Company: TVRD
Filing Date: 2025-10-20
Form Type: S-1/A
Source: 0001104659-25-100896
Chunk: 263

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-10-20
Form: S-1/A
Chunk 263
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 Stock Purchase Plan
At a special meeting in April 2025, Cara’s stockholders considered and approved the Company’s 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective at the closing of the Merger and following the Reverse Stock Split, but no offering has yet commenced under the 2025 ESPP.

The purpose of the 2025 ESPP is to provide a means whereby the Company can align the long-term financial interests of its employees with the financial interests of its stockholders. In addition, the Company board of directors believes that the ability to allow employees to purchase shares of our common stock following the consummation of the Merger will help the Company to attract, retain, and motivate employees and encourage employees to devote their best efforts to the Company’s business and financial success. The 2025 ESPP includes two components: a 423 Component and a Non-423 Component. The Company intends that the share purchase rights under the 423 Component will qualify as options issued under an “employee stock purchase plan” as that term is defined in Section 423(b) of the Code. The share purchase rights under the Non-423 Component will not qualify as options that are subject to Section 423(b) of the Code. Except as otherwise provided in the 2025 ESPP or determined by the Company’s board of directors, the Non-423 Component will operate and be administered in the same manner as the 423 Component.

Share Reserve . As of the Closing Date, there were 93,555 shares of the Company’s common stock reserved for issuance under the 2025 ESPP (the “Initial Share Reserve”), subject to adjustment for specified changes in the Company’s capitalization. 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, and (ii) a number of shares equal to three times the Initial Share Reserve. Notwithstanding the foregoing, our board of directors may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares.

Shares