Company: SHPH
Filing Date: 2025-04-21
Form Type: DEFR14A
Source: 0001641172-25-005474
Chunk: 39

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-04-21
Form: DEFR14A
Chunk 39
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5,000,000 shares. The 2018 Plan provides eligible officers, directors, key employees and other key individuals
an incentive to contribute to the success of the Company and to operate and manage our business in a manner that provides for the Company’s
long-term growth and profitability and provides a means of obtaining, rewarding and retaining key personnel. In the judgment of the Board
of Directors, awards under the 2018 Plan are a valuable incentive that serves to the ultimate benefit of stockholders by aligning more
closely the interests of 2018 Plan participants with those of our stockholders.

The Board of Directors have approved the First
Amendment, subject to and effective upon approval from the Company’s stockholders at the 2025 Annual Meeting.

To date, there have been 1,173,675 shares
of our common stock granted under the 2018 Plan, of which 796,925 remain subject to vesting and, at present, there are 679,434
shares remaining available for issuance under the 2018 Plan. Accordingly, we are asking our stockholders to approve the First Amendment to
increase the number of shares of our common stock reserved for issuance under the 2018 Plan by 5,000,000 additional shares. If our
stockholders approve the First Amendment, it will become effective on the date of our annual meeting, at the time we confirm such
stockholder approval. If our stockholders do not approve the First Amendment, we will only grant awards under the 2018 Plan until
the shares available for issuance thereunder are exhausted. The Board of Directors believes that, if the First Amendment is not
approved, the current share reserve under the 2018 Plan would be insufficient to align the interests of key individuals with our
stockholders through equity-based compensation. Accordingly, such a shortage could compromise and disrupt our compensation program
as well as impair our ability to obtain, reward and retain key personnel, or require us to shift our compensation plan to include
more cash compensation.

On the Record Date, the closing price of our
common stock was $0.428 per share.

Vote Required

A majority of the shares present in person or by proxy and entitled to vote at our 2025 Annual Meeting is required to approve Proposal No. 5.

THE BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” THE APPROVAL OF THE FIRST AMENDMENT TO THE 2018 PLAN TO INCREASE THE AMOUNT OF