Company: IMNN
Filing Date: 2025-05-30
Form Type: PRE 14A
Source: 0001641172-25-013068
Chunk: 65

Company: Imunon, Inc.
Filing Date: 2025-05-30
Form: PRE 14A
Chunk 65
---
 the discretion of our Board of Directors without further approval or authorization of our stockholders (the “Reverse Stock Split”)</div>

| 50 |

<div align='center'>PROPOSAL NO. 7:

AMENDMENT OF THE IMUNON, INC. 2018 STOCK INCENTIVE PLAN</div>

BACKGROUND

At the 2025 Annual Meeting, stockholders will be asked to approve the following amendment to the 2018 Plan, which amendment was approved by our Board of Directors on March 14, 2025.

Increase in Aggregate Share Limit.The 2018 Plan currently limits the aggregate number of shares of common stock that may be delivered pursuant to all awards granted under the 2018 Plan to 1,970,000 shares. As of May 28, 2025, only 223,522 shares remain available for future grants (and such amount of available shares is subject to adjustment upon the Reverse Stock Split described in Proposal 6, if approved and implemented). The proposed amendment would increase this limit by an additional 2,000,000 shares so that the new aggregate share limit for the 2018 Plan would be 3,970,000, subject to the Reverse Stock Split as described above.

As of May 28, 2025, a total of 1,751,551 shares of common stock were subject to outstanding stock options and restricted stock awards granted under the 2018 Plan. The outstanding stock options have a weighted average strike price of $1.88 per share with a weighted average term of 8.4 years. A remainder of 223,522 shares of common stock were available for new award grants under the 2018 Plan. If the Reverse Stock Split is approved and implemented, these share numbers will be adjusted by the Reverse Stock Split. Our Board of Directors recommends the increase in the number of shares available under the 2018 Plan to provide us the ability to provide eligible officers, directors, key employees, and other individuals with additional incentives to contribute to our future success. In the judgment of the Board of Directors, awards under the 2018 Plan are a valuable and critical incentive and will serve to the ultimate benefit of the stockholders by aligning more closely the interests of the 2018 Plan participants with those of our stockholders.

Our Board of Directors believes that the proposed 2018 Plan amendment is essential for our ongoing success and our ability to recruit, retain and reward key employees. The Board of Directors also believes that if the proposed amendment is not