Company: INKT
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0000950170-25-055881
Chunk: 37

Company: MiNK Therapeutics, Inc.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 37
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 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, 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, consultants, and non-employee directors to purchase [ ] shares of common stock with a weighted average exercise price of $[ ] per share. Of these stock options held by eligible employees, consultants, and non-employee directors, there were options to purchase [ ] 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 stockholders and the Company in order to provide meaningful and appropriate incentive to motivate and retain our talented team members.

Reasons for Seeking Stockholder Approval

We are asking our stockholders to approve the Option Exchange to restore equity value, increase retention and motivation in a competitive labor market, provide non-cash compensation incentives and align our employee and stockholder interests to promote long-term value creation. We compete for talent in an extremely competitive industry, often with larger pharmaceutical companies with greater resources. We believe that our ability to effectively compensate with equity awards is essential to our efforts to attract and retain top talent. Equity awards are an essential part of our compensation package, are central to our employment value proposition, and restoring equity value is necessary for us to retain our employees and other service providers and continue competing for top talent. Underwater stock option awards are of limited benefit in motivating and retaining our key talent and aligning their interests with those of our stockholders. Through the Option Exchange, we believe that we will be able to enhance long-term stockholder value by increasing our ability to retain experienced and talented employees, consultants, executives, and non-employee directors and by aligning