Company: SUNE
Filing Date: 2025-11-12
Form Type: PRE 14A
Source: 0001140361-25-041549
Chunk: 38

Company: SUNation Energy, Inc.
Filing Date: 2025-11-12
Form: PRE 14A
Chunk 38
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10-K for the year ended December 31, 2024, for filing with the SEC. Audit and Finance Committee: Spring Hollis and Kevin O'Connor

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TABLE OF CONTENTS

PROPOSAL NO. 3 2022 EQUITY INCENTIVE PLAN AMENDMENT PROPOSAL Overview Proposal No. 3 is to approve amendments to the SUNation Energy, Inc. 2022 Equity Incentive Plan (“formerly known as the Pineapple Energy Inc. 2022 Equity Incentive Plan”) (i) to increase the number of shares of stock reserved for issuance to 1,000,000, (ii) to increase the number of shares that can be issued as incentive stock options to a maximum of 25,000,000, and (iii) to implement an evergreen provision for the purpose of increasing the number of shares of stock reserved for issuance automatically on the first trading day of each calendar year beginning with calendar year 2026 through and including the first trading day of calendar year 2032 by up to 5.0% of the total number of shares of our stock outstanding on December 31 of the immediately preceding calendar year. On January 24, 2022, our Board of Directors approved the 2022 Equity Incentive Plan, subject to shareholder approval, and on March 16, 2022, our shareholders approved the 2022 Equity Incentive Plan. The 2022 Equity Incentive Plan became effective on March 28, 2022. On May 16, 2024, our Board of Directors, based on the recommendation of the Compensation Committee, approved the following amendments to the 2022 Equity Incentive Plan, as approved by our shareholders: (i) an increase in the number of shares of common stock authorized for issuance under the 2022 Equity Incentive Plan from 1,250,000 to 10,000,000, and (ii) an increase in the number of shares of common stock that can be issued as incentive stock options under the 2022 Equity Incentive Plan from 1,250,000 to 10,000,000. As a result of the reverse stock splits effectuated by the Company on June 15, 2024, October 17, 2024 and April 9, 2025, the number of issuable shares of common stock and incentive stock options, respectively, were collectively reduced to 67 shares of common stock and incentive stock