Company: BFRG
Filing Date: 2025-09-26
Form Type: DEF 14A
Source: 0001493152-25-015716
Chunk: 32

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-09-26
Form: DEF 14A
Chunk 32
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, without the increase approved by the Board on August 27, 2025, 59,348 shares of common stock are reserved for issuance (which amount includes 900,000 shares that were originally authorized for issuance under the Plan and 466,970 shares that became authorized for issuance under the Plan pursuant to the Plan’s evergreen provision), of which 59,348 remain available for new issuances as of the date of this proxy statement. If the amendment to the Plan is approved at this Special Meeting, the total number of shares of common stock reserved under the Plan would be increased by 750,000 shares to an aggregate of 809,348 shares. We believe such increase will allow us to make needed equity awards for several years. Any shares that are subject to awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares or other awards count against this limit as one share for every option, right or unit granted.

If any shares subject to an award are forfeited, expire or otherwise terminate without issuance of shares, then the shares subject to such forfeiture, expiration or termination will again become available for awards under the Plan. Shares tendered in payment of any exercise price or withheld to satisfy any tax withholding obligation will also be available for re-grant. Awards issued in substitution for awards previously granted by a company acquired by us or with which we combine, do not reduce the limit on grants of awards under the Plan, subject to the limit on the number of incentive stock options that we may issue under the Plan.

While equity incentive awards are an important part of our compensation program, the Board and the Compensation Committee of the Board are mindful of their responsibility to our stockholders to exercise judgment in granting equity-based awards. We review a number of metrics to assess the cumulative impact of our equity compensation programs, including burn rate and overhang. Burn rate measures our usage of shares from our equity incentive plans as a percentage of our outstanding common stock. Overhang measures the potential dilution to which our existing stockholders are exposed due to outstanding equity awards.

The annual share usage for the last three fiscal years was as follows:

|               |     | FY 2023 |      |   |     | FY 2024 |      |   |     | FY 2025 (YTD) |       |   |
| Burn Rate (1) |     |         | 7.58 | % |     |         | 4.75 | % |     |               |  7.34 |