Company: BKYI
Filing Date: 2025-06-27
Form Type: DEF 14A
Source: 0001437749-25-021438
Chunk: 43

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-06-27
Form: DEF 14A
Chunk 43
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 our current equity plans (85,497 shares), and the number of additional shares available for future grant under our current equity plans, assuming the plan amendment is approved (700,000 shares), divided by the number of shares of common stock outstanding as of June 20, 2025 (6,848,775 shares). |

Summary of the Amended Plan Features

The major features of the amended plan are summarized below. Other than increasing the number of shares of common stock available for issuance, the amended plan is unchanged from the 2023 plan. The summary is qualified in its entirety by reference to the full text of the amended plan, a copy of which may be obtained from us. A copy of the amended plan also has been filed electronically with the Securities and Exchange Commission, or SEC, as Appendix A to this proxy statement, and is available through the SEC’s website at www.sec.gov.

Purpose. The purpose of the amended plan is to advance the interests of the Company and our stockholders by enabling us to attract and retain qualified individuals through opportunities for equity participation in the Company and to reward those individuals who contribute to the achievement of our economic objectives.

Eligibility. All employees (including officers and directors who are also employees), non-employee directors, consultants, advisors and independent contractors of the Company or any subsidiary will be eligible to receive incentive awards under the amended plan. As of June 20, 2025, 44 employees, three non-employee directors, and 11 consultants would have been eligible to participate in the amended plan had it been approved by our stockholders at such time.

Shares Available for Issuance. The maximum number of shares of our common stock reserved for issuance under the amended plan will be 1,033,334 shares.

Shares of our common stock that are issued under the amended plan or that are potentially issuable pursuant to outstanding incentive awards reduce the number of shares remaining available. All shares so subtracted from the amount available under the plan with respect to an incentive award that lapses, expires, is forfeited or for any reason is terminated, unexercised or unvested and any shares of our common stock that are subject to an incentive award that is settled or paid in cash or any other form other than shares of our common stock will automatically again become available for issuance under the amended plan. However, any shares not issued due to the exercise of an option by a “net exercise” or the tender or attestation as to ownership of previously acquired shares (as described below), as