Company: HCWB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-058961
Chunk: 28

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 28
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 Note 10 to the historical financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. (2) Our non-employee directors held the following number of stock options as of December 31, 2024:

| Name             |     | Shares Subject to Outstanding Stock Options(1) |         |
| Scott T. Garrett |     |                                                |  87,805 |
| Lisa M. Giles    |     |                                                | 103,878 |
| Rick S. Greene   |     |                                                |  87,805 |
| Gary M. Winer    |     |                                                | 103,878 |

(1) Our non-employee directors held the provided number of shares subject to outstanding stock options as of December 31, 2024 (pre-reverse stock split). On April 11, 2025, the Company effected a one-for-forty reverse stock split of its common stock. Our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 that are incorporated by reference into this proxy are presented without giving effect to the reverse stock split. Non-Employee Director Compensation Arrangements Our non-employee director compensation policy is designed to obtain and retain the services of qualified persons to serve as members of our board of directors. The policy provides for the following annual cash retainers, which are payable quarterly in arrears and pro-rated for partial quarters of service: Annual Cash Retainer All other non-employee directors: $40,000; Non-employee chairperson of the audit committee: $50,000 (in lieu of the above); and Non-employee chairperson of the board of directors: $60,000 (in lieu of the above).

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Equity Grants

The policy also provides for grants of nonstatutory stock options to purchase shares of our common stock under the HCW Biologics Inc. 2021 Equity Incentive Plan (the “2021 Plan”) to the non-employee directors upon their initial election or appointment to our board of directors and annually during their continued service thereafter. Any stock options granted will have an exercise price equal to 100% of the fair market value of our common stock on the date of grant.

Each non