Common use of Conditions of Stock Acquisition Rights Clause in Contracts

Conditions of Stock Acquisition Rights. (i) In the event that one or more of the SARs are exercised, the number of shares to be delivered to such Stock Acquisition Right holder upon such exercise shall be a whole number and any portion less than one share shall be rounded down and no shares shall be allotted. No monetary adjustment shall be made with respect to such rounding off. (ii) The holder of the SARs may not be exercised during until the shares (including depositary receipts) of the Company are listed on a financial instruments exchange established under foreign laws and regulations. (iii) The holder of the SARs may exercise the SARs only when the Company’s Board of Directors shall determine that a reasonable contribution was made by the holder (to be decided by the Board of Directors of the Company. The same shall apply hereinafter). The Board of Directors of the Company may object to the exercise of the stock acquisition rights by the holder. However, if the Company’s Board of Directors does not raise any objection upon the exercise of the Stock Acquisition Rights by the holder, it shall be deemed that a reasonable contribution was made.