①The persons set forth in the following items become the share option holders of the share options for subscription provided for in relevant items on the day of allotment:

②If share options for subscription are attached to bonds with share option, the persons who become share option holders under the provisions of the preceding paragraph become the holders of bonds constituting the bonds with share option to which relevant share options for subscription are attached.

①In the cases provided for under Article 238, paragraph (1), item (iii), holders of share options must pay the entire amount to be paid in for the share options for subscription for which the holders respectively subscribed, at the place for the handling of bank, etc. payments designated by the stock company, no later than the day immediately preceding the first day of the period provided for under Article 236, paragraph (1), item (iv) for share options for subscription (or, in the cases provided for under Article 238, paragraph (1), item (v), no later than the date under that item; in paragraph (3) referred to as the "payment date").

②Notwithstanding the provisions of the preceding paragraph, share option holders may, with the approval of the stock company, tender property other than monies equivalent to the amount to be paid in or set off their claims against relevant stock company, in lieu of payment under the provisions of that paragraph.

③In the cases provided for under Article 238, paragraph (1), item (iii), share option holders may not exercise the share options for subscription unless they pay in the entire amount to be paid in for their respective share options for subscription (including tendering property other than monies or setting off claims against relevant stock company in lieu of relevant payment) no later than the payment date with respect to relevant share options for subscription.

In the following cases, if shareholders are likely to suffer any disadvantage, shareholders may demand that the stock company discontinue an issue of the share options relating to solicitation under Article 238, paragraph (1):

The provisions of Article 676 through Article 680 do not apply to the solicitation of subscribers for the bonds with respect to the bonds with share option.

A stock company must, without delay after the day share options are issued, prepare a share option register and enter or record, in accordance with the categories of share options set forth in the following items, the information set forth in these items (hereinafter referred to as "information required to be entered in the share option register"):

①A share option holder as referred to in item (iii), (a) of the preceding Article may file a request with the stock company to be issued a document showing the information required to be entered in the share option register which has been entered or recorded in the share option register with respect to that share option holder, or to be provided with the electronic or magnetic record in which the information required to be entered in the share option register has been recorded.

②The documents referred to in the preceding paragraph must be affixed with the signature, or name and seal, of the representative director of the stock company (referring to the representative executive officer for a company with nominating committee, etc.; the same applies in the following paragraph).

③With respect to the electronic or magnetic record referred to in paragraph (1), the representative director of the stock company must implement measures in lieu of the affixation of signature, or name and seal, prescribed by Ministry of Justice Order.

④The provisions of the preceding three paragraphs do not apply to share options for which certificates are issued or share options attached to a bonds with share options for which a certificate is issued.

For the purpose of the application of Article 123 if a stock company issues share options, in that Article, the phrase "shareholder register administrator" is deemed to be replaced with "shareholder and share option register administrator" and the phrase "administer the shareholder register" is deemed to be replaced with "administer the shareholder register and the share option register".

①A stock company must keep the share option register at its head office (or, if it has a shareholder register administrator, at its business office).

②Shareholders and creditors may submit the following requests at any time during the business hours of the stock company. In these cases, the reasons for relevant requests must be disclosed:

③If a request referred to in the preceding paragraph is made, a stock company may not refuse this request unless it falls under any of the following:

④If it is necessary for the purpose of exercising the rights of a member of the parent company of a stock company, the relevant member of the parent company may, with the permission of the court, make the requests set forth in each item of paragraph (2) with respect to the share option register of relevant stock company. In these cases, the reasons for relevant requests must be disclosed.

⑤The court may not grant the permission referred to in the preceding paragraph if any circumstance provided for in any item of paragraph (3) applies to the member of the parent company referred to in the preceding paragraph.

①It is sufficient for a notice or demand to holders of share options to be sent by a stock company to the addresses of relevant holders of share options which have been entered or recorded in the share option register (or, if relevant share option holders notify relevant stock company of a different place or contact address for the receipt of notices or demands, to relevant place or contact address).

②The notices or demands referred to in the preceding paragraph are deemed to have arrived at the time when that notice or demand should normally have arrived.

③If a share option is co-owned by two or more persons, the co-owners must specify one person who receives the notice or demand sent by the stock company to the share option holders and notify relevant stock company of the name of that person. In this case, that person is deemed to be the share option holder and the provisions of the preceding two paragraphs apply.

④If there is no notice by co-owners pursuant to the provisions of the preceding paragraph, it is sufficient for a notice or demand sent by a stock company to the co-owners of the share options if it is sent to one of them.

①Share option holders may transfer the share options held by the same.

②Notwithstanding the provisions of the preceding paragraph, share options attached to bonds with share option may not be transferred on a stand-alone basis; provided, however, that this does not apply if the bonds with respect to relevant bonds with share option are extinguished.

③bonds with respect to bonds with share option may not be transferred on a stand-alone basis; provided, however, that this does not apply if the share options attached to relevant bonds with share option are extinguished.

①Transfers of share options for which certificates are issued do not become effective unless the share option certificates representing the share options for which relevant certificates are issued are delivered; provided, however, that this does not apply to transfers of share options for which certificates are issued that arise out of the disposition of own share options (meaning own share options that the stock company holds; hereinafter the same applies in this Chapter).

②Transfers of share options attached to a bonds with share options for which a certificate is issued do not become effective unless the certificate representing the bonds with share options for which such a certificate is issued is delivered; provided, however, that this does not apply to transfers of share options attached to own bonds with share option (meaning own bonds with share option that the stock company holds; hereinafter the same applies in this Article and the following Article) that arise out of the disposition of relevant own bonds with share option.

①A stock company must, without delay after the day of the disposition of its own share options (limited to share options for which certificates are issued), deliver the share option certificates to the persons who acquired relevant own share options.

②Notwithstanding the provisions of the preceding paragraph, a stock company may elect to not deliver share option certificates under that paragraph until the persons under that paragraph so request.

③A stock company must, without delay after the day of the disposition of its own bonds with share option (limited to a bonds with share options for which a certificate is issued), deliver the certificate representing the bonds with share options to the persons who acquire relevant own bonds with share option.

④The provisions of Article 687 do not apply to the transfer of bonds with respect to the own bonds with share option arising from the disposition of relevant own bonds with share option.