①Share options must be exercised by disclosing the following matters:

②If it is intended to exercise share options for which certificates are issued, the holders of relevant share options for which certificates are issued must submit the share option certificates representing the share options for which certificates are issued to the stock company; provided, however, that this does not apply if no relevant share option certificates have been issued.

③If it is intended to exercise share options attached to a bonds with share options for which a certificate is issued, the holders of relevant share options must submit to the stock company the certificate representing the bonds with share options for bonds with share option to which relevant share options are attached. In these case, relevant stock company must specify in relevant certificate representing the bonds with share options to the effect that those share options attached to such a bonds with share options for which a certificate is issued have been extinguished.

④Notwithstanding the provisions of the preceding paragraph, if it is intended to exercise share options attached to a bonds with share options for which a certificate is issued, if the bonds with respect to such a bonds with share options for which a certificate is issued are extinguished by the exercise of relevant share options, the holders of those share options must submit the certificate representing the bonds with share options for the bonds with share option to which those share options are attached to the stock company.

⑤Notwithstanding the provisions of paragraph (3), if it is intended to exercise the share options attached to a bonds with share options for which a certificate is issued after the redemption of the bonds with respect to such a bonds with share options for which a certificate is issued, the holders of relevant share options must submit the certificate representing the bonds with share options for the bonds with share option to which relevant share options are attached to the stock company.

⑥A stock company cannot exercise own share options.

①If monies are the subject of the contribution to be made on the exercise of share options, the share option holders must pay in the entire amount of the value provided for in Article 236, paragraph (1), item (ii) with respect to the share options relating to relevant exercise at the place for the handling of bank, etc. payments designated by the stock company on the day provided for in paragraph (1), item (ii) of the preceding Article.

②If any property other than monies is the subject of the contribution to be made on the exercise of share options, the share option holders must deliver the property provided for in Article 236, paragraph (1), item (iii) with respect to the share options relating to that exercise on the day provided for in paragraph (1), item (ii) of the preceding Article. In these cases, if the value of the property falls short of the value provided for in Article 236, paragraph (1), item (ii), the holders of the share options must pay in monies equivalent to the balance thereof at the place for the handling of payments referred to in the preceding paragraph.

③Share option holders may not set off their obligations to effect payment under the provisions of paragraph (1) or delivery under the provisions of the preceding paragraph against claims the holders of share options have against the stock company.

①Share option holders who have exercised share options become shareholders of the shares underlying relevant share options on the day when relevant share options are exercised.

②A share option holder that exercises a share option and is as set forth in items of Article 286-2, paragraph (1) may not exercise the right of shareholders with respect to shares that are subject matters of share options for which payment or delivery set forth in each items of Article 286-2, paragraph (1) is falsified, unless the payment specified in each of those items or the payment pursuant to the provisions of Article 286-3, paragraph (1) is made.

③The person who accepts the transfer of shares referred to in the preceding paragraph may exercise the right of shareholders with respect to the shares; provided, however, that this does not apply if the person has acted in bad faith or with gross negligence.

If share options are exercised, if the number of the shares to be issued to the holders of relevant share options includes a fractional share, the stock company must, in accordance with the categories of the cases set forth in each of the following items, deliver to the holders of relevant share options monies equivalent to the amount obtained by multiplying the amount provided for in each relevant item by that fractional share; provided, however, that this does not apply if there are provisions with respect to the matters set forth in Article 236, paragraph (1), item (ix):

①If share options for which there are provisions with respect to the matters set forth in Article 236, paragraph (1), item (iii) are exercised, a stock company must petition the court, without delay after a delivery of property under the provisions of Article 281, paragraph (2), for the appointment of an inspector, in order to have the inspector investigate the value of the property provided for in that item (hereinafter in this Section referred to as "property contributed in kind").

②If the petition referred to in the preceding paragraph has been filed, the court must appoint an inspector, except if it dismisses the petition as unlawful.

③If the court has appointed the inspector under the preceding paragraph, it may fix the amount of the remuneration that the stock company pays to relevant inspector.

④The inspector referred to in paragraph (2) must conduct the necessary investigation and submit a report to the court by providing it with a document detailing the results of the investigation or with an electronic or magnetic record (limited one prescribed by Ministry of Justice Order) in which these have been recorded.

⑤If the court finds it necessary to clarify the contents of the report stated in the preceding paragraph or to confirm the grounds supporting that report, it may request that the inspector referred to in paragraph (2) submit a further report under the preceding paragraph.

⑥If the inspector under paragraph (2) has submitted the report referred to in paragraph (4), the inspector must deliver a copy of the document referred to in that paragraph to the stock company or use a means prescribed by Ministry of Justice Order to provide it with the information recorded in the electronic or magnetic record referred to in that paragraph.

⑦If the court receives a report under paragraph (4), if it finds the value provided for in Article 236, paragraph (1), item (iii) with respect to the property contributed in kind (excluding a value not subjected to the investigation by the inspector under paragraph (2)) to be improper, it must issue a ruling changing relevant value.

⑧If the value of the property contributed in kind has been changed, in whole or in part, because of a ruling under the preceding paragraph, the share option holders referred to in paragraph (1) may rescind their manifestation of intention relating to the exercise of their share options, limited to within one week from the finalization of relevant ruling.

⑨The provisions of the preceding paragraphs do not apply in the cases in each of the following items with respect to the matters prescribed respectively in those items:

⑩None of the following persons can provide the verification provided in item (iv) of the preceding paragraph: