Company: INKT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061041
Chunk: 37

Company: MiNK Therapeutics, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 37
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 The OPTION EXCHANGE Proposal</div>

We are seeking stockholder approval of the one-time exchange of options to purchase shares of the Company’s common stock issued under the 2021 Plan and our 2018 Plan that are held by our executive officers, other employees, consultants, and non-employee directors of the Company for new options to purchase shares of the Company’s common stock (the “Option Exchange” and such proposal, the “Option Exchange Proposal”). Based on the recommendation of our Compensation Committee, the Board authorized the Option Exchange, pursuant to which eligible options to purchase shares of common stock held by our executive officers, other employees, consultants and non-employee directors will be cancelled in exchange for an equal number of new options to purchase shares of common stock with an exercise price equal to the fair market value (within the meaning of the 2021 Plan, generally defined as the closing price of a share of our common stock on the date of grant) of our common stock at the time of the Option Exchange and a term of the option that extends ten years from the date of grant. An eligible stock option generally includes any outstanding stock option that has an exercise price equal to or greater than $8.50 per share and greater than the closing price of our common stock on the date of the Option Exchange, that vests based on continued service with us or based on the achievement of performance milestones and that was granted under the 2021 Plan or our 2018 Plan (each, an “Eligible Option” and collectively, the “Eligible Options”). Numbers reported in this Proposal 2 give effect to the 1-for-10 reverse stock split effected on January 28, 2025.

As of April 24, 2025, we had outstanding stock options held by eligible employees (including executive officers), consultants, and non-employee directors to purchase 867,341 shares of common stock with a weighted average exercise price of $17.78 per share. Of these stock options held by eligible employees (including executive officers), consultants, and non-employee directors, there were options to purchase 667,059 shares of common stock with an exercise price equal to or greater than $8.50 per share that would be considered Eligible Options for purposes of the Option Exchange.

Stockholders should be aware that our executive officers and directors may be considered to have an interest in the approval of the Option Exchange because they are eligible to participate in the Option Exchange. Nonetheless, the Board believes the Option Exchange is in the best interests of