Ichigo : Additional Accounting Notes for the Twenty-Third Annual Shareholder Meeting

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This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

Ichigo (2337)

Additional Accounting Notes

for the Twenty-Third Annual Shareholder Meeting

• Business Report
• • Employee Stock Option Details
  • Controls to Ensure Appropriate Business Conduct
• Notes to the Consolidated Financial Statements
• Notes to the Parent Financial Statements

Pursuant to Japanese law and Article 14 of Ichigo's Articles of Incorporation, these Notes are posted on Ichigo's website at www.ichigo.gr.jp/en

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	Employee Stock Option Details
	1. Stock Options Issued as Compensation for Execution of Duties by Officers
		15th Stock Option Plan
Date of resolution	January 13, 2017
Number of stock options	1,498,500 units1
Type and number of shares	1,498,500 common shares (1 share per unit)
Issue price	N/A
Exercise price	JPY 423 per share
Exercise period	January 14, 2020 - January 13, 2025
Exercise conditions2
	Directors	Number of stock options:	260,000 units
	Number of shares:	260,000 shares
Details	(excluding Independent Directors)
Number of holders:	3
		Number of stock options:	60,000 units
Holding	Independent Directors	Number of shares:	60,000 shares
	Number of holders:	4
	Statutory Executive Officers	Number of stock options:	231,200 units
	(excluding those who are also	Number of shares:	231,200 shares
	Directors)	Number of holders:	7

1. Of the total stock options 551,200 units have been issued to Officers. (No units have been exercised in the fiscal year ending February 2023.)
2. Exercise Conditions
3. 1. Any person who is allotted stock options is required to remain in the position of Director, Statutory Executive Officer, or employee of Ichigo, or Director, Statutory Executive Officer, Auditor or employee of Ichigo's subsidiaries and other similar positions until the rights are exercised, except for retirement due to expiration of term, mandatory retirement, and other cases approved by the Board of Directors.
   2. Pledges and other disposition of stock options are not permitted.
   3. If a person who is allotted stock options should become deceased, the heir may exercise the rights subject to the conditions provided for in the Stock Options Allotment Agreement as described in (iv).
   4. Other conditions are subject to the Stock Options Allotment Agreement entered into between Ichigo and recipient of stock options pursuant to the resolution of Ichigo's Board of Directors.

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		16th Stock Option Plan
Date of resolution	January 12, 2018
Number of stock options	1,453,700 units1
Type and number of shares	1,453,700 common shares (1 share per unit)
Issue price	N/A
Exercise price	JPY 519 per share
Exercise period	January 13, 2021 - January 12, 2026
Exercise conditions2
	Directors	Number of stock options:	218,700 units
	Number of shares:	218,700 shares
Details	(excluding Independent Directors)
Number of holders:	3
		Number of stock options:	67,500 units
Holding	Independent Directors	Number of shares:	67,500 shares
	Number of holders:	5
	Statutory Executive Officers	Number of stock options:	228,400 units
	(excluding those who are also	Number of shares:	228,400 shares
	Directors)	Number of holders:	7

1. Of the total stock options 514,600 units have been issued to Officers. (No units have been exercised in the fiscal year ending February 2023.)
2. Exercise Conditions
3. 1. Any person who is allotted stock options is required to remain in the position of Director, Statutory Executive Officer, or employee of Ichigo, or Director, Statutory Executive Officer, Auditor or employee of Ichigo's subsidiaries and other similar positions until the rights are exercised, except for retirement due to expiration of term, mandatory retirement, and other cases approved by the Board of Directors.
   2. Pledges and other disposition of stock options are not permitted.
   3. If a person who is allotted stock options should become deceased, the heir may exercise the rights subject to the conditions provided for in the Stock Options Allotment Agreement as described in (iv).
   4. Other conditions are subject to the Stock Options Allotment Agreement entered into between Ichigo and recipient of stock options pursuant to the resolution of Ichigo's Board of Directors.

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		17th Stock Option Plan
Date of resolution	January 11, 2019
Number of stock options	1,502,600 units1
Type and number of shares	1,502,600 common shares (1 share per unit)
Issue price	N/A
Exercise price	JPY 432 per share
Exercise period	January 12, 2022 - January 11, 2027
Exercise conditions2
	Directors	Number of stock options:	177,300 units
	Number of shares:	177,300 shares
Details	(excluding Independent Directors)
Number of holders:	3
		Number of stock options:	67,500 units
Holding	Independent Directors	Number of shares:	67,500 shares
	Number of holders:	5
	Statutory Executive Officers	Number of stock options:	230,400 units
	(excluding those who are also	Number of shares:	230,400 shares
	Directors)	Number of holders:	7

1. Of the total stock options 475,200 units have been issued to Officers. (No units have been exercised in the fiscal year ending February 2023.)
2. Exercise Conditions
3. 1. Any person who is allotted stock options is required to remain in the position of Director, Statutory Executive Officer, or employee of Ichigo, or Director, Statutory Executive Officer, Auditor or employee of Ichigo's subsidiaries and other similar positions until the rights are exercised, except for retirement due to expiration of term, mandatory retirement, and other cases approved by the Board of Directors.
   2. Pledges and other disposition of stock options are not permitted.
   3. If a person who is allotted stock options should become deceased, the heir may exercise the rights subject to the conditions provided for in the Stock Options Allotment Agreement as described in (iv).
   4. Other conditions are subject to the Stock Options Allotment Agreement entered into between Ichigo and recipient of stock options pursuant to the resolution of Ichigo's Board of Directors.

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		18th Stock Option Plan
Date of resolution	October 14, 2020
Number of stock options	1,816,700 units1
Type and number of shares	1,816,700 common shares (1 share per unit)
Issue price	N/A
Exercise price	JPY 340 per share
Exercise period	October 15, 2023 - October 14, 2028
Exercise conditions2
	Directors	Number of stock options:	240,000 units
	Number of shares:	240,000 shares
Details	(excluding Independent Directors)
Number of holders:	3
		Number of stock options:	75,000 units
Holding	Independent Directors	Number of shares:	75,000 shares
	Number of holders:	5
	Statutory Executive Officers	Number of stock options:	203,000 units
	(excluding those who are also	Number of shares:	203,000 shares
	Directors)	Number of holders:	7

1. Of the total stock options 518,000 units have been issued to Officers.
2. Exercise Conditions
3. 1. Any person who is allotted stock options is required to remain in the position of Director, Statutory Executive Officer, or employee of Ichigo, or Director, Statutory Executive Officer, Auditor or employee of Ichigo's subsidiaries and other similar positions until the rights are exercised, except for retirement due to expiration of term, mandatory retirement, and other cases approved by the Board of Directors.
   2. Pledges and other disposition of stock options are not permitted.
   3. If a person who is allotted stock options should become deceased, the heir may exercise the rights subject to the conditions provided for in the Stock Options Allotment Agreement as described in (iv).
   4. Other conditions are subject to the Stock Options Allotment Agreement entered into between Ichigo and recipient of stock options pursuant to the resolution of Ichigo's Board of Directors.

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