①If a shareholder exercises appraisal rights and an agreement determining the price of the shares is reached between the shareholder and the stock company, the stock company must pay that price within sixty days from the effective day.

②If no agreement is reached within thirty days from the effective day on the determination of the price of the shares, the shareholders or the stock company may file a petition for the court to determine the price within thirty days after the expiration of that period.

③Notwithstanding the provisions of paragraph (7) of the preceding Article, in the cases provided for in the preceding paragraph, if the petition under that paragraph is not made within sixty days after the effective day, shareholders exercising appraisal rights may withdraw their demands for appraisal at any time after the expiration of that period.

④The stock company must also pay interest on the price determined by the court at the statutory interest rate from and including the day of the expiration of the period referred to in paragraph (1).

⑤A stock company may pay the amount that the stock company considers to be a fair price to shareholders until the determination of the price of shares.

⑥A share purchase connected with the exercise of appraisal rights becomes effective on the effective day.

⑦If a shareholder exercises appraisal rights with respect to shares for which share certificates are issued, the share certificate-issuing company (meaning a stock company the articles of incorporation of which have provisions to the effect that share certificate representing its shares (or, in case of a company with class shares, shares of all classes) are issued; the same applies hereinafter) must pay the price of the shares relating to the exercise of the appraisal rights in exchange for the share certificates.

①If it is intended to effect any amendment to articles of incorporation set forth in the following items, the holders of share options provided for in any item may demand that the stock company purchase, at a fair price, the share options that they hold:

②If holders of the share options attached to bonds with share option intend to make the demand under the preceding paragraph (hereinafter in this Section referred to as the "exercise of appraisal rights on share options"), they must also demand that the stock company purchase the bonds with respect to bonds with share option; provided, however, that this does not apply if it is otherwise provided for with respect to the share options attached to bonds with share option.

③A stock company which intends to effect an amendment to the articles of incorporation set forth in each item of paragraph (1) must give notice to the holders of share options provided for in each item of that paragraph, no later than twenty days prior to the day when relevant amendment to the articles of incorporation becomes effective (hereinafter in this Article and in the following Article referred to as "day of amendment to articles of incorporation"), to the effect that relevant amendment to the articles of incorporation is to be effected.

④A public notice may be substituted for the notice pursuant to the provisions of the preceding paragraph.

⑤To exercise appraisal rights on share options, the share option holder must indicate the features and number of the share options with regard to which the holder is exercising the appraisal rights, between twenty days prior to the day of amendment to articles of incorporation and the day immediately preceding the day of amendment to articles of incorporation.

⑥When intending to exercise appraisal rights on share options for which share option certificates are issued, the holder of those share options must submit the share option certificates to the stock company; provided, however, that this does not apply to a person who files a petition for public notification as prescribed in Article 114 of the Non-Contentious Cases Procedure Act (Act No. 51 of 2011).

⑦When intending to exercise appraisal rights on share options in respect of a share option that is attached to any bonds with share options for which a bond certificate has been issued (meaning a bond certificate representing the bonds with share options as prescribed in Article 249, item (ii); hereinafter the same applies in this paragraph and paragraph (8) of the following Article), the holder of the share options must submit the bond certificate representing the bond with those share options to the stock company; provided, however, that this does not apply to a person who files a petition for public notification as prescribed in Article 114 of the Non-Contentious Cases Procedure Act.

⑧Share option holders exercising appraisal rights on share options may withdraw their demands for appraisal of the share options only with the approval of the stock company.

⑨The demands of the share option holders exercising appraisal rights on share options lose effect if the stock company cancels the amendment to articles of incorporation provided for in the items of paragraph (1).

⑩The provisions of Article 260 do not apply to share options for the exercise of appraisal rights on share options.

①If a share option holder exercises appraisal rights on the share options, if an agreement on the determination of the price of the share options is reached between the share option holder (if relevant share options are attached to bonds with share option, if a holder thereof demands that the stock company purchase the bonds constituting those bonds with share options, including relevant bonds; hereinafter the same applies in this Article) and the stock company, the stock company must make payment within sixty days from the day of the amendment to the articles of incorporation.

②If no agreement on the determination of the price of the share options is reached within thirty days from the day of amendment to articles of incorporation, the share option holders or the stock company may file a petition for the court to determine the price within thirty days after the expiration of that period.

③Notwithstanding the provisions of paragraph (8) of the preceding Article, in the cases provided for in the preceding paragraph, if the petition under that paragraph is not filed within sixty days after the day of amendment to articles of incorporation, share option holders exercising appraisal rights on the share options may withdraw their demands for appraisal of the share options at any time after the expiration of that period.

④The stock company must also pay interest on the price determined by the court at the statutory interest rate from and including the day of the expiration of the period referred to in paragraph (1).

⑤A stock company may pay the amount that relevant stock company considers to be a fair price to a share option holder until the determination of the price of share options.

⑥The purchase relating to the exercise of appraisal rights on share options becomes effective on the day of amendment to articles of incorporation.

⑦If a share option holder exercises appraisal rights on share options with respect to share options for which share option certificates are issued, the stock company must pay the price of the share options relating to the exercise of appraisal rights on the share options in exchange for the share option certificates.

⑧If a share option holder exercises appraisal rights on share options in respect of a share option attached to any bonds with share options for which a bond certificate has been issued, the stock company must pay the price of the share options in respect of which the holder is exercising appraisal rights in exchange for the certificate representing the bonds with share options.

①A stock company may not give property benefits (limited to benefits given for the accounts of relevant stock company or its subsidiary company; hereinafter the same applies in this Article) to any person in connection with the person's exercise of shareholders' rights, rights as qualified former shareholders (meaning qualified former shareholders as prescribed in Article 847-2, paragraph (9)), or rights as shareholders in the ultimate, wholly owning parent company, etc. of the stock company (meaning an ultimate, wholly owning parent company, etc. prescribed in Article 847-3, paragraph (1)).

②If a stock company gives property benefits to a specific shareholder without charge, it is presumed that relevant stock company has given property benefits regarding the exercise of shareholders' rights. The same applies if a stock company gives property benefits to a specific shareholder for value if the benefit received by relevant stock company or its subsidiary company is insignificant in comparison to relevant property benefits.

③If a stock company gives property benefits in violation of the provisions of paragraph (1), the recipient of relevant benefit must return the same to relevant stock company or its subsidiary company. In these cases, if the recipient has tendered anything to relevant stock company or its subsidiary company in exchange for that benefit, that person may receive the return of the same.

④If a stock company gives property benefits in violation of the provisions of paragraph (1), persons prescribed by Ministry of Justice Order as directors (including executive officers for companies with nominating committee, etc.; hereinafter the same applies in this paragraph.) who are involved in giving relevant benefits are jointly and severally liable to relevant stock company for payment of an amount equivalent to the value of the benefit so given; provided, however, that this does not apply if that person (excluding the directors who gave relevant benefit) proves that they did not fail to exercise due care with respect to the performance of their duties.

⑤Exemptions from the obligations referred to in the preceding paragraph may not be given without the consent of all shareholders.