DART Filing · Auto-translated
📌 Key Filing Highlights
- Event Type: Corrected regulatory filing regarding the grant of stock options (originally filed March 30, 2023).
- Primary Change: Partial cancellation of granted options due to the resignation of one grantee.
- Quantity Adjustment: Total granted shares reduced from 380,000 to 308,000 Common Stock shares.
- Revised Grantee Count: Number of active grantees corrected from 2 to 1.
Filing Overview and Core Decision
HPSP has submitted a corrected report regarding the grant of stock options originally approved during the 6th Ordinary General Meeting of Shareholders on March 30, 2023. The primary purpose of this correction is to reflect the partial cancellation of stock options previously granted to an executive who has since resigned from the company.
Detailed Filing Terms and Specifications
1. Correction Summary
| Metric | Before Correction | After Correction | Reason for Correction |
|---|---|---|---|
| Number of Grantees | 2 | 1 | Partial cancellation of stock options due to grantee resignation |
| Granted Shares (Common Stock) | 380,000 | 308,000 | |
| Total Granted Status (Common Stock) | 3,832,680 | 3,760,680 |
2. Revised Grantee Details
| Grantee Name | Relationship | Common Stock (Shares) | Fair Value (KRW) | Remarks |
|---|---|---|---|---|
| Baek Lakho | Unregistered Executive | 200,000 | 12,019 | – |
| Park Pil-jae | Unregistered Executive | 108,000 | 12,019 | Cancellation of unexercised shares due to resignation |
3. Core Grant Terms
- Exercise Price: 23,600 KRW (~$17.65 USD based on 1337 KRW/USD) per share.
- Grant Method: Difference compensation (Delivery of treasury shares based on the difference between market price and exercise price).
- Exercise Period: March 30, 2025, to March 30, 2029.
- Vesting Schedule:
- March 30, 2025 – March 30, 2029: 40% exercisable
- March 30, 2026 – March 30, 2029: 20% exercisable
- March 30, 2027 – March 30, 2029: 20% exercisable
- March 30, 2028 – March 30, 2029: 20% exercisable
- Mandatory Service: Grantees must remain employed for 5 years from the grant date (Shareholders’ Meeting resolution date). Options are cancelled if the employee leaves before this 5-year period expires.
Operational Purpose and Company Rationale
The company stated that the purpose of granting these stock options is to secure the long-term retention of executives and employees who have contributed or possess the ability to contribute to the company’s management and technological innovation, and to provide them with performance-based incentives.