22. SUBSEQUENT EVENTS Thousands of Millions of yen U.S. dollars Year-end cash dividends (¥12.00 = U.S.$0.112 per share) .................................................................................................................................................................... ¥52,553 $491,150 Bonuses to directors ............................................................................................................................................................................................................... 390 3,645 c) The Company issued the following bonds in yen without collateral to fund the unfunded retirement benefit obligation on June 2, 2005 and June 15, 2005: Thousands of Millions of yen U.S. dollars Bonds in yen due 2008 at 0.4% ................................................................................................................................................................................... ¥50,000 $467,290 Bonds in yen due 2010 at 0.71%................................................................................................................................................................................ 128,000 1,196,262 Bonds in yen due 2009 at 0.62% ................................................................................................................................................................................ 50,000 467,290 FINANCIAL SECTION Nissan Annual Report 2004 103 a) In accordance with Articles 280-20 and 280-21 of the Commercial Code of Japan and a resolution approved at the annual general meeting of the shareholders held on June 23, 2004, the Board of Directors of the Company resolved on April 15, 2005 to grant stock subscription rights free of charge to certain employees of the Company and certain directors and employees of the Company’s subsidiaries effective April 25, 2005. The holders of these rights are entitled to subscribe for shares of common stock of the Company at a fixed price of ¥1,119 per share. The maximum aggregate number of units and shares granted for subscription are 133,950 units and 13,395,000 shares, respectively. b) The following appropriations of retained earnings of the Company were approved at a shareholders’ meeting held on June 21, 2005: