Company: SUNE
Filing Date: 2025-11-24
Form Type: DEF 14A
Source: 0001140361-25-042993
Chunk: 43

Company: SUNation Energy, Inc.
Filing Date: 2025-11-24
Form: DEF 14A
Chunk 43
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 rules, a participant whose rights would be materially adversely impaired by such an amendment must consent to it. Subject to certain limits in the 2022 Equity Incentive Plan, the Committee may also establish sub-plans or modify the terms of awards under the 2022 Equity Incentive Plan with respect to participants who reside outside of the United States or are employed by a non-U.S. subsidiary in order to comply with local legal requirements or otherwise meet the objectives of the 2022 Equity Incentive Plan. Except in connection with equity restructurings and corporate transactions for which share adjustments are specifically authorized, the 2022 Equity Incentive Plan prohibits the Committee from repricing any outstanding “underwater” option or SAR awards without the prior approval of our shareholders. For these purposes, a “repricing” includes amending the terms of an option or SAR award to lower the exercise price, canceling an option or SAR award in conjunction with granting a replacement option or SAR award with a lower exercise price, canceling an underwater option or SAR award in exchange for cash, other property or grant of a new full value award, or otherwise making an underwater option or SAR award subject to any action that would be treated under accounting rules as a “repricing.” Available Shares and Limitations on Awards. Currently, the number of shares of common stock that may be the subject of awards issued under the 2022 Equity Incentive Plan is 67 shares. The Plan Amendments would initially increase the share reserve by an additional 1,000,000 shares to a total of 1,000,067 shares. Beginning on the first trading day of each calendar year starting with calendar year 2026 through and including the first trading day of calendar year 2032, the share reserve will be cumulatively increased by up to 5% of the number of shares issued and outstanding on a pro forma basis on the immediately preceding December 31 including: all shares of common stock underlying any then-outstanding stock awards granted under the 2022 Equity Incentive Plan or such lesser number of shares as determined by our Board. The 2022 Equity Incentive Plan also provides that any shares of common stock subject to an award that expires, is cancelled or forfeited, is settled for cash or otherwise does not result in the issuance of all of the shares of common stock subject to such award shall, to the extent of such cancellation, forfeiture, expiration, cash settlement or non-issuance, again become available for awards under