Company: DARE
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001401914-25-000014
Chunk: 59

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 59
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 and (iv) shares repurchased by Daré on the open market with the proceeds of the exercise, strike or purchase price of an award granted under the 2022 Plan.

• No Discounted Stock Options or SARs . All stock options and SARs granted under the 2022 Plan must have an exercise price equal to or greater than the fair market value of our shares of common stock on the date the stock option or stock appreciation right is granted.

• Limit on Non-Employee Director Compensation . The aggregate value of all equity-based compensation granted by us to any individual for service as a non-employee director with respect to any fiscal year of Daré will not exceed a total of $500,000. For purposes of this limitation, the value of any equity-based awards is calculated based on the grant date fair value of such awards for financial reporting purposes.

• Specific Disclosure of Equity Award Vesting upon a Change in Control . The 2022 Plan specifically provides that in the event of a change in control of Daré, if the surviving or acquiring corporation (or its parent company) does not assume or continue outstanding awards granted under the 2022 Plan, or substitute similar awards for such outstanding awards, then with respect to any such awards that have not been assumed, continued or substituted and that are held by participants whose continuous service has not terminated prior to the change in control, the vesting of such awards will be accelerated in full (and with respect to any performance-based awards, vesting will be deemed to be satisfied at the greater of (i) the target level of performance or (ii) the actual level of performance measured in accordance with the applicable performance goals as of the date of the change in control).

2025 Proxy Statement | Page 44

• No Liberal Change in Control Definition . The change in control definition in the 2022 Plan is not a “liberal” definition. A change in control transaction must actually occur in order for the change in control provisions in the 2022 Plan to be triggered.

#### Summary of the 2022 Plan
The following is a summary of the principal features of the 2022 Plan, as currently in effect. The summary is qualified in its entirety by the text of the 2022 Plan which is set forth on Appendix A to this Proxy Statement. As discussed above, the 2022 Plan Amendment makes no changes to the 2022 Plan other than to increase the number of shares of common stock available for awards thereunder by 600,000.

Eligibility .