Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 27

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 27
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 2025 Plan may
be increased at the discretion of the Company’s Board of Directors (and without any further action by the Company’s stockholders)
on January 1 of each year for a period of five years, commencing on January 1, 2026 and ending on January 1, 2030, in an
amount not to exceed 5% of the total number of shares of the Fully Diluted Common Stock (as defined in the 2025 Plan) determined on December 31
of the preceding year, if the Company’s Board of Directors acts prior to January 1 of a given year to provide that the increase
for such year will occur and to determine the applicable number of additional shares of the Company’s common stock. In the absence
of action by the Company’s Board of Directors, no such increase will automatically occur.

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Shares of unused common stock underlying any Awards
that are forfeited, canceled or reacquired by the Company prior to vesting will again be available for the grant of Awards under the 2025
Plan. Shares underlying any Awards that are forfeited, canceled, or reacquired by the Company prior to vesting, satisfied without the
issuance of stock or otherwise terminated and shares that are withheld upon exercise of an option of settlement of an award to cover the
exercise price or tax withholding shall be added back to the shares available for issuance under the 2025 Plan. As of September 30,
2025, the Company had 551,221 shares remaining available for grant under the 2025 Plan.

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Table of Contents

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2025 Employee Stock Purchase Plan

The Company’s 2025 ESPP became effective at
the closing of the Merger. As of the effective time of the Merger, there were 93,555 shares of the Company’s common stock reserved
for issuance under the 2025 ESPP (the Initial Share Reserve). Additionally, the number of shares of common stock reserved for issuance
under the 2025 ESPP will automatically increase on January 1 of each year for a period of up to ten years, beginning on January 1,
2026 and continuing through and including January 1, 2035, by an amount equal to the lesser of (i) 1% of the total number of
shares of the Fully Diluted Common Stock (as defined in the 2025 ESPP) determined on December 31 of the preceding year,