Company: BKYI
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021438
Chunk: 62

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 62
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 the number of shares an employee may purchase in a given six-month offering period, the amended ESPP is unchanged from the ESPP. The summary is qualified in its entirety by reference to the full text of the amended ESPP, a copy of which may be obtained from us. A copy of the amended ESPP also has been filed electronically with the SEC as Appendix B to this proxy statement, and is available through the SEC’s website at www.sec.gov.

Administration

The amended ESPP will be administered by the compensation committee or a subcommittee thereof consisting solely of not less than two (2) members of the board who are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act (the “Committee”). The Committee may delegate administrative duties to officers of the Company as its deems appropriate, except that the Committee may not delegate any of its powers relating to participants who are subject to Section 16 of the Exchange Act.

The Committee will have full and exclusive authority to interpret the terms of the amended ESPP and determine eligibility, subject to the conditions of the amended ESPP, as described below.

Purpose and Eligibility

The amended ESPP is intended to attract, retain and incentivize our employees. The amended ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the United States Internal Revenue Code of 1986, as amended (the “Code”).

All active employees of the Company and its designated subsidiaries are eligible to participate in the amended ESPP; provided that no employee may participate in the amended ESPP to the extent that immediately after an option is granted to such employee under the amended ESPP, he or she owns five percent (5%) or more of the total combined voting power or value of all classes of the Company’s shares or the shares of any of its subsidiaries. Notwithstanding the foregoing, the Committee may determine in its discretion that an employee may not participate in an Offering (as defined in the amended ESPP) if: (i) such employee has been employed by the Company for less than two (2) years, (ii) such employee’s customary employment is for twenty (20) hours per week or less, and/or not more than five (5) months per calendar year, (iii) such employee is a highly compensated employee, or (iv) such employee is a citizen or resident of a jurisdiction outside the United States in which the grant of an option or any offering under the amended ESPP is prohibited by the laws