Company: ARTL
Filing Date: 2025-12-11
Form Type: DEF 14A
Source: 0001640334-25-002308
Chunk: 31

Company: ARTELO BIOSCIENCES, INC.
Filing Date: 2025-12-11
Form: DEF 14A
Chunk 31
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5, and 320 each month until January 2028.                                                                                                                                                                                                                                                                                                                                                  |
| (7) | Represents an option that was subject to the Repricing and Revesting Amendment.  The option exercise price reflects the new exercise price of $9.30, and the number of securities reflected as exercisable reflects the new three-year vesting period which replaced the original vesting schedule of the option indicated in the applicable footnote.  See below under “Repricing and Revesting Amendment” for additional detail. |

Repricing and Revesting Agreement

On February 28, 2024 (the “Amendment Date”), the Compensation Committee amended certain underwater options, including each of the options held by our named executive officer and our non-employee directors with an exercise price per share great than or equal to $11.94 to purchase shares of the Company’s common stock issued under the Company’s 2018 Equity Incentive Plan (the “Plan”) pursuant to which the options were amended to (i) reduce the exercise price per share to be equal to $9.30, the closing price per share of our common stock as of the Amendment Date, and (ii) apply a new vesting schedule such that (A) none of the shares subject to each such option were vested as of the Amendment Date and (B) 1/3 of the shares underlying each such option will vest on the first anniversary of the Amendment Date, and 1/36 of the Shares underlying each such option will vest each month thereafter on the same day of the month as the Amendment Date (or, if there is no such day, the last day of the month), subject to the applicable holder remaining a Service Provider (as defined in the Plan) of the Company through each vesting date (such amendment, the “Repricing and Revesting Amendment”). No other terms of the options were modified.

The Repricing and Revesting Amendment included options granted under the Plan that are held by employees and non-employee directors. After evaluating several alternatives, the Compensation Committee determined that the Repricing and Revesting Amendment was in the best interests of the Company and its stockholders and provides the most effective means of retaining and incentivizing the Company’s key contributors while preserving cash resources and without incurring stock dilution from significant additional equity grants.

Executive Employment Agreement with our Named Executive Officer

On August 30, 2019, and effective as of June 20, 2019, the Company and Mr. Gorgas entered