In cases where a stock company carries out any of the acts set forth below, pledge for share options is effective with respect to the monies, etc. which the holders of relevant share options are entitled to receive as a result of relevant act:
the acquisition of share options;
新株予約権の取得
merger (but only if relevant stock company disappears in the merger);
合併（合併により当該株式会社が消滅する場合に限る。）
Registered pledgees of share options may receive the monies, etc. (limited to monies) under the preceding paragraph, and appropriate them as payment to satisfy their own claims in priority to other creditors.
登録新株予約権質権者は、前項の金銭等（金銭に限る。）を受領し、他の債権者に先立って自己の債権の弁済に充てることができる。
If a stock company performs the acts set forth in the following items, if the claims under the preceding paragraph have not yet become due and payable, the registered pledgees of share options may have the person specified in each of those items deposit an amount equivalent to the value of the monies, etc. provided for in that paragraph. In these cases, the pledge is effective with respect to the monies so deposited:
株式会社が次の各号に掲げる行為をした場合において、前項の債権の弁済期が到来していないときは、登録新株予約権質権者は、当該各号に定める者に同項に規定する金銭等に相当する金額を供託させることができる。この場合において、質権は、その供託金について存在する。
acquisition of share options:the stock company;
新株予約権の取得 当該株式会社
entity conversion:a membership company after entity conversion prescribed in Article 744, paragraph (1), item (i); and
組織変更 第七百四十四条第一項第一号に規定する組織変更後持分会社
merger (but only if the stock company disappears in the merger):the company surviving the absorption-type merger as prescribed in Article 749, paragraph (1) or the company incorporated in the consolidation-type merger as prescribed in Article 753, paragraph (1).
合併（合併により当該株式会社が消滅する場合に限る。） 第七百四十九条第一項に規定する吸収合併存続会社又は第七百五十三条第一項に規定する新設合併設立会社
The provisions of the preceding three paragraphs apply mutatis mutandis to cases where a special controlling shareholder acquires share options subject to the cash-out by the demand for share option cash-out.In this case, "the person specified in each of those items" in the preceding paragraph is deemed to be replaced with "the special controlling shareholder".
Pledges for share options attached to bonds with share option (limited to cases where the property provided for in Article 236, paragraph (1), item (iii) consists of the bonds with respect to relevant bonds with share option, and the redemption amount for relevant bonds is equal to or more than the value provided for in item (ii) of that paragraph with respect to relevant share options) are effective with respect to the shares that the holders of relevant share options receive by exercising relevant share options.
新株予約権付社債に付された新株予約権（第二百三十六条第一項第三号の財産が当該新株予約権付社債についての社債であるものであって、当該社債の償還額が当該新株予約権についての同項第二号の価額以上であるものに限る。）を目的とする質権は、当該新株予約権の行使をすることにより当該新株予約権の新株予約権者が交付を受ける株式について存在する。