Gurunavi : Notice regarding the Issuance of Stock Acquisition Rights as Stock Option

Note: This document is an excerpt and translated from the Japanese original for reference purposes only. For more complete and accurate information, please refer to the Japanese original.

For immediate release

Name of Listed Company:	Gurunavi, Inc.
Listed Stock Exchanges:	Tokyo Stock Exchange
Stock Code:	2440
Representative:	Akio Sugihara, President

Notice regarding the Issuance of Stock Acquisition Rights as Stock Option

August 26, 2020 - The board of directors of Gurunavi, Inc. (the "Company") today resolved the items regarding the offering of stock acquisition rights to be issued as stock options for the Company's executive officers, and to solicit subscribers to said stock acquisition rights.

1. Reason for the issuance of stock acquisition rights as stock options

The stock acquisition rights are issued to the Company's executive officers in order to raise their morale and motivation to improve business performance and increase the Company's corporate value.

1. Overview of the issuance of stock acquisition rights

Name of stock acquisition rights:

September 2020 Issue Stock Acquisition Rights of Gurunavi, Inc.

Number of stock acquisition rights to be issued:234

Eligible person and its number, and number of stock acquisition rights to be allotted:

Eligibility	Number of eligible executive	Number of stock acquisition
officers	rights to be allotted
The Company's executive officers	7	234

Class and number of shares underlying the stock acquisition rights:

The class of shares subject to the stock acquisition rights shall be shares of the Company's common stock and the number of shares subject to each stock acquisition right (the "Number of Shares to be Granted") shall be 100 shares.

Payment in exchange for stock acquisition rights for subscription:

No payment of monies is required for stock acquisition rights. Stock acquisition rights are granted to the Company's executive officers as the consideration for execution of duties and do not fall under issuance with favorable terms and conditions.

Value of the property to be contributed upon the exercise of the stock acquisition rights:

The amount to be paid per share ("Exercise Price") shall be 1 yen, and the value of property to be contributed upon the exercise of each stock acquisition rights shall be the Exercise Price multiplied by the Number of Shares to be granted.

Period for the exercise of stock acquisition rights:

From September 25, 2021 to September 25, 2025

Conditions for exercise of stock acquisition rights:

1. If the holder of stock acquisition right waives the stock acquisition right, the stock acquisition right cannot be exercised.
2. Holders of stock acquisition rights are required to hold the positions of directors (excluding outside

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directors), executive officers, corporate auditors or employees of the Company, its subsidiaries or affiliates of the Company, even when exercising the stock acquisition rights. However, this does not apply if the Board of Directors of the Company recognizes it as a special case in consideration of various circumstances.

1. The inheritance of stock acquisition rights holders shall not be accepted. However, this does not apply if the Board of Directors of the Company recognizes it as a special case in consideration of various circumstances.
2. The holder of stock acquisition right may exercise all or part of the stock acquisition rights in accordance with the following categories.

• From the date of allotment of stock acquisition rights ("allotment date") to the day before the first anniversary, all stock acquisition rights assigned cannot be exercised.

• 33.4% of the allotted stock acquisition rights can be exercised from the first anniversary of the allotment date to the day before the second anniversary of the allotment date.

• 66.7% of the allotted stock acquisition rights can be exercised from the second anniversary of the allotment date to the day before the third anniversary of the allotment date.

• From the third anniversary date of the allotment date to the fifth anniversary of the allotment date, all of the allotted stock acquisition rights may be exercised.

Date of allotment of stock acquisition rights:

September 25, 2020

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