Company: BKYI
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021438
Chunk: 61

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 61
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                       |     |                             | 123,940 |
| Total                                          |     |                             | 247,837 |

Awards Anticipated to Be Granted Under the Amended Plan

We have not granted any equity awards that are contingent upon stockholder approval of the plan amendment and it is not presently possible to determine the benefits or amounts that will be received by or allocated to participants under the amended plan or would have been received by or allocated to participants for the last completed fiscal year if the amended plan had then been in effect because awards under the amended plan, as with the current 2023 plan, will be made at the discretion of the board of directors.

Required Vote

In accordance with Delaware law, approval of Proposal 4 requires the affirmative vote of a majority of the shares of common stock present or represented by proxy and entitled to vote on this proposal at the Annual Meeting. Abstentions will have the same effect as votes against Proposal 4, and broker non-votes will have no effect on Proposal 4.

| The board of directors recommends that stockholders vote FOR approval of the Amendment to the BIO-key International, Inc. 2023 Stock Incentive Plan. |

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PROPOSAL 5: AMENDMENT TO THE BIO-KEY INTERNATIONAL, INC.

2021 EMPLOYEE STOCK PURCHASE PLAN</div>

Background

We are asking stockholders to approve an amendment (the “ESPP amendment”) to the BIO-key International, Inc. 2021 Employee Stock Purchase Plan to increase the number of shares of common stock available thereunder by 700,000 shares, which the board of directors has approved subject to the approval of our stockholders. If stockholders do not approve the ESPP amendment, then the number of shares available under the ESPP will not be increased.

We strongly believe in improving opportunities for our employees to reap the benefits of increases in our stock’s value. In addition, the ability to contribute a portion of earnings to purchase our shares, would represent a key benefit for our employees. We believe that our continuing ability to offer shares under the ESPP improves our ability to attract, retain and incentivize our talent, and ultimately, better aligns the interests of our employees with those of our stockholders.

Summary of the ESPP, as Amended

The major features of the ESPP, as amended by the ESPP amendment (the “amended ESPP”) are summarized below. Other than increasing the number of shares of common stock available for issuance and increasing