Metaplanet executive equity incentives questioned, independent director issues statement in response

PANews reported on September 30, citing CoinDesk, that Metaplanet's independent director issued an open letter defending the 10th stock acquisition rights (executive equity incentive plan) that has drawn heavy criticism from shareholders. The director said that management purchased these rights with their own funds at fair prices when the company was still a distressed hotel operator facing a financial crisis, and that this should be viewed as restructuring investment and long-term incentives, while emphasizing that cash compensation remained restrained. The plan was originally designed to maintain management's 20% stake amid continuous share issuance, and was approved by more than 98% of votes at the February 2023 general shareholders' meeting (78.3% after excluding then-major shareholder EVO). Following shareholder opposition, the company on September 11 reduced the potential new share scale by 41% to 188.2 million shares, canceled the automatic adjustment mechanism after September 1, 2025, set phased exercise restrictions through 2031, and locked exercised shares until August 2031. The statement did not address the 64 million shares that CEO Simon Gerovich had already obtained through exercise in August, nor the conflict-of-interest controversy related to him and shareholder MMXX Ventures.