Trend Micro 2011 Annual Report Download - page 11

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(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 acquisition is
established, the holder of the relevant stock acquisition rights may not exercise the same.
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