①In a case as set forth in one of the following items, the share option holder exercising the share option is liable to the stock company for payment of the amount provided for in the relevant item:

②In the cases provided for in item (iii) of the preceding paragraph, if the share option holder that tendered the property contributed in kind has acted in good faith and without gross negligence as to the fact that the value of relevant property contributed in kind is extremely short of the value provided for under Article 236, paragraph (1), item (iii) with respect to the property contributed in kind, the share option holder may rescind the manifestation of intention relating to the exercise of the share options.

①In the cases set forth in paragraph (1), item (iii) of the preceding Article, the following persons (hereinafter in this Article referred to as "directors, etc.") are liable to the stock company for payment of the amounts set forth in relevant items:

②Notwithstanding the provisions of the preceding paragraph, the directors, etc. are not liable for property contributed in kind under that paragraph in the cases set forth below:

③In the cases provided for in paragraph (1), the person who submitted the verification provided for in Article 284, paragraph (9), item (iv) (hereinafter in this Article referred to as "verifying person") is liable for the payment of the amount provided for in paragraph (1), item (iii) of the preceding Article to the stock company; provided, however, that this does not apply if relevant verifying person has proven that the verifying person did not fail to exercise care with respect to the submission of relevant verification.

④If a share option holder bears an obligation to pay an amount provided for in paragraph (1), item (iii) of the preceding Article with respect to property contributed in kind tendered by the share option holder, if the persons set forth as follows bear obligations provided for in each of relevant items with respect to relevant property contributed in kind, those persons will be joint and several obligors:

①A share option holder that exercises a share option and is as set forth in the following items is liable to perform the acts specified in those items to a stock company:

②The liabilities of share option holders prescribed in the preceding paragraph pursuant to the provisions of the same paragraph may not be exempted without the consent of all shareholders.

①If a share option holder that exercises a share option and is as set forth in the items of paragraph (1) of the preceding Article is liable to perform the actions specified in the relevant item, a person prescribed by Ministry of Justice Order as a director (in cases of a company with nominating committee, etc., including executive officers) involved in falsifying the payment or delivery under those items is liable to a stock company for the payment prescribed in those items; provided, however, that this does not apply to cases where the person (excluding the person who falsified the payment or delivery) proves that the person did not fail to exercise due care with respect to the performance of the person's duties.

②If a share option holder that exercises a share options and is as set forth in the items of paragraph (1) of the preceding Article is liable to make the payment prescribed in the relevant item, if the person prescribed in the preceding paragraph assumes the liability set forth in the same paragraph, these persons will be joint and several obligors.

Beyond the cases provided for in Article 276, paragraph (1), if a share option holder can no longer exercise the share options held by the same, relevant share options will be extinguished.

①A stock company must, without delay after the day of issue of share options for which certificates are issued, issue share option certificates representing the share options for which certificates are issued.

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

A stock company must state the following matters and the serial number on a share option certificates and the representative director of the stock company (or the representative executive officer for a company with nominating committee, etc.) must affix the representative director's signature, or name and seal:

Holders of share options for which certificates are issued may demand at any time that the stock company convert their registered share option certificates into bearer share option certificates, or convert their bearer share option certificates into registered share option certificates, except if there is an arrangement that relevant conversion is not possible under the provisions with respect to the matters set forth in Article 236, paragraph (1), item (xi).