The directors defended the 10th phase of the stock option acquisition plan. Previously, this plan was reduced by 41%, eliminating more than $220 million in potential warrant value.

The directors stated that during the financial crisis, the management used their personal funds to purchase these rights, and claimed that this move reflected their role in the process of rebuilding Metaplanet.

In a letter dated September 29th, the directors stated that at that time the company was still a struggling hotel operator facing a financial crisis. The management purchased these rights using their personal funds at fair value, with no guarantees as to whether the company's transformation would be successful. Among the current independent directors, none were members of the board of directors at the time these rights were issued.

They believe that these rights should be regarded as part of restructured investments and long-term incentives. The directors also stated that when comparing with peers, the shareholding of founders and executive compensation should be taken into account together, and added that the management's cash compensation has always been restrained.

The directors stated that CEO Simon Gerovich is the only director who holds these rights, and he did not participate in the discussions or resolutions of this review.

However, this letter does not address the 64 million shares obtained by Gerovich through the exercise of rights in August, prior to the reset on September 11th, nor does it respond to external concerns regarding MMXX Ventures. MMXX Ventures, a shareholder of Metaplanet, has sparked investor doubts regarding the sale of his shares and Gerovich's personal financial interests within that entity. Metaplanet previously stated that these shares would not be returned, as the exercises of those rights were valid under the applicable terms at the time.