Company: ANTX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0000950170-25-052852
Chunk: 42

Company: AN2 Therapeutics, Inc.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 42
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 discretionary awards not covered under the Director Compensation Policy. Automatic grants of stock options are made to our non-employee directors as follows, except as otherwise determined by the Board:

Initial Award . Each newly-elected or appointed non-employee director will be granted a one-time grant (the “Director Initial Grant”) of a non-statutory stock option with a grant-date value of $209,093 on the date of such director’s election or appointment to the Board. The Director Initial Grant will vest in substantially equal monthly installments over three years, subject to “continuous service” (as defined in the 2022 Plan) through each vesting date.

Annual Award . On the date of each annual stockholder meeting of the Company, each non-employee director who (i) has completed at least three months of continuous service as a non-employee director as of the date of such annual stockholder meeting and (ii) continues to serve as a non-employee member of the Board following such stockholder meeting will be granted an annual award (the “Director Annual Grant”) of a non-statutory stock option with a grant-date value of $104,546; provided however, that any non-employee director who received a Director Initial Grant at least three months, but less than six months, prior to the annual stockholder meeting date will be granted an award of a non-statutory stock option with a grant-date value of $52,273. The Director Annual Grant will vest in full on the earlier of the one-year anniversary of the grant date or on the date of our next annual stockholder meeting, subject to continuous service through each vesting date.

The Director Initial Grant and Director Annual Grant are subject to full acceleration vesting upon a “change in control” (as defined in the 2022 Plan) prior to termination of such non-employee director’s “continuous service.” Additionally, the Board or its Compensation Committee may, in its discretion, provide non-employee directors with the opportunity to elect to convert all or a portion of their Director Annual Grant, Committee chair service and Committee member service retainers into awards of RSUs.

Effective November 21, 2024, the Board amended the Director Compensation Policy to permit non-employee directors with the opportunity to elect to convert all or a portion of their annual Board and committee service retainers into awards of fully vested RSU awards, with each such award covering a number of shares of Common Stock calculated by dividing (i) the amount of the annual retainer that would have otherwise been paid to such non