Discontinuation of the executive retirement bonus plan and cutoff payments

「当社は、平成28年６月24日開催の定時株主総会において、役員退職慰労金制度廃止に伴う打切り支給が決議された。これに伴い、当連結会計年度において、当社の「役員退職慰労引当金」を全額取崩し、打切り支給に伴う未払額157百万円を長期未払金として固定負債の「その他」に含めて計上している。」

「At the Annual General Meeting of Shareholders held on 24 June 2016, a resolution was passed approving lump-sum payments in connection with the abolition of the executive retirement benefit system. Accordingly, during the first quarter of the consolidated fiscal year, the Company reversed the entire provision for executive retirement benefits and recorded ¥157 million in unpaid amounts arising from the lump-sum payments as long-term accrued expenses under "Other" in non-current liabilities. Certain consolidated subsidiaries continue to recognize provisions equivalent to 100% of the amount calculated under their internal rules to provide for executive retirement benefits.」