Section 1 General Provisions
第一節 総則
Article 236Features of Share Option
第二百三十六条（新株予約権の内容）
If a stock company issues share options, the features of the share options must consist of the following matters:
株式会社が新株予約権を発行するときは、次に掲げる事項を当該新株予約権の内容としなければならない。
the number of the shares underlying the share options (or, for a company with class shares, the classes of the shares and the number of shares for each class), or the method for calculating that number;
the value of the property to be contributed when relevant share options are exercised or the method for calculating that value;
当該新株予約権の行使に際して出資される財産の価額又はその算定方法
if property other than monies will be the subject of the contribution when share options are exercised, a statement to that effect and the description and value of that property;
金銭以外の財産を当該新株予約権の行使に際してする出資の目的とするときは、その旨並びに当該財産の内容及び価額
the period during which relevant share options can be exercised;
当該新株予約権を行使することができる期間
matters regarding the capital and capital reserves that will be increased if shares will be issued as a result of the exercise of relevant share options;
当該新株予約権の行使により株式を発行する場合における増加する資本金及び資本準備金に関する事項
if it is arranged that the approval of relevant stock company will be required for the acquisition of relevant share options by transfer, a statement to that effect;
譲渡による当該新株予約権の取得について当該株式会社の承認を要することとするときは、その旨
if it is arranged that relevant stock company may acquire relevant share options on condition of certain grounds arising, the following matters:
当該新株予約権について、当該株式会社が一定の事由が生じたことを条件としてこれを取得することができることとするときは、次に掲げる事項
a statement that relevant stock company may acquire its share options on the day when certain grounds arise, and of those grounds;
一定の事由が生じた日に当該株式会社がその新株予約権を取得する旨及びその事由
if it is arranged that the grounds referred to in (a) will arise as at the arrival of a day to be separately prescribed by relevant stock company, a statement of the arrangement;
当該株式会社が別に定める日が到来することをもってイの事由とするときは、その旨
if it is arranged that a portion of the share options referred to in (a) may be acquired on the day the grounds referred to in (a) arise, a statement of relevant arrangement and of the method for determining the portion of the share options to be acquired;
イの事由が生じた日にイの新株予約権の一部を取得することとするときは、その旨及び取得する新株予約権の一部の決定の方法
if shares in relevant stock company are delivered to the holders of relevant share options in exchange for the acquisition of the share options referred to in (a), the number of relevant shares (or, for a company with class shares, the classes of the shares and the number of shares for each class), or the method for calculating that number;
if bonds of relevant stock company (other than those on bonds with share option) are delivered to the holders of relevant share options in exchange for the acquisition of the share options referred to in (a), the description of the classes of relevant bonds and the total amount for each class of bonds, or the method for calculating that total amount;
if other share options of relevant stock company (other than those attached to bonds with share option) are delivered to the holders of relevant share options in exchange for the acquisition of the share options referred to in (a), the feature and number of relevant other share options, or the method for calculating that number;
if bonds with share option of relevant stock company are delivered to the holders of relevant share options in exchange for the acquisition of the share options referred to in (a), the matters prescribed in (e) for relevant bonds with share option, and the matters prescribed in (f) for the share options attached to relevant bonds with share option;
if property other than share options, etc. of relevant stock company is delivered to the holders of relevant share options in exchange for the acquisition of the share options referred to in (a), a description of the features and number or amount of relevant property, or the method for calculating that number or amount;
if it is arranged that if relevant stock company carries out acts set forth in (a) through (e) below, the share options of the stock company provided for in (a) through (e) is to be delivered to the holders of relevant share options, a statement to that effect and of the conditions of the same:
当該株式会社が次のイからホまでに掲げる行為をする場合において、当該新株予約権の新株予約権者に当該イからホまでに定める株式会社の新株予約権を交付することとするときは、その旨及びその条件
merger (but only if the stock company disappears in the merger):the stock company that survives the merger or the stock company incorporated as a result of 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。） 合併後存続する株式会社又は合併により設立する株式会社
absorption-type company split:the stock company which succeeds, in whole or in part, to any rights and obligations that a stock company effecting an absorption-type company split holds in connection with its business;
吸収分割 吸収分割をする株式会社がその事業に関して有する権利義務の全部又は一部を承継する株式会社
incorporation-type company split:the stock company that is incorporated in the incorporation-type company split;
新設分割 新設分割により設立する株式会社
share exchange:the stock company that acquires all of the issued shares of the stock company effecting the share exchange;
share transfer:the stock company incorporated as a result of the share transfer;
株式移転 株式移転により設立する株式会社
if the number of the shares to be issued to a share option holder that has exercised a share option includes a fractional share, and the fractional share is to be rounded off, a statement to that effect;
新株予約権を行使した新株予約権者に交付する株式の数に一株に満たない端数がある場合において、これを切り捨てるものとするときは、その旨
if it is arranged to issue share option certificates representing relevant share options (excluding those attached to bonds with share option), a statement to that effect;
in the cases provided for in the preceding item, if the share option holders cannot make, in whole or in part, the demand under the provisions of Article 290, a statement to that effect.
The number of the share options attached to bonds with share option must be uniform for each monetary amount for the bonds with respect to relevant bonds with share option.
When a stock company that has issued shares that are set forth on a financial instruments exchange provided for in Article 2, paragraph (16) of the Financial Instruments and Exchange Act issues share options in accordance with the provisions on the matters set forth in Article 361, paragraph (1), item (iv) or item (v),(b) pursuant to its articles of incorporation or a resolution of the shareholders meeting, the matters set forth in paragraph (1), item (ii) need not be included in the features of the share options. In these cases, the stock company must include the following matters in the features of the share options:
金融商品取引法第二条第十六項に規定する金融商品取引所に上場されている株式を発行している株式会社は、定款又は株主総会の決議による第三百六十一条第一項第四号又は第五号ロに掲げる事項についての定めに従い新株予約権を発行するときは、第一項第二号に掲げる事項を当該新株予約権の内容とすることを要しない。この場合において、当該株式会社は、次に掲げる事項を当該新株予約権の内容としなければならない。
that the issuance of the share options is intended as remuneration of directors or in exchange for payments made with remuneration of directors and that payment of monies or delivery of property provided in paragraph (1), item (iii) upon exercise of these share options is not required; and
that a person other than a director (including a person who was a director) is subject of provisions regarding the matters set forth in Article 361, paragraph (1), item (iv) or item (v), (b) pursuant to the articles of incorporation or a resolution of a shareholders meeting may not exercise these share options.
定款又は株主総会の決議による第三百六十一条第一項第四号又は第五号ロに掲げる事項についての定めに係る取締役（取締役であった者を含む。）以外の者は、当該新株予約権を行使することができない旨
For the purpose of application of the provisions of the preceding paragraph by a company with nominating committee, etc., the phrase "the provisions regarding the matters set forth in Article 361, paragraph (1), item (iv) or item (v), (b) pursuant to its articles of incorporation or a resolution of the shareholders meeting" in that paragraph is deemed to be replaced with "decision on the matters provided for in Article 409, paragraph (3), item (iv) or item (v), (b) by the remuneration committee," and the term "director" in item (i) of that paragraph is deemed to be replaced with "executive officer or director, the phrase" and director" in item (ii) of that paragraph is deemed to be replaced with "executive officer or director."
指名委員会等設置会社における前項の規定の適用については、同項中「定款又は株主総会の決議による第三百六十一条第一項第四号又は第五号ロに掲げる事項についての定め」とあるのは「報酬委員会による第四百九条第三項第四号又は第五号ロに定める事項についての決定」と、同項第一号中「取締役」とあるのは「執行役若しくは取締役」と、同項第二号中「取締役」とあるのは「執行役又は取締役」とする。
Article 237Exercise of Rights by Co-owners
第二百三十七条（共有者による権利の行使）
If any share option is co-owned by two or more persons, the co-owners may not exercise their rights in relation to relevant share option unless they specify one person to exercise the rights in relation to relevant share option, and notify the stock company of the name of that person; provided, however, that this does not apply if the stock company has agreed to the exercise of relevant rights.
新株予約権が二以上の者の共有に属するときは、共有者は、当該新株予約権についての権利を行使する者一人を定め、株式会社に対し、その者の氏名又は名称を通知しなければ、当該新株予約権についての権利を行使することができない。ただし、株式会社が当該権利を行使することに同意した場合は、この限りでない。
Section 2 Issuance of Share Options
第二節 新株予約権の発行
Subsection 1 Determination of Subscription Requirements
第一款 募集事項の決定等
Article 238Determination of Subscription Requirements
第二百三十八条（募集事項の決定）
Whenever a stock company intends to solicit subscribers for an issuance of share options, the stock company must prescribe the following matters (hereinafter in this Section referred to as "subscription requirements") with respect to the share options for subscription (meaning the share options that is to be allotted to persons who subscribed for relevant share options in response to relevant solicitation; hereinafter the same applies in this Chapter):
株式会社は、その発行する新株予約権を引き受ける者の募集をしようとするときは、その都度、募集新株予約権（当該募集に応じて当該新株予約権の引受けの申込みをした者に対して割り当てる新株予約権をいう。以下この章において同じ。）について次に掲げる事項（以下この節において「募集事項」という。）を定めなければならない。
the features and number of the share options for subscription;
募集新株予約権の内容及び数
if it is arranged that there is no requirement for monies to be paid in in exchange for the share options for subscription, a statement to that effect;
募集新株予約権と引換えに金銭の払込みを要しないこととする場合には、その旨
in cases other than the cases provided for in the preceding item, the amount to be paid in for the share options for subscription (meaning the amount of money to be paid in in exchange for one share option for subscription. The same applies hereinafter in this Chapter.) or the method for calculating that amount;
the day on which the share options for subscription is allotted (hereinafter in this Section referred to as the "day of allotment");
募集新株予約権を割り当てる日（以下この節において「割当日」という。）
if the stock company prescribes the date for the payment of monies in exchange for the share options for subscription, that date;
募集新株予約権と引換えにする金銭の払込みの期日を定めるときは、その期日
if share options for subscription are attached to bonds with share option, the matters set forth in each item of Article 676;
in the cases provided for in the preceding item, if the stock company otherwise provides for the method for submission of a demand under the provisions of Article 118, paragraph (1), Article 179, paragraph (2), Article 777, paragraph (1), Article 787, paragraph (1), or Article 808, paragraph (1) with respect to the share options for subscription attached to the bonds with share option under that item, that provision.
前号に規定する場合において、同号の新株予約権付社債に付された募集新株予約権についての第百十八条第一項、第百七十九条第二項、第七百七十七条第一項、第七百八十七条第一項又は第八百八条第一項の規定による請求の方法につき別段の定めをするときは、その定め
The determination of the subscription requirements must be made by a resolution at a shareholders meeting.
募集事項の決定は、株主総会の決議によらなければならない。
In the following cases, the directors must explain at the shareholders meeting referred to in the preceding paragraph the reasons for the need to solicit subscribers for share options for subscription with the offer of the conditions under item (i) or in the amount under item (ii):
if, in the cases provided for in paragraph (1), item (ii), the absence of a requirement for the payment in of monies is particularly favorable to relevant persons; or
第一項第二号に規定する場合において、金銭の払込みを要しないこととすることが当該者に特に有利な条件であるとき。
if, in the cases provided for in paragraph (1), item (iii), the amount to be paid in under that paragraph is particularly favorable to relevant persons.
For a company with class shares, if some or all classes of the shares underlying the share options for subscription are shares with restriction on transfer, the determination of the subscription requirements regarding relevant share options for subscription does not become effective without a resolution at the general meeting of class shareholders, except if there are provisions in the articles of incorporation to the effect that, with respect to the solicitation of subscribers for share options for subscription for which the underlying shares are relevant class shares, a resolution at the relevant general meeting of class shareholders constituted by the class shareholders of relevant class is not required; provided, however, that this does not apply to cases where there is no class shareholder who can exercise a voting right at relevant general meeting of class shareholders.
The subscription requirements must be uniform for each solicitation under paragraph (1).
Article 239Delegation of Determination of Subscription Requirements
第二百三十九条（募集事項の決定の委任）
Notwithstanding the provisions of paragraphs (2) and (4) of the preceding Article, at a shareholders meeting, the determination of the subscription requirements may be delegated to the directors by a resolution at the relevant shareholders meeting (or, for a company with board of directors, the board of directors) by a resolution. In these cases, the shareholders meeting must prescribe the following matters:
the features and maximum number of share options for subscription for which the subscription requirements may be determined under the delegation; and
if it is arranged that there will be no requirement to pay monies in with respect to the share options for subscription under the preceding item, a statement to that effect;
in cases other than those prescribed in the preceding item, the minimum amount to be paid in for share options for subscription.
In the following cases, the directors must explain at the shareholders meeting referred to in the preceding paragraph the reasons for the need to solicit subscribers for share options for subscription with the offer of the conditions under item (i) or in the amount under item (ii):
in the cases provided for in item (ii) of the preceding paragraph, if the absence of a requirement for the payment in of monies is particularly favorable to relevant persons; or
前項第二号に規定する場合において、金銭の払込みを要しないこととすることが当該者に特に有利な条件であるとき。
if, in the cases provided for in item (iii) of the preceding paragraph, the minimum amount to be paid in under that paragraph is particularly favorable to relevant persons.
A resolution under paragraph (1) is effective with respect only to solicitation under paragraph (1) of the preceding Article whose day of allotment falls within one year from the day of relevant resolution.
For a company with class shares, if some or all of the classes of the shares underlying the share options for subscription are shares with restriction on transfer, the determination of the subscription requirements regarding relevant share options for subscription does not become effective without a resolution at the relevant general meeting of class shareholders, except if there are provisions in the articles of incorporation referred to in paragraph (4) of the preceding Article; provided, however, that this does not apply to the case where there is no class shareholder who can exercise a voting right at relevant general meeting of class shareholders.