Timing of Shareholder Status Article 282 Share Option holders who have exercised Share Options become shareholders of the shares underlying such Share Options on the day when such Share Options are exercised.
A 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 items of Article 286-2, paragraph (1) is falsified, unless the payment specified in those items or the payment pursuant to the provisions of Article 286-3, paragraph (1) is made.
The person who accepts the transfer of shares set forth 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.
