Min Hee-jin's First Plea Date in the Put Option Lawsuit Against HYBE Approaches

The first plea date for the put option payment claim lawsuit that former Ador CEO Min Hee-jin filed against HYBE is set to take place soon.

According to legal sources, the 31st Civil Division of the Seoul Central District Court plans to hold the first plea date for Min's lawsuit, which claims approximately 28.7 billion won in payments related to the exercise of a put option on the 12th.

This lawsuit stems from Min notifying HYBE of her intention to exercise the put option in November last year.

The put option is one of the key elements of the shareholder agreement between Min and HYBE, which states that upon exercising the put option, Min can receive an amount equivalent to 75% of her stake in Ador, multiplied by 13 times the average operating profit of Ador for the previous two fiscal years.

Debate Over the Valuation of the Put Option and Contract Termination

Considering the operating profits of Ador for 2022 and 2023, it is reported that Min is eligible to receive close to 26 billion won.

However, HYBE announced through its semi-annual report that the shareholder agreement with Min Hee-jin was terminated in July last year.

As a result, a fierce legal battle between the two parties is expected, with the court planning to conduct a concurrent hearing to review the issues surrounding the termination of the shareholder agreement and the events related to the put option.

Image source: Min Hee-jin, former CEO of Ador / News1, News1