On August 29th, the side of Min Hee-jin released a statement clarifying that the CEO had not violated the shareholder agreement, as confirmed by the court’s injunction decision. As a result, HYBE does not hold the authority to terminate the agreement and their notice of termination is considered legally void.
“Despite HYBE’s declaration of the termination of the shareholder agreement and their lawsuit to confirm it, this does not grant them the right to terminate a previously non-existent agreement, nor does it result in the termination taking effect. Essentially, the shareholder agreement is still legally binding and CEO Min Hee-jin’s rights, such as the put option, remain in full force and effect.”
Moreover, they clarified that HYBE had made efforts to oust CEO Min Hee-jin from her directorial role and breached the shareholder agreement by persuading the ADOR directors to remove her from her position as CEO. As a result, CEO Min Hee-jin is entitled to terminate the shareholder agreement.
Their final statement declared that in the event of CEO Min Hee-jin’s decision to end the shareholder agreement, HYBE would be held responsible for compensating damages, which would encompass the put option sum as well as any potential earnings she would have accrued had she fulfilled her role as CEO for the originally agreed-upon five-year duration.
The source for this information can be found on Daum, available at https://v.daum.net/v/20240829094151400.
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