UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
INSWEB CORPORATION
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(Name of Issuer)
Common Stock, par value $0.001 per share
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(Title of Class of Securities)
45809K1034
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(CUSIP Number)
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RONALD D. FISHER STEPHEN A. GRANT, ESQ.
SOFTBANK INC. SULLIVAN & CROMWELL
1188 CENTRE STREET 125 BROAD STREET
NEWTON CENTER, MA 02459 NEW YORK, NY 10004
(617) 928-9300 (212) 558-4000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
1/1/2001 through 12/06/2001
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss. 240.13-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box [_].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits, should be filed with the
Commission. See ss. 240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
(SEC 1746 (03-00)
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CUSIP NO. 45809k1034 SCHEDULE 13D PAGE 2 OF 12 PAGES
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1. NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SOFTBANK America Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7. SOLE VOTING POWER
SHARES 0
BENEFICALLY --------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,429,255
REPORTING --------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 0
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10. SHARED DISPOSITIVE POWER
6,429,255
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,429,255
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.24%
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14. TYPE OF REPORTING PERSON
CO
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CUSIP NO. 45809k1034 SCHEDULE 13D PAGE 3 OF 12 PAGES
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1. NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SOFTBANK Holdings Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7. SOLE VOTING POWER
SHARES 0
BENEFICALLY --------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,429,255
REPORTING --------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 0
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10. SHARED DISPOSITIVE POWER
6,429,255
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,429,255
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.24%
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14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
HC, CO
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CUSIP NO. 45809k1034 SCHEDULE 13D PAGE 4 OF 12 PAGES
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1. NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SOFTBANK Corp.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
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NUMBER OF 7. SOLE VOTING POWER
SHARES 0
BENEFICALLY --------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 9,192,120
REPORTING --------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 0
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10. SHARED DISPOSITIVE POWER
9,192,120
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,192,120
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.79%
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14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
HC, CO
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CUSIP NO. 45809k1034 SCHEDULE 13D PAGE 5 OF 12 PAGES
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Masayoshi Son
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
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NUMBER OF 7. SOLE VOTING POWER
SHARES 0
BENEFICALLY --------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 9,192,120
REPORTING --------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
9,192,120
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,192,120
-------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.79%
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14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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SOFTBANK America Inc., a Delaware corporation ("SBA"), SOFTBANK
Holdings Inc., a Delaware corporation ("SBH"), SOFTBANK Corp., a Japanese
corporation ("SOFTBANK"), and Masayoshi Son, a Japanese citizen ("Mr. Son"),
hereby amend and supplement the statement on Schedule 13D (the "Original 13D")
previously filed by SBA, SBH, SOFTBANK, Mr. Son, SOFTBANK Ventures, Inc., a
Japanese corporation ("SVI"), SOFTVEN No. 2 Investment Enterprise Partnership, a
Japanese partnership ("SOFTVEN No. 2"), SOFTBANK Finance Corporation, a Japanese
corporation ("SBF"), Ronald D. Fisher, a United States citizen ("Mr. Fisher"),
and Yoshitaka Kitao, a Japanese citizen ("Mr. Kitao"), with respect to the
shares of Common Stock, par value $0.001 per share (the "Common Stock"), of
InsWeb Corporation, a Delaware corporation (the "Company"), beneficially owned
by them. SBA, SBH, SOFTBANK and Mr. Son are collectively referred to herein as
the "Reporting Persons." Except as amended and supplemented hereby, the Original
13D remains in full force and effect.
ITEM 2. Identity and Background.
The business address of SBF is 3-15 Kanda-Nishikicho, Chiyoda-ku, Tokyo
101-0054, Japan. Mr. Kitao resigned as a director of the Company on January 18,
2001.
Schedules 1, 2 and 3 hereto set forth the following information with
respect to each executive officer and director of SBA, SBH and SOFTBANK
respectively: (i) name, (ii) business address, (iii) citizenship and (iv)
present principal occupation or employment and the name of any corporation or
other organization in which such employment is conducted. Unless otherwise
stated, the principal business and address of any corporation or other
organization in which such employment is conducted are stated in the immediately
preceding paragraph. During the last five years, neither the Reporting Persons
nor, to the best knowledge of the Reporting Persons, any of the persons listed
in Schedules 1, 2, or 3, (i) has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) has been a party
to any civil proceeding of a judicial or administrative body of competent
jurisdiction, and is or was, as a result of such proceeding, subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws, or finding
any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
SBA used available working capital in the amount of $1,681,311.72 to
make the purchase of the 121,510 shares referred to in Item 5.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
On January 1, 2001, SBA repurchased 121,510 shares of Common Stock from
Mr. Fisher and other employees. After the repurchases, the number of shares
owned directly by SBA was increased to 6,429,255 shares.
TOTAL OUTSTANDING SHARES. According to the Definitive Proxy Statement,
dated as of October 12, 2001, the number of shares of Common Stock
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outstanding on October 1, 2001 was 42,176,921.
SBA. After the repurchases, as of the date of filing this statement,
SBA beneficially owns 6,429,255 shares of Common Stock, representing 15.24% of
the Common Stock outstanding.
SBH. SBA is a wholly-owned subsidiary of SBH. Accordingly, as of the
date of filing this statement, SBH may be deemed a beneficial owner of 6,429,255
shares of Common Stock beneficially owned by SBA, representing 15.24% of the
Common Stock outstanding.
SOFTBANK. SOFTBANK Investment Corporation ("SBI") is the managing
partner of SOFTVEN No. 2. Accordingly, shares beneficially owned by SOFTVEN No.
2 may be deemed to be beneficially owned by SBI. SBH, SVI, SBF and SBI are all
wholly owned by SOFTBANK, and accordingly, securities owned by SBH, SVI, SBF and
SBI may be deemed to be beneficially owned by SOFTBANK. As a result, SOFTBANK,
as of the date of filing this statement, may be deemed a beneficial owner
6,429,255 shares of Common stock beneficially owned by SBH, 644,670 shares
beneficially owned by SVI, 1,412,130 shares of beneficially owned by SBF and
706,065 shares beneficially owned by SBI, for a total of 9,192,120 shares of
Common Stock, or approximately 21.79% of the Common Stock outstanding.
MR. SON. Mr. Son is the President and Chief Executive Officer of
SOFTBANK and owns an approximate 37.16% interest in SOFTBANK. Accordingly,
securities owned by SOFTBANK may be deemed to be beneficially owned by Mr. Son.
As a result, Mr. Son, as of the date of filing this statement, may be deemed a
beneficial owner of the 9,192,120 shares of Common Stock, representing
approximately 21.79% of the Common Stock outstanding.
None of the Reporting Persons, nor, to their best knowledge and belief,
any of their respective executive officers or directors, has effected any
transaction in the Common Stock during the past 60 days.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Agreement of Joint Filing, dated as of December 6, 2001, by and
among SOFTBANK America Inc., SOFTBANK Holdings Inc., SOFTBANK
Corp. and Mr. Masayoshi Son.
Exhibit 2 Power of Attorney (incorporated herein by reference to Exhibit 24
to the Statement on Schedule 13G filed by SOFTBANK Corp.,
Masayoshi Son and SOFTBANK Ventures, Inc. on February 17, 1998
with respect to Concentric Network Corporation).
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DECEMBER 6, 2001 SOFTBANK CORP.
MASAYOSHI SON
SOFTBANK AMERICA INC.
SOFTBANK HOLDINGS INC.
By: /s/Stephen A. Grant
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Stephen A. Grant, Attorney-in-Fact
of SOFTBANK CORP. and MASAYOSHI SON
and Secretary of SOFTBANK AMERICA
INC. and SOFTBANK HOLDINGS INC.
**Signature of Reporting Person
EXHIBIT INDEX
Exhibit 1 Agreement of Joint Filing, dated as of December 6, 2001, by and
among SOFTBANK America Inc., SOFTBANK Holdings Inc., SOFTBANK
Corp. and Mr. Masayoshi Son.
Exhibit 2 Power of Attorney (incorporated herein by reference to Exhibit 24
to the Statement on Schedule 13G filed by SOFTBANK Corp.,
Masayoshi Son and SOFTBANK Ventures, Inc. on February 17, 1998
with respect to Concentric Network Corporation).
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Schedule 1
DIRECTORS AND EXECUTIVE OFFICERS OF
SOFTBANK AMERICA INC.
The business address for each of the individuals listed below, except
Masayoshi Son, Akira Izumita and Stephen A. Grant, is 1188 Centre Street, Newton
Center, Massachusetts 02459. The business address for Masayoshi Son and Akira
Izumita is 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo 103-0051 Japan. The
business address for Stephen A. Grant and Sullivan & Cromwell, a law firm, is
125 Broad Street, new York, New York 10004.
Each of the individuals listed below is a U.S. citizen, except for
Masayoshi Son and Akira Izumita, each a citizen of Japan.
Name PRESENT AND PRINCIPAL OCCUPATION
---- --------------------------------
Masayoshi Son Chairman of the Board, President and director
of SOFTBANK Holdings Inc.; President and Chief
Executive Officer of SOFTBANK Corp.; Chairman
of the Board, President and director of
SOFTBANK America Inc.
Ronald D. Fisher Director and Vice Chairman of SOFTBANK
Holdings Inc., director and Vice Chairman of
SOFTBANK America Inc.; Chairman of the Board,
President and director of SOFTBANK Inc.;
Chairman of the Board, President and director
of SOFTBANK Capital Partners Investment Inc.;
Managing Member of SOFTBANK Capital Partners
LLC.
Francis B. Jacobs Director and Vice President of SOFTBANK
Holdings Inc.; director and Vice President of
SOFTBANK America Inc.; director and Vice
President of SOFTBANK Capital Partners
Investment Inc.
Akira Izumita Director of SOFTBANK Holdings Inc.; director
of SOFTBANK America Inc.
Anthony Castellanos Vice President-Tax of SOFTBANK Holdings Inc.;
Vice President- Tax of SOFTBANK America Inc.;
Vice President-Tax of SOFTBANK Capital
Partners Investment Inc.
Louis DeMarco Director of SOFTBANK Holdings Inc.; director
of SOFTBANK America Inc.
Steven J. Murray Treasurer of SOFTBANK America Inc.; Vice
Chairman and Treasurer of SOFTBANK Capital
Partners Investment Inc.
Stephen A. Grant Secretary of SOFTBANK Holdings Inc.; Secretary
of SOFTBANK America Inc.; Secretary of
SOFTBANK Capital Partners Investment Inc.;
Partner, Sullivan & Cromwell.
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Schedule 2
DIRECTORS AND EXECUTIVE OFFICERS OF
SOFTBANK HOLDINGS INC.
The business address for each of the individuals listed below, except
Masayoshi Son, Akira Izumita and Stephen A. Grant, is 1188 Centre Street, Newton
Center, Massachusetts 02459. The business address for Masayoshi Son is 24-1,
Nihonbashi-Hakozakicho, Chuo-ku, Tokyo 103- 0051 Japan. The business address for
Stephen A. Grant and Sullivan & Cromwell, a law firm, is 125 Broad Street, New
York, New York 10004.
Each of the individuals listed below is a U.S. citizen, except for
Masayoshi Son and Akira Izumita, each a citizen of Japan.
Name PRESENT AND PRINCIPAL OCCUPATION
---- --------------------------------
Masayoshi Son Chairman of the Board, President and
director of SOFTBANK Holdings Inc.; President
and Chief Executive Officer of SOFTBANK Corp.;
Chairman of the Board, President and director
of SOFTBANK America Inc.
Ronald D. Fisher Director and Vice Chairman of SOFTBANK
Holdings Inc.; director and Vice Chairman of
SOFTBANK America Inc.; Chairman of the Board,
President and director of SOFTBANK Inc.;
Chairman of the Board, President and director
of SOFTBANK Capital Partners Investment Inc.;
Managing Member of SOFTBANK Capital Partners
LLC.
Francis B. Jacobs Director and Vice President of SOFTBANK
Holdings Inc.; director and Vice President of
SOFTBANK Capital Partners Investment Inc.
Akira Izumita Director of SOFTBANK Holdings Inc.; director
of SOFTBANK America Inc.
Louis DeMarco Director of SOFTBANK Holdings Inc.; director
of SOFTBANK America Inc.
Steven J. Murray Treasurer of SOFTBANK America Inc.; Vice
Chairman and Treasurer of SOFTBANK Capital
Partners Investment Inc.
Anthony Castellanos Vice President-Tax of SOFTBANK Holdings Inc.;
Vice President- Tax of SOFTBANK America Inc.;
Vice President-Tax of SOFTBANK Capital
Partners Investment Inc.
Stephen A. Grant Secretary of SOFTBANK Holdings Inc.; Secretary
of SOFTBANK America Inc.; Secretary of
SOFTBANK Capital Partners Investment Inc.;
Partner, Sullivan & Cromwell.
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Schedule 3
DIRECTORS AND EXECUTIVE OFFICERS OF SOFTBANK CORP.
The business address for each of the individuals listed below, except
Ronald D. Fisher, is 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo 103-0051
Japan. The business address for Ronald D. Fisher is 1188 Centre Street, Newton
Center, Massachusetts 02459.
Each of the individuals listed below is a Japanese citizen, except for
Ronald D. Fisher and Mark Schwartz, each a citizen of the United States.
Name PRESENT AND PRINCIPAL OCCUPATION
---- --------------------------------
Masayoshi Son Chairman of the Board, President and director
of SOFTBANK Holdings Inc.; President and Chief
Executive Officer of SOFTBANK Corp.; Chairman
of the Board, President and director of
SOFTBANK America Inc.
Yoshitaka Kitao Executive Vice President, Chief Financial
Officer and director of SOFTBANK Corp.;
director of SOFTBANK Finance Corporation.
Ken Miyauchi Executive Vice President and director of
SOFTBANK Corp.; President and director of
SOFTBANK Commerce Corp.
Kazuhiko Kasai Director of SOFTBANK Corp.; Chairman of Aozora
Bank, Ltd.
Masahiro Inoue Director of SOFTBANK Corp.; President of Yahoo
Japan Corporation.
Ronald D. Fisher Director and Vice Chairman of SOFTBANK
Holdings Inc.; director and Vice Chairman of
SOFTBANK America Inc.; Chairman of the Board,
President and director of SOFTBANK Inc.;
Chairman of the Board, President and director
of SOFTBANK Capital Partners Investment Inc.;
Managing member of SOFTBANK Capital Partners
LLC.
Jun Murai Director of SOFTBANK Corp.; Professor at Keio
University.
Toshifumi Suzuki Director of SOFTBANK Corp.; Chief Executive
Officer of Seven- Eleven Japan Co Limited.
Tadashi Yanai Director of SOFTBANK Corp.; President and
Chief Executive Officer of Fast Retailing Co.,
Ltd.
Mark Schwartz Director of SOFTBANK Corp.; President of
Goldman Sachs (Japan) Ltd.
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Mitsuo Sano Full-Time Corporate Auditor of SOFTBANK Corp.
Yasuharu Nagashima Corporate Auditor of SOFTBANK Corp.
Saburo Kobayashi Full-Time Corporate Auditor of SOFTBANK Corp.
Hidekazu Kubokawa Corporate Auditor of SOFTBANK Corp.
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