On the afternoon of June 12, the Seoul Central District Court’s 31st Civil Division held the first hearing for a lawsuit filed by former ADOR CEO Min Hee-jin and two others against HYBE, seeking payment for the exercise of a put option. It is also known that a separate lawsuit filed by HYBE against Min Hee-jin and another individual to confirm the termination of a shareholder agreement was heard concurrently. Min Hee-jin did not attend the hearing.
According to the shareholder agreement between Min Hee-jin and Hybe, Min Hee-jin is entitled to receive from HYBE an amount equivalent to 75% of her ADOR shareholding (approximately 18%) based on the average operating profit of ADOR for the previous two years (2022–2023) multiplied by 13 upon exercising her put option.
ADOR recorded an operating loss of 4 billion KRW in 2022, the year NewJeans debuted, but achieved an operating profit of 33.5 billion KRW in 2023. Considering Min Hee-jin’s 18% stake in ADOR, the amount she could receive from exercising the put option is estimated to be around 26 billion KRW.
Given the massive 26 billion KRW put option at stake, the positions of both parties were, as expected, sharply divided. The key issue is the timing of the shareholder agreement’s termination. In November 2024, Min Hee-jin notified Hybe of her intent to exercise the put option. However, HYBE claims this occurred after the termination of her agreement, while Min Hee-jin’s side asserts it was before the termination.
HYBE argued, “Former CEO Min planned to take NewJeans, ADOR’s sole artist, which constitutes a clear breach of contract. Since the violation was confirmed, the termination notice issued in July 2024 was lawful, and the put option exercised after the termination is invalid.”
Min Hee-jin’s side countered, calling it “a fictional narrative,” stating, “HYBE claims the contract was terminated in July, but Min Hee-jin resigned in November after exercising the put option,” arguing that the put option exercise was valid.
Both sides also clashed over the collection of Min Hee-jin’s KakaoTalk messages, with HYBE claiming they were obtained with consent and Min Hee-jin’s side alleging illegal collection. The court scheduled a witness examination for one witness requested by HYBE on September 11, 2025, at 3 p.m., after which it will hear final arguments from both sides and conclude the proceedings.
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