Kakao Amends Stock Option Grant Report Due to Treasury Share Cancellation - Reduced Grant Shares and Adjusted Exercise Price, Total Outstanding Options Sharply Reduced | Kakao(035720)

Kakao submitted a correction report for the stock option grant approved by the board on Sept 1, 2021, reflecting treasury share cancellation.
Number of shares granted: 48,804 (down from 48,961, decrease of 157 shares); exercise price: KRW 153,950 (up from KRW 153,457, increase of KRW 493).
Grant to one employee; exercise period: Sept 1, 2023 to Sept 1, 2028; vesting: 30% after 2 years, 30% after 3 years, 40% after 4 years.
Fair value: KRW 63,111 (binomial model, expected life 4.5 years, risk-free rate 1.81%, volatility 34.9%).
**Total outstanding options after this grant decreased significantly to 4,459,563 shares (from 6,115,899, reduction of 1,656,336 shares), likely reflecting exercises or cancellations of previous grants, reducing potential dilution.
Treasury share cancellation is a positive signal for shareholder return policy.

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