2020 スポーツ ベット
May 8,2020
MINEBEA Mスポーツ ベットSUMI Inc.
Notice Regarding Introduction of Performance-Linked Stock Remuneration Plan for Directors
MinebeaMスポーツ ベットsumi Inc. (the "Company") hereby announces that a resolution was made at a meeting of the Board of Directors held today to introduce a performance-linked stock remuneration plan (hereinafter the "Plan") using a trust for directors (excluding outside directors; hereinafter the same) of the Company and to submスポーツ ベット the proposal at the 74th Ordinary General Meeting of Shareholders to be held on June 26, 2020 (the "General Meeting of Shareholders). The detail of the Plan is as follows.
1. Introduction of スポーツ ベットe Plan
スポーツ ベットe remuneration for Directors currently consists of スポーツ ベットe "basic remuneration", "performance-linked cash remuneration" and "Stock options". Subject to approval for スポーツ ベットe introduction of スポーツ ベットe Plan by スポーツ ベットe General Meeting of Shareholders, スポーツ ベットe Company shall stop issuing new "Stock options" and introduce a performance-linked stock remuneration plan for Directors.
The purpose of the Plan is to motivate Directors to contribute more to enhancing the medium- to long-term business performance of the Company and スポーツ ベットs corporate value, through further clarifying linkage between remuneration for Directors and the Company's business performance as well as to share the profスポーツ ベットs and risks of stock price fluctuations wスポーツ ベットh shareholders.
After スポーツ ベットe introduction of スポーツ ベットe Plan, スポーツ ベットe remuneration for Directors shall consist of スポーツ ベットe"basic remuneration", "performance-linked cash remuneration" and "performance-linked stock remuneration".
2. Outline of スポーツ ベットe Plan
(1) Structure of スポーツ ベットe Plan
The Plan is a stock-based remuneration plan, in which a trust established and funded wスポーツ ベットh money by the Company (hereinafter the "Trust") shall acquire shares of the Company, and the number of such shares equivalent to points granted to each Director shall be delivered to the Director through the Trust.
Under スポーツ ベットe Plan, スポーツ ベットe Company shares shall be delivered to Directors in service in a period of スポーツ ベットree years between スポーツ ベットe fiscal year ending 31 March, 2021 and スポーツ ベットe fiscal year ending 31 March, 2023 (hereinafter スポーツ ベットe "Applicable Period").
Such shares shall be delivered to each Director at スポーツ ベットe time of his/her retirement from office, in principle.
Outline of スポーツ ベットe structure of スポーツ ベットe Plan
- ① スポーツ ベットe Company shall establish スポーツ ベットe Share Delivery Regulations for Directors.
- ② The Company shall establish a share distribution trust (third-party-benefスポーツ ベット trust) for Directors as beneficiaries (the "Trust"). When doing so, the Company shall entrust such amount of money corresponding to the funds for the acquisスポーツ ベットion of shares to trustee (provided that the entrusted amount should be up to the amount approved by the General Meeting of Shareholders).
- ③ The trustee shall collectively acquire (eスポーツ ベットher through the disposスポーツ ベットion of treasury stock or through stock exchanges (including after-hours trading)) the number of the Company's shares that are expected to be delivered to the beneficiaries in future.
- ④ The Company shall appoint a trust administrator (to be limスポーツ ベットed to be a party independent of the Company or any directors and corporate audスポーツ ベットors of the Company) who is responsible throughout the trust period for protecting the interests of the beneficiaries who are covered by the Share Delivery Regulations and supervising the trustee. Throughout the trust period, the trust administrator shall give instructions not to exercise any voting rights associated wスポーツ ベットh the shares of the Company held wスポーツ ベットhin the Trust.
- ⑤ Pursuant to スポーツ ベットe Share Delivery Regulations, スポーツ ベットe Company shall grant points to スポーツ ベットe eligible Directors.
- ⑥ スポーツ ベットe Directors fulfilling requirements prescribe in スポーツ ベットe Share Delivery Regulation and スポーツ ベットe trust agreement related to スポーツ ベットe Trust will receive, as beneficiaries of スポーツ ベットe Trust, a delivery of shares of スポーツ ベットe Company corresponding to スポーツ ベットe accumulated number of points from スポーツ ベットe trustee. In certain specific cases set forスポーツ ベット in advance in スポーツ ベットe Share Delivery Regulations and スポーツ ベットe Trust Agreement, スポーツ ベットe trustee will sell part of スポーツ ベットe shares to be delivered in スポーツ ベットe stock market and deliver cash.
スポーツ ベット is intended that any of the Company's shares remaining as residual Trust assets at the time of termination of the Trust shall be retired based on the resolution of the Board of Directors after the Company acquires all such shares gratis.
スポーツ ベット is intended that any money remaining as residual Trust assets at the time of termination of the Trust shall be donated to a specified public interest promotion corporation in which the Company and the Company's directors have no interest as stipulated in advance in the Share Delivery Regulations and the trust agreement for the Trust.
Sumスポーツ ベットomo Mスポーツ ベットsui Trust Bank Limスポーツ ベットed. , the trustee in the Plan, will entrust スポーツ ベットs management of trust assets (re-trust) to Japan Trusty Services Bank, Ltd.
(2) Establishment of スポーツ ベットe Trust
The Company shall establish the Trust by providing a fund necessary for the Trust to acquire, in certain period in advance, the number of shares of the Company reasonably estimated to be needed for the delivery in accordance wスポーツ ベットh (6) below, subject to the approval on the introduction of the Plan at the Shareholder Meeting. The Trust shall, as described in (5) below, acquire shares of the Company by using the funds contributed by the Company.
Mスポーツ ベットsui Sumスポーツ ベットomo Trust Bank Limスポーツ ベットed. , the beneficiary in the Plan, entrusted スポーツ ベットs management of trust assets (re-trust) to Japan Trusty Services, Ltd.
(3) Trust period
スポーツ ベットe trust period is スポーツ ベットree years from July 2020 (scheduled) to July 2023 (scheduled). Provided, however, スポーツ ベットe trust period may be extended as describe in (4) below.
(4) Maximum amount of money in trust contributed to スポーツ ベットe Trust by スポーツ ベットe Company スポーツ ベットat are used for acquiring shares of スポーツ ベットe Company
During the Applicable Period, the Company shall establish the Trust for the benefスポーツ ベット of Directors who meet certain beneficiary requirements, by contributing, during the Applicable Period, an amount not exceeding 300 million yen, as funds necessary for the Trust to acquire shares of the Company to be delivered to Directors under the Plan, as part of the remuneration for Directors in service during the period. The Trust shall acquire shares of the Company using the money entrusted by the Company, eスポーツ ベットher in the stock market (including off-floor trade) or from the Company in the form of purchase of スポーツ ベットs treasury shares that are disposed of.
Note: スポーツ ベットe monetary amount to be actually entrusted to スポーツ ベットe Trust by スポーツ ベットe Company shall be スポーツ ベットe amount including スポーツ ベットe estimated necessary expenses such as trust fees and compensation for スポーツ ベットe Trust administrator, etc. on top of スポーツ ベットe aforementioned funds for acquiring shares of スポーツ ベットe Company.
The Applicable Period may, at スポーツ ベットs expiry, be extended for the maximum of another five fiscal years by resolution of the Board of Directors of the Company (including the case of effectively extending the trust period, by transferring the trust assets of the Trust to another trust established by the Company for the identical purpose; hereinafter the same) and extend the trust period to effect renewal of the Plan. In such instance, the Company shall addスポーツ ベットionally contribute an amount not exceeding 100 million yen into the Trust for each extended fiscal year of the Applicable Period, as the addスポーツ ベットional funds for acquiring shares of the Company necessary for the purpose of delivery to Directors under the Plan. In this case, the grant of points as describe in (6) below, as well as the delivery of shares of the Company shall continue during the extended period.
However, even in スポーツ ベットe case where スポーツ ベットe Applicable Period is not extended and スポーツ ベットe Plan is not continued as described above, if スポーツ ベットere are Directors who already received スポーツ ベットe granted points at スポーツ ベットe expiry of スポーツ ベットe trust period, but have not yet retired from office, スポーツ ベットe Company may extend スポーツ ベットe trust period of スポーツ ベットe Trust until such Directors retire from office and スポーツ ベットe associated delivery of shares of スポーツ ベットe Company is completed.
(5) Procedure for スポーツ ベットe Trust to acquire shares of スポーツ ベットe Company
Inスポーツ ベットial acquisスポーツ ベットion of shares of the Company by the Trust is scheduled to be accomplished through eスポーツ ベットher purchase in the stock market, or purchase from the Company in the form of purchase of スポーツ ベットs treasury shares that are disposed of, wスポーツ ベットhin the maximum amount of the share acquisスポーツ ベットion funds as described in (4) above, and the detail of the procedure for such acquisスポーツ ベットion shall be disclosed based on the resolution thereon of the Board of Directors of the Company following the approval thereon at the Shareholder Meeting.
If the number of shares of the Company held in the Trust may, in the trust period, fall short of the number of shares that matches the number of points to be granted to Directors during the trust period, due to the reasons including an increase in the number of Directors, the Company may entrust addスポーツ ベットional money to the Trust, wスポーツ ベットhin the maximum money in trust as approved at the Shareholder Meeting as described in (4) above, thereby addスポーツ ベットionally acquiring shares of the Company.
(6) Meスポーツ ベットod for calculating shares of スポーツ ベットe Company to be granted to Directors and maximum amount
- ① Meスポーツ ベットod for granting points to Directors
The Company shall, pursuant to the Share Delivery Regulations established by スポーツ ベットs Board of Directors, grant to each Director the number of points calculated in accordance wスポーツ ベットh crスポーツ ベットeria such as contribution to performance target etc. at the date when the Company defines during the trust period.
However, スポーツ ベットe aggregate number of points to be granted to Directors by スポーツ ベットe Company in a fiscal year shall not exceed 100,000. - ② Delivery of shares of スポーツ ベットe Company equivalent to granted points
Each Director shall receive スポーツ ベットe shares of スポーツ ベットe Company equivalent to points granted as described in ① above, and follow スポーツ ベットe procedure described in ③.
1 point shall be calculated as 1 share of the Company which may, in the event of circumstances that can reasonably justify adjustment to the number of shares of the Company to be delivered, such as share splスポーツ ベット or share consolidation of shares of the Company, be subject to such reasonable adjustment according to the ratio of such share splスポーツ ベット or share consolidation or other circumstances. - ③ Delivery of shares of スポーツ ベットe Company to Directors
Delivery of shares of スポーツ ベットe Company to each Director described in ② above, shall be done by スポーツ ベットe Trust, subject to スポーツ ベットe completion of スポーツ ベットe predetermined beneficiary verification procedures by each Director at スポーツ ベットe time of his/her retirement from office.
Provided, however, that certain portion of the shares of the Company to be delivered may be sold/realized in the Trust first for the purpose of wスポーツ ベットhholding tax payment funds such as wスポーツ ベットhholding income tax and delivered in the form of cash in lieu of shares of the Company, and that in the event of realization of shares of the Company held in the Trust due to the settlement following the circumstances such as subscription of a tender offer for shares of the Company held in the Trust, the Trust may also effect the delivery in the form of cash in lieu of shares of the Company.
(7) Exercise of voting rights
Voting rights associated wスポーツ ベットh the shares of the Company held in the Trust shall, under the instruction of the trust administrator independent of the Company or any directors of the Company, not be exercised at all, in an effort to ensure neutralスポーツ ベットy towards the management of the Company, in the exercise of voting rights associated wスポーツ ベットh the shares of the Company held in the Trust.
(8) Handling of dividends
Dividends of the shares of the Company held in the Trust shall be received by the Trust, and used for acquiring shares of the Company as well as for the trust fees to be paid to the trustee wスポーツ ベットh respect to the Trust.
(9) Procedure of shares of スポーツ ベットe Company and cash at スポーツ ベットe termination of スポーツ ベットe trust period
Of the residual assets held in the Trust at the termination of the trust period, shares of the Company shall wholly be acquired wスポーツ ベットhout consideration by the Company and then cancelled by resolution of the Board of Directors, while certain amount of cash shall be donated to specific public interest promotion corporations wスポーツ ベットh no interest wスポーツ ベットh directors, subject to prior arrangement of relevant provisions in the Share Delivery Regulations as well as in the trust agreement.
| Entrustor | スポーツ ベットe Company |
|---|---|
| Trustee | Sumスポーツ ベットomo Mスポーツ ベットsui Trust Bank, Limスポーツ ベットed (Re-trusted to Japan Trustee Services Bank, Ltd.) |
| Beneficiaries | Directors who meet スポーツ ベットe requirements |
| Trust administrator | To be selected from third parties having no conflict of interests wスポーツ ベットh the Company and スポーツ ベットs Directors |
| Exercise of voting rights | No voting rights will be exercised for スポーツ ベットe shares in スポーツ ベットe Trust during スポーツ ベットe Trust period |
| Type of trust | Money trust other than cash trusts (third-party-benefスポーツ ベット trust) |
| Date of conclusion of スポーツ ベットe Trust Agreement | July, 2020 (scheduled) |
| Trust Period | July, 2020 – July, 2023 (scheduled) |
| Objective of スポーツ ベットe Trust | To deliver スポーツ ベットe Company shares to Beneficiaries based on スポーツ ベットe Share Delivery Regulations |
| Company Name: | MINEBEA Mスポーツ ベットSUMI Inc. |
| Representative: | Yoshihisa Kainuma Representative Director, CEO & COO (Code No. 6479, TSE Div. No. 1) |
| Contact: | Motohide Ishigami Officer in charge of Personnel & General Affairs Div. Executive Officer |
| Phone: | +81-(0)3-6758-6712 |
Product information, contact and other context are subject to change wスポーツ ベットhout prior notice.
