Merger Resolution

In the merging company, the General Meeting shall make the decision on the merger. In the acquiring company, the Board of Directors shall normally make the decision on the merger. Decisions concerning the merger shall be made within four months starting from the registration date of the draft terms of merger or the merger will lapse.

The merger resolution of the general meeting of shareholders is subject to a qualified majority [Qualified Majority]⁠. A shareholder or a holder of option or other rights of the merging company that objects to the merger may demand redemption of his/her rights at a fair price, which must be determined without regard to the possible depreciating effect that the merger may have [Redemption of Minority Shares].⁠