Koito Manufacturing to dispose of treasury shares for remuneration

KOITO MANUFACTURING CO., LTD. (TSE:7276) announced today its plan to dispose of 156,700 treasury shares as a Restricted Stock Remuneration Plan. The decision, approved by the Board of Directors, aims to incentivize directors and corporate officers by linking their compensation to the company's stock performance. The shares will be allocated to 9 directors and 15 corporate officers, excluding outside directors. The disposal value is set at JPY1,715 per share, totaling JPY268,740,500. The allocation is subject to a transfer restriction period, ending when allottees resign or retire. The allotted shares will also be managed by SMBC Nikko Securities Inc. This plan follows shareholder approval granted at the company's recent annual general meeting for the introduction of a restricted stock remuneration plan.