Shift approves restricted stock unit plan for directors

Shift announced today that its board of directors has approved the disposal of 106,995 shares of its common stock under the restricted stock unit plan. The shares, valued at JPY 1,013.5 per share based on the closing price on November 21, 2025, will be allotted to seven of Shift's directors on December 25, 2025. The total value of the disposal is JPY 108,439,433. This initiative aims to incentivize sustained corporate value enhancement and promote greater value sharing with shareholders.

The restricted stock unit plan, introduced in October 2021, is a performance-based compensation scheme for Shift's directors, excluding audit and supervisory committee members. It also applies to audit and supervisory committee members to prevent impairment of corporate value and maintain credibility. The final number of shares delivered to directors is determined by a formula based on a "base number of shares" and a "service provision ratio" set by the board.

The maximum number of common shares to be issued or disposed of under the plan is 89,000 shares annually for directors (of which 15,000 shares are for external directors) and 6,000 shares annually for audit and supervisory committee members.