Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 880

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 880
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ger, the Company adopted the Conduit Pharmaceuticals Inc. 2023 Stock Incentive Plan
(the “2023 Plan”). The 2023 Plan became effective upon the closing of the Merger. The 2023 Plan initially provided for
the issuance of up to 114,976 shares
of Common Stock. Pursuant to the 2023 Plan’s “evergreen” provision, on February 6, 2025, the Company increased the
number of shares of Common Stock available for issuance under the 2023 Plan by 69,240
shares. Total shares available for issuance is 154,125 effective January
1, 2025. The number of authorized shares will automatically increase on January 1, 2026 and
continuing annually on each anniversary thereof through (and including) January 1, 2033, equal to the lesser of (i) 5%
of the shares of common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of
shares of common stock as determined by the Board or the applicable committee of the Board. The 2023 Plan allows for awards to be
issued to employees and non-employee directors in the form of options, stock appreciation rights, restricted stock, restricted stock
units (“RSUs”), performance stock units, dividend equivalents, other stock-based, or other cash-based awards. As of
December 31, 2024, there were 84,885 shares
of Common Stock available for issuance under the 2023 Plan.

    F-26

During the year ended December 31, 2024, the Company issued a total of
56,700 stock options to employees and non-employee directors with an aggregate grant date fair value of $0.4 million. For
the year ended December 31, 2024 and December 31, 2023, there was a total of $1.6 million and $0.2 million, respectively in stock-based
compensation expense recognized within General and Administrative expenses on the consolidated statements of operations and Comprehensive
Loss, respectively.

On
June 24, 2024, in connection with a services agreement with an unrelated third party to provide marketing services, the Company
issued 961 shares of its Common Stock (the “Service Shares”). The Company valued the Service Shares at $156 per
share, the closing price of the Company’s Common Stock on June 21, 2024, adjusted for