[Exclusive]Hive, I don't intend to make up with Min Heejin..Application for 'cancellation' of enforcement of put options

*This content was translated by AI.

Former ADOR CEO Min Hee-jin proposed to stop all lawsuits because he would give up his 25.6 billion won put option to Hive, but Hive does not seem to accept it.

As a result of Star News' confirmation, Hive applied through the Seoul High Court on the 10th to cancel the compulsory execution of former CEO Min Hee-jin and others.

Prior to this, Hive applied for a compulsory suspension of execution along with the objection of the first trial of the stock trading price after former CEO Min Hee-jin's application for bond seizure and collection order, and the compulsory execution has been suspended as the court accepted it.

Usually, a party who loses a civil lawsuit can apply for a suspension of execution to prevent provisional execution of the ruling, and the court mostly cites it on the condition of providing collateral, such as depositing a certain amount in cash or receiving and submitting a guarantee insurance certificate unless there are special circumstances.

In particular, in the case of forced execution cancellation, unlike the temporary suspension of execution, it ultimately excludes some or all of the execution in the execution process, which shows how Hive views the lawsuit.

Earlier on February 12, the Civil Agreement Department 31 (Director Nam In-soo) of the Seoul Central District Court held a court ruling on Hive's decision to terminate the shareholder contract against former CEO Min Hee-jin and a stock sale price claim filed by former CEO Min Hee-jin against Hive, saying, "Hive's claim is dismissed, and the cost of the lawsuit is borne by Hive. In addition, he ruled in favor of Min, saying, "Min Hee-jin's exercise of put options is justified and should be paid 25.5 billion won."

Since then, former CEO Min Hee-jin held a press conference on the results of winning the first trial of a lawsuit to confirm the termination of the share sale price and the contract between shareholders related to the exercise of put options worth 25.5 billion won with Hive at the Teacher Challenge Hall in Jongno-gu, Seoul, on February 25, and said, "We have decided to exchange 25.6 billion won for other values in return for winning," adding, "The most urgent reason for this decision is because of the members of NewJeans."

Instead of putting down 25.6 billion won, I propose to immediately stop all ongoing civil and criminal lawsuits and close all disputes. The proposal includes not only my individual, but also NewJeans members, outsourcing partners and employees from all over the ADOR, but also all complaints and accusations against fandom hurt by being caught up in the fight," he said.

In addition, "We hope that this decision to exchange a large amount of 25.6 billion won for other values will be sublimated into the overall development and harmony of the K-pop industry. "The place where Hive and I should be is not a courtroom, but a stage of creation," he said. "I suggest that our adults return to their original form of competing with music on the stage, not in court. The longer this dispute goes on, the more the artists who are the main characters of this industry are suffering together," he stressed.

Former representative Min Hee-jin said to Hive and Chairman Bang Si-hyuk, "Now let's meet at the place of creation, not at the court. In an era when corporate responsibilities have become severe, such as the revision of the commercial law in July 2025, resolving risks in the entertainment industry and choosing harmony will be the smartest management decision for shareholders and fans.

However, Hive paid a deposit of 29.25 billion won in court to the Seoul Central District Court to prevent the execution of the first trial's ruling.

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*This content was translated by AI.