Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 783

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1
Chunk 783
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 3.15         
 Exercised   (177,890)  0.0018         
 Forfeited   —   —         
 Expired   (438)  —         
 Outstanding, as of December 31, 2023   2,626,492  $104.95   4.37   — 
 Granted   2,061,112   1.85         
 Exercised   (1,903,222)  1.00         
 Forfeited   —   —         
 Expired   (13,889)  —         
 Outstanding, as of December 31, 2024   2,770,493  $10.99   4.19   — 

       60

   The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $1.71, $3.00, and $10.62 as of  December 31, 2024, 2023 and 2022, respectively, which would have been received by the warrant holders had all warrant holders exercised their options as of that date. There were no in-the-money warrants exercisable as of  December 31, 2024, 2023 and 2022.

   NOTE O—STOCK OPTIONS
    
   2023 Stock Incentive Plan
    
   On  December 14, 2023, the stockholders approved the 2023 Stock Incentive Plan.  The 2023 Plan reserves 333,334 shares of common stock for issuance of options, restricted stock, and other equity based awards to employees, officers, directors, consultants advisors and independent contractors of the Company. Options are issued at exercise prices which  may not be below 100% of fair market value (or 110% of the fair market value if, at the time the option is granted, the participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of our stock) and have terms not to exceed ten years. Options issued under the 2023 Plan vest pursuant to the terms of stock option agreements with the recipients. In the event of a change in control, certain awards issued under this plan  may be subject to additional acceleration of vesting as  may be provided in the participants’ written agreement or as determined by