Notice Regarding the Disposal of Treasury Stock for Restricted Stock Remuneration

TOKYO, May 18, 2023 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. (“IIJ”, the “Company”, TSE Prime Market: 3774) announced that at the IIJ’s Board of Directors meeting on May 18, 2023, it resolved to dispose of its treasury stock (the “Disposal of Treasury Stock” or the “Disposal”), as the restricted stock remuneration shown below.

1. Overview of the Disposal

(1)		Disposal date	June 14, 2023
(2)		Class and number of shares to be disposed of	42,130 shares of common stock of the Company
(3)		Disposal price	2,944 yen per share
(4)		Total disposal price	124,030,720 yen
(5)		Allottees and number thereof, and number of stocks to be disposed of	9 Directors of the Company (excluding Part-time and Outside Directors)　 19,975 shares 17 Executive Officers of the Company 17,286 shares 4 Directors of subsidiary of the Company (excluding Part-time and Outside Directors) 2,602 shares 5 Executive Officers of subsidiary of the Company 2,267 shares
(6)		Others	The Disposal of Treasury Stock is conditioned on the Securities Registration Statement taking effect in accordance with the Financial Instruments and Exchange Act.

2. Purpose and reason of disposal
The Company decided, at the Board of Directors meeting held on May 25, 2020, to provide a restricted stock remuneration which is equivalent to performance-linked bonuses (the “Scheme”) for the Directors of the Company (excluding Part-time and Outside Directors, “Eligible Directors”) and Executive Officers of the Company (collectively, “Eligible Directors, etc.”), for the purpose of providing mid- to long-term incentives to Eligible Directors, etc. and further promoting shared value with shareholders. In addition, at the 28th Ordinary General Meeting of Shareholders held on June 24, 2020, it was approved that monetary remuneration claims shall be paid to the Eligible Directors, within the existing maximum aggregate amount of IIJ’s director remuneration, under the Scheme as monetary remuneration to be contributed for the acquisition of restricted stocks and the total number of shares of common stock issued or disposed of by the Company to the Eligible Directors shall be 160,000 shares or less per year. (The Company conducted a stock split at a ratio of two-for-one with a record date of December 31, 2020. Accordingly, the total number of shares of common stock issued or disposed of by the Company to the Eligible Directors has been adjusted from 40,000 shares or less per year to 160,000 shares or less per year). Furthermore, IIJ Global Solutions Inc. (“IIJ-Global”), which is our wholly-owned subsidiary, decided, at the Board of Directors meeting held on April 26, 2022, to provide a restricted stock remuneration for the Directors of IIJ-Global (excluding Part-time and Outside Directors) and Executive Officers of IIJ-Global (collectively, “Eligible Directors, etc. of IIJ-Global”), with the same purpose and content as the Scheme.