Tokyo - Bridgestone Corporation (Bridgestone) has announced that at the meeting of our Board of Directors today, we have resolved to dispose of treasury stock (hereinafter referred to as 'treasury stock disposition') as restricted-transfer compensation as follows.
Outline of the Disposition
Disposal date March 1, 2023
Class and number of shares to be disposed 78,600 shares of our common stock
Disposal price 4,927 yen per share
Total disposal 387,262,200 yen
To be disposed of 103 Executive Directors, Directors and Lead Expert of our companies
Others Treasury Shares shall be subject to the entry into force of the Securities Registration Statement in accordance with the Financial Instruments and Exchange Law.
Purpose and Grounds for the Disposition
In 2021, we introduced the Restricted Stock Compensation Plan (hereinafter referred to as the 'Plan') with the aim of increasing the willingness of our Executive Directors and Directors to share value with shareholders in response to stock price fluctuations and to contribute to rising stock prices and corporate value. The Plan will continue this fiscal year and will be applied to our executive-level employees (Lead Expert) who fit the purpose of this Plan based on individual decisions from fiscal year 2023
At the meeting of our Board of Directors today, based on the Plan, we have resolved to allot 78,600 shares of our common stock as Specified Shares with Restriction on Transfer to 102 persons appointed as our Executive Directors and Directors and 1 person appointed as our Lead Expert as of January 1, 2023, and to 10 persons appointed as our Executive Directors and Directors between January 2, 2022 and December 31, 2022 (hereinafter referred to as 'Allotted Persons'), by paying 387,262,200 yen in total as monetary remuneration claims to the relevant employee whose allocated monetary remuneration claims shall be fully contributed to the company by the method of contribution in kind. (Allotted Persons appointed as our Executive Directors and This document has been translated for reference only from the original Japanese-language document. If there are any differences or discrepancies between the original Japanese-language and this English translation, the original Japanese-language supersedes this English translation. Bridgestone Corporation IR Department 1-1, Kyobashi 3-chome Chuo-ku, Tokyo 104-8340, Japan Phone: +81 3-6836-3100 Fax: +81 3-6836-3168 https://www.bridgestone.com/ Directors as of January 1, 2023 include those who overlap with those assigned as our Executive Directors and Directors between January 2, 2022 and December 31, 2022.) In addition, such monetary remuneration claims shall be paid on the condition that each person to whom such monetary remuneration claims are allotted concludes with us a general agreement on the allotment of shares with restriction of transfer (hereinafter referred to as the 'Allotment Agreement') containing the following details.
In order to realize the purpose of the introduction of this system in which the allotted persons share value with shareholders in response to stock price fluctuations and increase their willingness to contribute to the increase in stock price and corporate value, the transfer restriction period set forth in period of restriction on transfer in the 3. Overview of Allotment Agreement below has been set respectively
About Bridgestone Corporation
Bridgestone is a global leader in tires and rubber building on its expertise to provide solutions for safe and sustainable mobility. Headquartered in Tokyo, the company employs approximately 130,000 people globally and conducts business in more than 150 countries and territories worldwide. Bridgestone offers a diverse product portfolio of premium tires and advanced solutions backed by innovative technologies, improving the way people around the world move, live, work and play.
Contact:
Tel: +81 3-6836-3100
Fax: +81 3-6836-3168
Web: https://www.bridgestone.com