{"id":16098,"date":"2025-08-13T12:54:39","date_gmt":"2025-08-13T12:54:39","guid":{"rendered":"https:\/\/www.conv-ex.com\/employee-compensation-plans\/"},"modified":"2026-09-28T09:51:09","modified_gmt":"2026-09-28T09:51:09","slug":"employee-compensation-plans","status":"publish","type":"page","link":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/","title":{"rendered":"Employee Compensation Plans"},"content":{"rendered":"\n\n<section class=\"py-6 lg:py-12.5 overflow-hidden \"  id=\"block_993ac061674e503f14dcc192d9ad34c7\">\n  <div class=\"holder space-y-8\">\n    <div class=\"flex flex-col md:flex-row gap-4 md:items-center md:justify-between\">\n              <h2 class=\"text-22 font-normal leading-[1.2] tracking-[2.8px] md:tracking-[4px] uppercase\">Recent Transactions<\/h2>\n      \n              <a class=\"btn [&amp;&gt;svg&gt;path]:fill-black\" href=\"https:\/\/www.conv-ex.com\/ja\/experience\/\" target=\"_self\">\n          MORE          <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>        <\/a>\n          <\/div>\n\n\n          <div class=\"swiper transactionsSwiper !overflow-visible md:!overflow-hidden\">\n        <div class=\"swiper-wrapper\">\n          \n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                         2020                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                                    <img decoding=\"async\" class=\"w-9.25 h-6.25 inline-block border border-gray\/50\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/08\/france.webp\" alt=\"France\" \/>\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2022\/05\/Pernod_Ricard.svg\" alt=\"Pernod Ricard &#8211; LTIP performance testing\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u5f93\u696d\u54e1\u5831\u916c\u30d7\u30e9\u30f3                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        LTIP Performance Testing (Ongoing)                     <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u72ec\u7acb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>\n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                        April 2017                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                                    <img decoding=\"async\" class=\"w-9.25 h-6.25 inline-block border border-gray\/50\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/08\/UK.webp\" alt=\"UK\" \/>\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2016\/07\/Tullow-Oil.svg\" alt=\"Tullow 2017 rights issue &#8211; employee compensation plans\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u5f93\u696d\u54e1\u5831\u916c\u30d7\u30e9\u30f3                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        \u00a3607 Million                    <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>        <\/div>\n\n        <div class=\"flex items-center justify-between md:justify-center gap-3 mt-8 md:mt-12.5\">\n          <div class=\"transactionsSwiper-button-prev user-select-none cursor-pointer\">\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"65\" height=\"65\" viewBox=\"0 0 65 65\" fill=\"none\">\n    <path d=\"M32.5781 0.509766C14.9534 0.509766 0.665301 14.7963 0.665039 32.4199C0.665039 50.0437 14.9533 64.3311 32.5781 64.3311C50.2028 64.3309 64.4902 50.0436 64.4902 32.4199C64.49 14.7964 50.2027 0.509922 32.5781 0.509766Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M23.3728 32.7813C23.1738 32.5822 23.1738 32.2596 23.3728 32.0605L26.616 28.8173C26.815 28.6183 27.1377 28.6183 27.3367 28.8173C27.5357 29.0163 27.5357 29.339 27.3367 29.538L24.4539 32.4209L27.3367 35.3038C27.5357 35.5028 27.5357 35.8255 27.3367 36.0245C27.1377 36.2235 26.815 36.2235 26.616 36.0245L23.3728 32.7813ZM41.418 32.4209L41.418 32.9305L23.7332 32.9305L23.7332 32.4209L23.7332 31.9113L41.418 31.9113L41.418 32.4209Z\" fill=\"#4F4F4F\" \/>\n<\/svg>          <\/div>\n\n          <div class=\"transactionsSwiper-button-next user-select-none cursor-pointer\">\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"65\" height=\"65\" viewBox=\"0 0 65 65\" fill=\"none\">\n    <path d=\"M32.4219 0.509766C50.0466 0.509766 64.3347 14.7963 64.335 32.4199C64.335 50.0437 50.0467 64.3311 32.4219 64.3311C14.7972 64.3309 0.509766 50.0436 0.509766 32.4199C0.510027 14.7964 14.7973 0.509922 32.4219 0.509766Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M41.6272 32.7813C41.8262 32.5822 41.8262 32.2596 41.6272 32.0605L38.384 28.8173C38.185 28.6183 37.8623 28.6183 37.6633 28.8173C37.4643 29.0163 37.4643 29.339 37.6633 29.538L40.5461 32.4209L37.6633 35.3038C37.4643 35.5028 37.4643 35.8255 37.6633 36.0245C37.8623 36.2235 38.185 36.2235 38.384 36.0245L41.6272 32.7813ZM23.582 32.4209L23.582 32.9305L41.2668 32.9305L41.2668 32.4209L41.2668 31.9113L23.582 31.9113L23.582 32.4209Z\" fill=\"#4F4F4F\" \/>\n<\/svg>          <\/div>\n        <\/div>\n\n      <\/div>\n    \n  <\/div>\n<\/section>\n\n\n\n  <div class=\"stickyNavSentinel\" style=\"height:1px;\"><\/div>\n  <div class=\"stickyNavWrapper transition-all duration-300 py-6 lg:py-10 sticky top-0 z-9999 \"  id=\"block_617ac7d048545554f2d4bbb6957deebd\">\n    <div class=\"holder\">\n      <div class=\"stickyNav px-4 pt-3 lg:pt-3 flex shrink-1 border-b border-midnightNavy gap-8 md:gap-25 [&amp;&gt;a]:uppercase [&amp;&gt;a]:text-sm [&amp;&gt;a]:opacity-50 [&amp;&gt;a:hover]:opacity-100 overflow-y-hidden overflow-x-auto no-scrollbar relative\">\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#agency\" target=\"_self\">\n              Calculation Agency            <\/a>\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#expert\" target=\"_self\">\n              Independent Expert Opinions            <\/a>\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#valuation\" target=\"_self\">\n              Valuation            <\/a>\n        \n        <span class=\"h-0.75 absolute max-sm:hidden bg-black left-0 bottom-0 transition-all duration-300 stickyLinkActiveBar\"><\/span>\n      <\/div>\n    <\/div>\n  <\/div>\n\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden \"  id=\"agency\">\n  <div class=\"holder\">\n    <div class=\"md:min-h-113.5 relative overflow-hidden rounded-[10px] flex md:flex-row flex-col items-end \">\n\n      \n                  <img decoding=\"async\"\n            class=\"relative md:hidden block w-full h-futo\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/09\/Violinists-shutterstock_197492024-scaled.jpg\"\n            alt=\"\" \/>\n        \n                  <img decoding=\"async\"\n            class=\"absolute h-full w-full object-cover -z-1\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/09\/Violinists-shutterstock_197492024-scaled.jpg\"\n            alt=\"\" \/>\n              \n      <div class=\"bg-white\/[0.05] backdrop-blur-[50px] px-7 md:px-12 py-7 w-full max-w-171 space-y-5 relative z-1 md:mt-[150px] md:rounded-tr-[10px]\">\n                  <h2\n            class=\"text-22 tracking-[2.2px] leading-[1.3] font-normal  uppercase text-balance text-white\"\n            style=\"\">\n            CALCULATION AGENCY FOR EMPLOYEE COMPENSATION PLANS          <\/h2>\n        \n                  <div\n            class=\"textImgDesc space-y-7 [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-8 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-8 [&amp;&gt;a]:underline [&amp;&gt;p&gt;a]:underline [&amp;&gt;*]:text-base [&amp;&gt;ul&gt;li+li]:mt-4 [&amp;&gt;*]:leading-[180%] [&amp;&gt;*]:tracking-[-0.36px] [&amp;&gt;*]:text-white\">\n\n            <style>\n              .textImgDesc>* {\n                color: #FFF              }\n            <\/style>\n\n            <p>A Calculation Agent may be appointed by the company to perform the calculations required pursuant to the documentation of the compensation plan.<\/p>\n<ul>\n<li>If appointed <span style=\"text-decoration: underline;\">pre-inception<\/span> of the plan (which is the way we are asked by issuers to operate most of the time), ConvEx can also test the relevant provisions setting out those calculations to ensure these will operate as intended and provide support in drafting of the transaction documentation \u2013 and will be named in such documentation as the party formally responsible for performing such calculations (which are formal and binding on all concerned parties).<\/li>\n<li>If appointed <span style=\"text-decoration: underline;\">post-inception<\/span> of the plan, ConvEx can still support the issuer without being named in the transaction documentation) in dealing with calculations under their transaction, operating with (and providing guidance on) the documentation as drafted.<\/li>\n<\/ul>\n          <\/div>\n        \n        \n          <style>\n            .fImgtextCTA>svg>path {\n              fill: #FFF            }\n          <\/style>\n\n          <a\n            class=\"fImgtextCTA btn text-white\"\n            href=\"https:\/\/www.conv-ex.com\/ja\/contact\/\"\n            target=\"_self\"\n            style=\"\">\n            Contact us for more information            <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>          <\/a>\n\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden \"  id=\"block_deebf04408cae34408193083156c7a3b\">\n  <div class=\"holder\">\n          <h2 class=\"text-22 tracking-[2.2px] mb-10 leading-[1.3] font-normal text-black uppercase\">WHEN APPOINTED AS CALCULATION AGENT PRE-INCEPTION, CONVEX DOES THE FOLLOWING:<\/h2>\n    \n          <div class=\"relative overflow-hidden pb-3.25\">\n        <div class=\"relative max-[768px]:max-w-90 mx-auto overflow-hidden rounded-sm grid md:grid-cols-3 gap-9.25 md:gap-16.5 arrowBlock\">\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-1\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">BEFORE INCEPTION<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>We undertake a detailed review the operability of the calculations set out in the terms and conditions and, if requested to do so, provide comments (to the company or other parties working on the transaction) to ensure that the calculations will be able to be performed:\n<ul>\n<li>as intended and on the basis of clearly observable inputs, removing as much as possible any drafting ambiguity (and the associated risk of a dispute later on); and<\/li>\n<li>on a timely and accurate basis when they are needed during the life of the transaction.<\/li>\n<\/ul>\n<\/li>\n<li>We can also assist the issuer and parties working on the transaction in identifying potential issues, for example scenarios in which a calculation might not produce the expected result, for example as a result of the interplay between multiple sections of the documentation.<\/li>\n<li>Because of our extensive experience we are normally able to find solutions from precedent transactions to help manage these issues, or otherwise can help to craft language that will solve the identified issues.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-2\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">During the life<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms of the plan and notify the issuer as early as possible.<\/li>\n<li>We take formal responsibility for performing all formulaic calculations required to be made in accordance with terms and conditions, while also:\n<ul>\n<li>consulting with the issuer, including providing them with preliminary or illustrative calculations for their internal review.<\/li>\n<li>performing the final, formal calculations and notifying all relevant parties.<\/li>\n<\/ul>\n<\/li>\n<li>We can perform further calculation simulations as may be requested by company in preparation for the final calculations.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-3\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">ON VESTING\/EXERCISE<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>We are typically responsible for performing all performance and settlement calculations when the plan comes to its end.<\/li>\n<li>We take formal responsibility for performing all formulaic calculations required to be made in accordance with terms and conditions, while also ensuring the client understands what we are doing.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                  <\/div>\n        <span class=\"arrowLine h-3.25 bg-midnightNavy\/50 -skew-x-45 absolute bottom-0\"><\/span>\n      <\/div>\n\n      <div class=\"hidden md:block stepsBody\">\n                  <div id=\"step-1\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>We undertake a detailed review the operability of the calculations set out in the terms and conditions and, if requested to do so, provide comments (to the company or other parties working on the transaction) to ensure that the calculations will be able to be performed:\n<ul>\n<li>as intended and on the basis of clearly observable inputs, removing as much as possible any drafting ambiguity (and the associated risk of a dispute later on); and<\/li>\n<li>on a timely and accurate basis when they are needed during the life of the transaction.<\/li>\n<\/ul>\n<\/li>\n<li>We can also assist the issuer and parties working on the transaction in identifying potential issues, for example scenarios in which a calculation might not produce the expected result, for example as a result of the interplay between multiple sections of the documentation.<\/li>\n<li>Because of our extensive experience we are normally able to find solutions from precedent transactions to help manage these issues, or otherwise can help to craft language that will solve the identified issues.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n                  <div id=\"step-2\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms of the plan and notify the issuer as early as possible.<\/li>\n<li>We take formal responsibility for performing all formulaic calculations required to be made in accordance with terms and conditions, while also:\n<ul>\n<li>consulting with the issuer, including providing them with preliminary or illustrative calculations for their internal review.<\/li>\n<li>performing the final, formal calculations and notifying all relevant parties.<\/li>\n<\/ul>\n<\/li>\n<li>We can perform further calculation simulations as may be requested by company in preparation for the final calculations.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n                  <div id=\"step-3\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>We are typically responsible for performing all performance and settlement calculations when the plan comes to its end.<\/li>\n<li>We take formal responsibility for performing all formulaic calculations required to be made in accordance with terms and conditions, while also ensuring the client understands what we are doing.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n              <\/div>\n\n      <\/div>\n<\/section>\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden \"  id=\"block_02df452823d78fa36a5e6ade12d70bef\">\n  <div class=\"holder\">\n          <h2 class=\"text-22 tracking-[2.2px] mb-10 leading-[1.3] font-normal text-black uppercase\">WHEN APPOINTED AS CALCULATION AGENT POST-INCEPTION, CONVEX DOES THE FOLLOWING:<\/h2>\n    \n          <div class=\"relative overflow-hidden pb-3.25\">\n        <div class=\"relative max-[768px]:max-w-90 mx-auto overflow-hidden rounded-sm grid md:grid-cols-3 gap-9.25 md:gap-16.5 arrowBlock\">\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-1\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">WHEN WE ARE APPOINTED<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>We undertake a detailed review of the operability of the calculations set out in the terms and conditions, to ensure that we will be able to perform them on a timely and accurate basis when they are needed during the life of the transaction.<\/li>\n<li>If the client so wishes, we can also undertake a detailed review of all previous calculations (if any) performed prior to our appointment<\/li>\n<li>If we identify any areas of uncertainty or potential issues, we make note of these so that we can be aware in the event they arise later in the life of the transaction.<\/li>\n<li>Because of our extensive experience in performing calculations on equity-linked instruments, we are normally able to find solutions to help the client manage any issues that arise.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-2\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">During the life<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms of the plan and notify the issuer as early as possible.<\/li>\n<li>Because the documentation does not give us formal responsibility for calculations, we support the issuer in ensuring the calculations are made accurately and on a timely basis, so that the issuer can be confident in the results. We also:\n<ul>\n<li>provide issuers with preliminary or illustrative calculations for their internal review.<\/li>\n<li>share final, formal calculations and notifying all relevant parties (trustee, agent, etc.).<\/li>\n<\/ul>\n<\/li>\n<li>We can perform interim performance determinations as well as calculation simulations as may be requested by the client in preparation for the final calculations.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                      <div class=\"stepsArrow md:cursor-pointer\" data-rel=\"step-3\">\n                              <h3 class=\"text-white text-lg leading-[1.3] tracking-[2.2px] uppercase\">ON VESTING\/EXERCISE<\/h3>\n              \n              <span class=\"md:hidden text-white leading-[1.3] tracking-[2.2px] uppercase flex text-sm font-semibold items-center justify-center gap-2.5\">\n                see more\n                <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>              <\/span>\n\n                              <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case hidden stepsContent\">\n                  <ul>\n<li>We support the issuer in performing all performance and settlement calculations when the plan comes to its end.<\/li>\n<\/ul>\n\n                  <button class=\"stepsUp relative -bottom-4\">\n                    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>                  <\/button>\n                <\/div>\n                          <\/div>\n                  <\/div>\n        <span class=\"arrowLine h-3.25 bg-midnightNavy\/50 -skew-x-45 absolute bottom-0\"><\/span>\n      <\/div>\n\n      <div class=\"hidden md:block stepsBody\">\n                  <div id=\"step-1\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>We undertake a detailed review of the operability of the calculations set out in the terms and conditions, to ensure that we will be able to perform them on a timely and accurate basis when they are needed during the life of the transaction.<\/li>\n<li>If the client so wishes, we can also undertake a detailed review of all previous calculations (if any) performed prior to our appointment<\/li>\n<li>If we identify any areas of uncertainty or potential issues, we make note of these so that we can be aware in the event they arise later in the life of the transaction.<\/li>\n<li>Because of our extensive experience in performing calculations on equity-linked instruments, we are normally able to find solutions to help the client manage any issues that arise.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n                  <div id=\"step-2\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>Using public corporate actions data, we monitor (where possible) for corporate actions and other events which might trigger the need for a calculation to be performed under the terms of the plan and notify the issuer as early as possible.<\/li>\n<li>Because the documentation does not give us formal responsibility for calculations, we support the issuer in ensuring the calculations are made accurately and on a timely basis, so that the issuer can be confident in the results. We also:\n<ul>\n<li>provide issuers with preliminary or illustrative calculations for their internal review.<\/li>\n<li>share final, formal calculations and notifying all relevant parties (trustee, agent, etc.).<\/li>\n<\/ul>\n<\/li>\n<li>We can perform interim performance determinations as well as calculation simulations as may be requested by the client in preparation for the final calculations.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n                  <div id=\"step-3\" class=\"hidden relative stepContent lg:overflow-hidden lg:py-12.5 lg:pl-11.5 gap-4 lg:gap-23 rounded-10 lg:bg-[rgba(54,70,82,0.50)] last:!rounded-tr-none first:!rounded-tl-none md:pr-30\">\n\n                          <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;*]:tracking-[-0.32px] [&amp;&gt;*]:text-left [&amp;&gt;*]:text-white [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-4 [&amp;&gt;ul&gt;li&gt;ul]:list-disc [&amp;&gt;ul&gt;li&gt;ul]:pl-4 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-4 [&amp;&gt;ol&gt;li&gt;ol]:list-decimal [&amp;&gt;ol&gt;li&gt;ol]:pl-4 normal-case\">\n                <ul>\n<li>We support the issuer in performing all performance and settlement calculations when the plan comes to its end.<\/li>\n<\/ul>\n              <\/div>\n            \n\n            <button class=\"stepsUp absolute top-4 right-4 cursor-pointer\">\n              <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"49\" height=\"48\" viewBox=\"0 0 49 48\" fill=\"none\">\n    <path d=\"M0.824218 24.002C0.824217 11.0278 11.3411 0.509765 24.3145 0.509765C37.2878 0.509764 47.8047 11.0278 47.8047 24.002C47.8045 36.9759 37.2877 47.4932 24.3145 47.4932C11.3412 47.4932 0.824395 36.9759 0.824218 24.002Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M24.6748 17.0939C24.4758 16.8949 24.1531 16.8949 23.9541 17.0939L20.7109 20.3371C20.5119 20.5362 20.5119 20.8588 20.7109 21.0579C20.9099 21.2569 21.2326 21.2569 21.4316 21.0579L24.3145 18.175L27.1973 21.0579C27.3963 21.2569 27.719 21.2569 27.918 21.0579C28.117 20.8588 28.117 20.5362 27.918 20.3371L24.6748 17.0939ZM24.3145 30.5459L24.8241 30.5459L24.8241 17.4543L24.3145 17.4543L23.8048 17.4543L23.8048 30.5459L24.3145 30.5459Z\" fill=\"#4F4F4F\" \/>\n<\/svg>            <\/button>\n          <\/div>\n              <\/div>\n\n      <\/div>\n<\/section>\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden \"  id=\"expert\">\n  <div class=\"holder\">\n    <div class=\"md:min-h-113.5 relative overflow-hidden rounded-[10px] flex md:flex-row flex-col items-end \">\n\n      \n                  <img decoding=\"async\"\n            class=\"relative md:hidden block w-full h-futo\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/09\/Organist-shutterstock_1593696559_mobile_750x1334.jpg\"\n            alt=\"\" \/>\n        \n                  <img decoding=\"async\"\n            class=\"absolute h-full w-full object-cover -z-1\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/09\/Organist-shutterstock_1593696559_mobile_750x1334.jpg\"\n            alt=\"\" \/>\n              \n      <div class=\"bg-white\/[0.05] backdrop-blur-[50px] px-7 md:px-12 py-7 w-full max-w-171 space-y-5 relative z-1 md:mt-[150px] md:rounded-tr-[10px]\">\n                  <h2\n            class=\"text-22 tracking-[2.2px] leading-[1.3] font-normal  uppercase text-balance text-white\"\n            style=\"\">\n            INDEPENDENT EXPERT OPINIONS FOR EMPLOYEE COMPENSATION PLANS          <\/h2>\n        \n                  <div\n            class=\"textImgDesc1 space-y-7 [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-8 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-8 [&amp;&gt;a]:underline [&amp;&gt;p&gt;a]:underline [&amp;&gt;*]:text-base [&amp;&gt;ul&gt;li+li]:mt-4 [&amp;&gt;*]:leading-[180%] [&amp;&gt;*]:tracking-[-0.36px] [&amp;&gt;*]:text-white\">\n\n            <style>\n              .textImgDesc1>* {\n                color: #FFF              }\n            <\/style>\n\n            <p>Some share-based compensation plans may include reference to a third party to be appointed in future to make certain determinations. Alternatively, such third party may be appointed to support the company\u2019s management team or board in a decision it is required to take, or to clarify some uncertainty (or settle a dispute). This might be referred to as an \u201cIndependent Advisor\u201d, \u201cIndependent Expert\u201d, \u201cIndependent Financial Advisor\u201d, \u201cIndependent Investment Bank\u201d, or several other names.<\/p>\n<p>The need for an independent expert may arises in the event of a calculation or other determination which is not set out formulaically in the terms and conditions of the instrument (including any complex determination which might have been seen as unlikely from the start, and as such no party was hired in advance to perform it), or in the event of multiple events triggering an adjustment to the exercise price occurring simultaneously, or more generally in the event of uncertainty (or a dispute) as to how a calculation should be performed. It may be used to support the fairness of a decision by the board.<\/p>\n<p>Our extensive experience and knowledge of equity-linked securities documentation allows us to consider the formulaic provisions, but also to put them into a market context (including any applicable precedents) to assist in clarifying the original intent to arrive at a fair solution. We provide written opinions for the issuer\u2019s reliance.<\/p>\n          <\/div>\n        \n        \n          <style>\n            .fImgtextCTA1>svg>path {\n              fill: #FFF            }\n          <\/style>\n\n          <a\n            class=\"fImgtextCTA1 btn text-white\"\n            href=\"https:\/\/www.conv-ex.com\/ja\/contact\/\"\n            target=\"_self\"\n            style=\"\">\n            Contact us for more information            <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>          <\/a>\n\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden \"  id=\"valuation\">\n  <div class=\"holder\">\n    <div class=\"md:min-h-113.5 relative overflow-hidden rounded-[10px] flex md:flex-row flex-col items-end justify-end\">\n\n      \n                  <img decoding=\"async\"\n            class=\"relative md:hidden block w-full h-futo\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/10\/image-1.webp\"\n            alt=\"\" \/>\n        \n                  <img decoding=\"async\"\n            class=\"absolute h-full w-full object-cover -z-1\"\n            src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/10\/image-1.webp\"\n            alt=\"\" \/>\n              \n      <div class=\"bg-white\/[0.05] backdrop-blur-[50px] px-7 md:px-12 py-7 w-full max-w-171 space-y-5 relative z-1 md:mt-[150px] md:rounded-tl-[10px]\">\n                  <h2\n            class=\"text-22 tracking-[2.2px] leading-[1.3] font-normal  uppercase text-balance text-white\"\n            style=\"\">\n            VALUATION FOR SHARE-BASED EMPLOYEE COMPENSATION PLANS          <\/h2>\n        \n                  <div\n            class=\"textImgDesc2 space-y-7 [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-8 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-8 [&amp;&gt;a]:underline [&amp;&gt;p&gt;a]:underline [&amp;&gt;*]:text-base [&amp;&gt;ul&gt;li+li]:mt-4 [&amp;&gt;*]:leading-[180%] [&amp;&gt;*]:tracking-[-0.36px] [&amp;&gt;*]:text-white\">\n\n            <style>\n              .textImgDesc2>* {\n                color: #FFF              }\n            <\/style>\n\n            <p>Some plans may require the issuer to mark to market in their accounts over time, based on market movements and other inputs.<\/p>\n<p>When we provide valuations for our issuer clients, we approach these with a detailed understanding of the transaction documentation as well as trading of relevant and\/or related instruments in the market. As a result, our valuations are both technically accurate and reflect appropriate market inputs, rather than simply technical valuations based on unrelated market data.<\/p>\n          <\/div>\n        \n        \n          <style>\n            .fImgtextCTA2>svg>path {\n              fill: #FFF            }\n          <\/style>\n\n          <a\n            class=\"fImgtextCTA2 btn text-white\"\n            href=\"https:\/\/www.conv-ex.com\/ja\/contact\/\"\n            target=\"_self\"\n            style=\"\">\n            Contact us for more information             <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>          <\/a>\n\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden max-md:pb-16 \"  id=\"block_1a29767b5a190cc110c3c7c7dec67668\">\n  <div class=\"holder\">\n    <div class=\"space-y-10\">\n              <h2 class=\"text-22 tracking-[2.2px] leading-[1.3] font-normal text-black uppercase\"> More of our Products<\/h2>\n      \n              <div class=\"relative max-[768px]:max-w-90 mx-auto overflow-hidden grid lg:grid-cols-2 xl:grid-cols-3 gap-3 lg:gap-y-8 lg:gap-x-6\">\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16102\" target=\"_self\">\n                <span class=\"flex-1\">Convertible &amp; Exchangeable Bonds<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16088\" target=\"_self\">\n                <span class=\"flex-1\">Warrants<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16099\" target=\"_self\">\n                <span class=\"flex-1\">Capital Securities (AT1\/RT1)<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16100\" target=\"_self\">\n                <span class=\"flex-1\">Callable Bonds (Make-Whole Calls)<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16097\" target=\"_self\">\n                <span class=\"flex-1\">Complex &amp; Bespoke Transactions<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"https:\/\/www.conv-ex.com\/ja\/?page_id=16087\" target=\"_self\">\n                <span class=\"flex-1\">Equity Derivatives<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                  <\/div>\n          <\/div>\n  <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":0,"parent":16106,"menu_order":59,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-16098","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Employee Compensation Plans - ConvEx<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Employee Compensation Plans - ConvEx\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/\" \/>\n<meta property=\"og:site_name\" content=\"ConvEx\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-28T09:51:09+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/employee-compensation-plans\\\/\",\"url\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/employee-compensation-plans\\\/\",\"name\":\"Employee Compensation Plans - ConvEx\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/#website\"},\"datePublished\":\"2025-08-13T12:54:39+00:00\",\"dateModified\":\"2026-09-28T09:51:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/employee-compensation-plans\\\/#breadcrumb\"},\"inLanguage\":\"ja\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/employee-compensation-plans\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/employee-compensation-plans\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Products\",\"item\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/products\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Employee Compensation Plans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/#website\",\"url\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/\",\"name\":\"ConvEx\",\"description\":\"Independent Capital Markets Experts\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.conv-ex.com\\\/ja\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ja\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Employee Compensation Plans - ConvEx","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/","og_locale":"ja_JP","og_type":"article","og_title":"Employee Compensation Plans - ConvEx","og_url":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/","og_site_name":"ConvEx","article_modified_time":"2026-09-28T09:51:09+00:00","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/","url":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/","name":"Employee Compensation Plans - ConvEx","isPartOf":{"@id":"https:\/\/www.conv-ex.com\/ja\/#website"},"datePublished":"2025-08-13T12:54:39+00:00","dateModified":"2026-09-28T09:51:09+00:00","breadcrumb":{"@id":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/#breadcrumb"},"inLanguage":"ja","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.conv-ex.com\/ja\/products\/employee-compensation-plans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.conv-ex.com\/ja\/"},{"@type":"ListItem","position":2,"name":"Products","item":"https:\/\/www.conv-ex.com\/ja\/products\/"},{"@type":"ListItem","position":3,"name":"Employee Compensation Plans"}]},{"@type":"WebSite","@id":"https:\/\/www.conv-ex.com\/ja\/#website","url":"https:\/\/www.conv-ex.com\/ja\/","name":"ConvEx","description":"Independent Capital Markets Experts","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.conv-ex.com\/ja\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ja"}]}},"_links":{"self":[{"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/pages\/16098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/comments?post=16098"}],"version-history":[{"count":2,"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/pages\/16098\/revisions"}],"predecessor-version":[{"id":17120,"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/pages\/16098\/revisions\/17120"}],"up":[{"embeddable":true,"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/pages\/16106"}],"wp:attachment":[{"href":"https:\/\/www.conv-ex.com\/ja\/wp-json\/wp\/v2\/media?parent=16098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}