Min Hee Jin, the former director of ADOR, made headlines on November 20, 2024, after announcing her resignation from the company. Alongside stepping down, she also filed a claim to exercise her put options, which could result in significant financial gains.

Resignation and Put Option Claim

In a statement released on November 20, Min Hee Jin confirmed her departure from ADOR. She wrote:

“I will no longer serve as ADOR’s director.”

On the same day, Min Hee Jin filed a claim at the Seoul Central District Court to cash in her put options. A put option allows shareholders to sell their stocks at a predetermined price within a specified time frame, providing them financial leverage even after exiting a company.

Potential Financial Gains

By exercising her put options as outlined in her shareholder agreement, Min Hee Jin stands to gain a substantial payout. According to the agreement, she is entitled to an amount equivalent to 75% of her stake in HYBE, calculated based on 13 times the average operating profit of the past two years.

As of April 2024 audit reports, Min Hee Jin holds 573,160 shares, accounting for 18% ownership in ADOR. If her claim is accepted, she could receive approximately ₩25.8 billion KRW (around $18.5 million USD) through the put options.

Timing of the Claim Raises Questions

Some observers were surprised by Min’s decision to file her claim now, as waiting until early 2025 might have resulted in a higher payout due to changes in the operating profit bracket. However, her contract with ADOR has already been terminated, which might affect the court’s acceptance of her claim.

The decision now lies with the court, which will determine whether Min Hee Jin’s claim is valid under the circumstances.

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Source: Theqoo