            shall be only applicable up to either of such extended period or two weeks from the first
                                            filing due, whichever is earlier);

 

		3	The Issuer files a petition for commencement of bankruptcy procedure, civil rehabilitation procedure,
corporate reorganization procedure, or special liquidation, or makes a board resolution of dissolution (excluding the event of dissolution
where, in case of incorporation-type merger or absorption-type merger, duties in connection with the CBs are succeeded to by the newly-incorporated
company or continuing company, without prejudice to the CB Holder’s interests);

 

    3

     

    

 

		4	Issuer’s consolidated balance
                                            sheet (prepared based on US-GAAP; the same shall apply hereinafter) indicates its net asset
                                            as negative. Insolvency hereunder shall be assessed, on a monthly basis, by adding or deducting
                                            the simple sum of net profit/loss after tax in trial balances of parent company and consolidated
                                            companies after the base date of the latest audited balance sheet, to or from the amount
                                            of net asset of such latest consolidated balance sheet audited by the auditor, and assessed,
                                            on an yearly basis, by the audited consolidated balance sheet when the net asset becomes
                                            available from the audited consolidated balance sheet, provided, however, that, this 4
                                            shall not be applicable once insolvency, which had been found in a certain month by a trial
                                            balance and under which the CB Holder had not exercised the right set forth in Item (3) hereunder,
                                            is cured after the following monthly trial balance;

 

		5	Issuer’s consolidated profit/loss
                                            statement (prepared based on US-GAAP audited by auditor; the same shall apply hereinafter)
                                            for fiscal years of 2022 and 2023 indicates its operating profit as negative. This 5
                                            shall be tested at each time of disclosure of consolidated profit/loss statement;

 

		6	For fiscal years after 2024, Issuer’s
                                            consolidated profit/loss statement indicates its operating profit as negative in two consecutive
                                            fiscal years. This 6
                                            shall be tested at each time of disclosure of consolidated profit/loss statement;

 

	 	7	In connection with prepaid cards that are issued by the Issuer, the Issuer fails to carry out plans (including, but not limited to, measures for compliance) that are intended to implement by the end of June 2023.

 

		15.	Repurchase and Extinguishment

 

By mutual agreement with the CB Holder,
the Issuer may repurchase and extinguish all or part of Bonds prior to the Maturity Date.

 

		16.	Special Clause for Acceleration

 

In any of the following events occur
to the Issuer, the Bonds shall be due and payable and thereafter the Share Options may not be exercised. If any of the followings occurs,
the Issuer shall promptly provide to the CB Holder a notice in writing.

 

		(1)	The Issuer breaches Article 8 of these Terms in connection with any of the CBs.

 

		(2)	Acceleration triggers in relation to any bond other than the Bonds, or the Issuer fails to repay any bond
which has been due.

 

		(3)	Acceleration triggers in relation to any loan other than bonds, or the Issuer fails to perform its duties
on guarantee that the Issuer gave for any bond or loan by other party and that became due, except for the case where the total amount
(after conversion into Japanese Yen) of such duties does not exceed JPY 500,000,000.

 

		(4)	The Issuer files a petition for commencement of bankruptcy procedure, civil rehabilitation procedure,
corporate reorganization procedure, or special liquidation, or makes a board resolution of dissolution (excluding the event of dissolution
where, in case of incorporation-type merger or absorption-type merger, duties in connection with the CBs are succeeded to by the newly-incorporated
company or continuing company, without prejudice to the CB Holder’s interests).

 

    4

     

    

 

		(5)	The Issuer receives any order of commencement of bankruptcy procedure, civil rehabilitation procedure,
corporate reorganization procedure, or special liquidation.

 

		(6)	Compulsory execution, provisional attachment, or provisional disposition is implemented to any of Issuer’s
essential asset for its business operation, a petition for auction (including public auction) is filed or attachment as a result of delinquent
tax, or any other event that significantly harms Issuer’s credibility arises.

 

		17.	Number of Share Options attached to Bonds

 

One share option is attached to each
Bond, and the Issuer grants a total of 40 Share Options.

 

		18.	Description of Share Options

 

		(1)	Class and Method of Calculation of Number of Shares that are Subject to Share Options

 

The class of shares that are subject
to the Share Options shall be Issuer’s common shares, and the number of Issuer’s common shares that will be newly issued or
disposed by the Issuer upon exercise of the Share Options (hereinafter, such issue or disposition of Issuer’s common shares are
referred to as “delivery” of Issuer’s common shares.) shall be the maximum integer obtained by dividing the total paid-in
amount of the Bonds pertaining to the exercised Share Options by the Conversion Price set forth in Item (3) of this paragraph; provided,
however, that fractions less than one share arising from the exercise shall be rounded off and no cash adjustment shall be made.

 

		(2)	Description and Value of Property to be Contributed upon Exercise of Share Options

 

Properties to be contributed upon exercise
of the Share Options shall be the Bonds attached to the Share Options, and the value of such Bonds shall be the same as its paid-in amount.

 

		(3)	Conversion Price

 

The price per share used to calculate
the number of Issuer’s common shares to be delivered upon the exercise of the Share Options (hereinafter referred to as the “Conversion
Price”) shall be JPY 755.

 

    5

     

    

 

In the event the Issuer conducts a share
split or reverse share split of its common shares, the conversion price shall be adjusted in accordance with the following formula, provided,
however, that such adjustment shall be made to the conversion price of Share Options that have not been exercised at the time of such
adjustment, and any fraction of less than one yen resulting from such adjustment shall be rounded down.

 

Adjusted Conversion Price =
Original Conversion Price x Ratio of Split or Reverse Split

 

Additionally, in the event of a merger,
share exchange or statutory share transfer (hereinafter, collectively, referred to as “Mergers, Etc.”), in the event
of a gratis allotment of common shares of the Issuer, or in the other event where adjustment of the number of shares is necessary, the
Issuer shall, to the reasonable extent, adjust the Conversion Price, taking into consideration the conditions, of the Mergers, Etc., gratis
allotment of common shares of the Issuer, and the like.

 

Moreover, in the event that the Issuer
intends to issue common shares, any securities that are redeemable or that are with options allowing holders to claim in exchange for
Issuer’s common shares, share options or corporate bonds with share options that allow holders to claim in exchange for Issuer’s
common shares, or any other securities or rights by any price of less than the Conversion Price, then the Conversion Price shall be adjusted,
to the reasonable extent, conditions of such issuance to be considered,

 

		(4)	Share Options Exercisable Period

 

Exercisable from the Issue Date to December 27,
2027. Provided, however, that the period shall end (i) on the date of receipt of prior notice of a claim for early repayment, in
the event early repayment is requested by the CB Holder, (ii) at the time of acceleration, in the event acceleration triggers. Additionally,
in the event that the end date of the exercisable period is a bank holiday, then the exercisable period shall end on the bank business
day preceding to such bank holiday. The Share Options may not be exercisable after December 28, 2027.

 

		(5)	Conditions to Exercise Share Options

 

During the period from the Issue Date
to the six-month anniversary, the Share Options may only be exercised in the event any of the conditions set forth in Paragraph 14 (3) or
Paragraph 16.

 

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Partial exercise of the Share Options
shall not be allowed.

 

		(6)	Matters regarding Acquisition and Conditions to Acquire the Share Options

 

There are no terms and conditions for
the Issuer to acquire the Share Options.

 

		(7)	Issue Price and Capitalization Amount of Shares to be Issued upon Exercise of Share Options

 

		1	Issue Price per Share in the Event Shares are Issued by Exercise of Share Options

 

The issue price of one common share
of the Issuer upon the exercise of the Share Options shall be the amount obtained by dividing the total amount to be paid for the Bonds
subject to the exercise by the number of shares set forth in Item (1) of this paragraph.

 

		2	Stated Capital and Capital Reserve to be Increased in the Event Shares are Issued by Exercise of Share
Options

 

The amount of stated capital to be increased
in the event shares are issued by exercise of the Share Options shall be one-half of the maximum amount of increase in stated capital
calculated in accordance with Article 17(1) of the Company Accounting Rules, and any fraction of less than one yen resulting
from such calculation shall be rounded up. In addition, the amount of capital reserve to be increased in the event shares are issued by
exercise of the Share Options shall be the amount obtained by subtracting the amount of stated capital to be increased from the said maximum
amount of increase in stated capital.

 

		(8)	Reason for not Requiring Payment of Money in Exchange for Share Options and Rationale of Conversion Price

 

The Bonds and Share Options are closely
related: the Share Options are attached to the CBs and may not be transferred severally from the Bonds, and the Bonds in connection with
such Share Options will be contributed in the case of exercise of the Share Options, and the exercisable period of the Share Options will
end and be extinguished accordingly in the case of early repayment. Taking into account such relationship, and considering economic value
in theory inherent in the Share Options based on the assumption of the Conversion Price determined as described in Item (3) hereof,
and economic value in practice to be obtained by the Issuer under the terms and conditions set forth herein and in the agreement to be
entered into with the CB Holder, the interest rate and issue price of the Bonds and other issuance conditions, the Issuer has concluded
that no cash payment is required in exchange for the Share Options.

 

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		(9)	Method of Claim for Exercise of Share Options

 

The CB Holder wishing to exercise the
Share Options shall indicate, in a request form of exercise stipulated by the Issuer, the CBs in connection with the Share Options to
be exercised, enter the date of the request and others, affix its name and seal thereto, and submit that form to the place of receipt
of exercise set forth in Item (12) hereof during the exercisable period stipulated in Item (4) hereof.

 

		(10)	Timing of Effectuation of Exercise of Share Options

 

Exercise shall take into effect on the
day when the entire documents necessary for exercise has arrived at the designated place of receipt of exercise set forth in Item (12)
hereof. When the exercise of the Share Options takes into effect, the redemption of the Bonds in connection such Share Options shall be
deemed as due.

 

		(11)	Method of Delivery of Shares

 

Upon exercise of the Share Options being
effective, the Issuer shall record the CB Holder in Issuer’s register of shareholders and deliver shares to the CB Holder in accordance
with related laws and regulations.

 

		(12)	Place of Receipt of Claim for Exercise of Share Options

 

Tokyo Securities Transfer Agent Co., Ltd.

 

		19.	Administrator of Repayment (Place of Redemption)

 

Back Office Unit at MEDIROM Healthcare
Technologies Inc.

 

		20.	No Transfer

 

The CBs shall not be transferred to
any third party, without prior written consent by Issuer’s board of directors.

 

		21.	Method of Redemption of Principal and Interest

 

The repayment of principal and interest
and other payments based on the Bonds shall be made by remittance to the bank account separately designated by the CB Holder. The Issuer
shall be responsible for wiring fees.

 

		22.	Method of Notice to CB Holder

 

Except for otherwise required by laws
and regulations, any notice to the CB Holder shall be made in writing.

 

		23.	Exemption from Registration

 

The solicitation with a view to issuing
new securities (defined in the Financial Instruments and Exchange Act (Act no. 25 of 1948, as amended)) of this CB falls under Article 2(3)(ii)(c) of
the Act, and thus, no registration statement set forth in Article 4(1) of the Act was filed in relation to such solicitation
with a view to issuing new securities.

 

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		24.	Notice Requirement

 

The CB holder, in the event it intends
to transfer the CB, shall provide, in advance or at the same time of the transfer, to its transferee a written notice stating that no
registration statement set forth in Article 4(1) of the Financial Instruments and Exchange Act was filed in relation to the
solicitation with a view to issuing new securities and that the CBs may not be split in its nature.

 

		25.	Others

 

		(1)	Any other matters necessary for the issuance of CBs shall be deferred to Issuer’s CEO.

 

		(2)	In the event any provisions of these Terms require replacement of terms or other measures due to amendment
to the Companies Act or other laws, the Issuer will take necessary measures.

 

End

 

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