Trend Micro 2010 Annual Report Download - page 8

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10
any compulsory provisions applicable in the country of residence of the holder, this
paragraph shall not apply to the extent that such conflict arises.
(b) When a holder of stock acquisition rights dies, his/her heir may exercise the relevant
stock acquisition rights within six months from the date on which the holder died only if
the heir completes the procedures for the inheritance of stock acquisition rights as
stipulated by the Company. If the provisions of this paragraph conflict with any
compulsory provisions applicable in the country of residence of the holder, this paragraph
shall not apply to the extent that such conflict arises.
(c) If stock acquisition rights are pledged or any security interest on the stock acquistion
rights is established, the holder of the relevant stock acquisition rights may not exercise
the same.
(Note) Above exercise conditions (c) do not apply to the Seventeenth and Eighteenth stock
acquisition rights.