Company: SERV
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001140361-25-015733
Chunk: 30

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 30
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 the amendment to the Company’s 2023 Plan (the “2023 Plan Amendment”) to increase the shares issuable under the 2023 Plan by 2,280,000 shares at the Annual Meeting. Stockholders are encouraged to read the actual text of the 2023 Plan Amendment, which is appended to this Proxy Statement as filed with the SEC as Appendix Aand may be accessed from the SEC’s website at www.sec.gov. If stockholders approve the 2023 Plan Amendment, the 2023 Plan Amendment will become effective upon the date of the Annual Meeting. Summary of Material Changes to the 2023 Plan The 2023 Plan Amendment will increase the number of shares authorized for issuance under the 2023 Plan by 2,280,000 additional shares. No other substantive changes have been made to the 2023 Plan. Purpose of Share Reserve Increase A total of 1,594,800 shares of our common stock were originally reserved for issuance under the 2023 Plan. As of April 14, 2025, a total of 529,917 shares of our common stock remained available for future grants under the 2023 Plan. If stockholders approve the 2023 Plan Amendment, the total number of shares authorized for issuance under the 2023 Plan would be increased by 2,280,000 shares, and as a result, 2,809,917 shares would be available under the 2023 Plan for future awards. This amount excludes any shares that would become available again under the 2023 Plan in connection with expired, cancelled, terminated or forfeited awards. In addition, approval of the 2023 Plan Amendment would permit us to recycle for future awards any shares used to pay an award’s exercise price or withholding obligation. We believe that the current share reserve amount is insufficient to meet our future needs with respect to attracting, motivating and retaining key executives and employees in a competitive market for talent. If our stockholders do not approve the proposed share increase contemplated by the 2023 Plan Amendment, we believe we will not be able to continue to offer competitive equity packages to retain our current employees and hire new employees, and that we may not be competitive with other companies that offer equity incentives. We consider the 2023 Plan to be a vital element of our employee compensation program and believe that the continued ability to grant stock awards at competitive levels is in the best interest of the Company and our stockholders. Summary of the 2023 Plan A summary of the material terms of the