Socar, Correction on Stock Option Grant (Reduction Due to Cancellation)

Socar announced a correction to its stock option grant approved by the board in August 2023 and shareholders in March 2024, due to a resignation of a grantee
Number of grantees reduced from 9 to 8, and shares granted decreased from 66,750 to 49,250
Total outstanding stock options after this grant changed to 1,509,500 shares
Exercise price: 13,713 won; exercise period: 2025.08.08~2028.08.08; 50% exercisable after 2 years
Fair value estimated using binomial model: expected life 3-5 years, risk-free rate 3.69-3.73%, expected volatility 38.16%