Company: HYSR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001213900-25-011506
Chunk: 15

Company: SUNHYDROGEN, INC.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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purchase notices received from the investor. The finance cost of $13,050 was deducted from the gross proceeds received, leaving gross
proceeds of $536,950.

On September 8, 2023, the Company issued 221,052,632
shares of common stock, upon conversion of 2,100 shares of preferred stock with a stated value of $210,000 at a conversion price of $0.00095. 

5.STOCK INCENTIVE PLANS

2019 Equity Stock Incentive Plan 

On December 17, 2018, the Board of Directors approved
and adopted the 2019 Equity Incentive Plan (“the 2019 Plan”), with 300,000,000 shares reserved for issuance. The purpose of
the 2019 Plan is to promote the success of the Company and to increase stockholder value by providing an additional means through the
grant of awards to attract, motivate, retain, and reward selected employees and other eligible persons. The awards are performance-based
compensation that are granted under the 2019 Plan as incentive stock options (ISO) or nonqualified stock options. The per share exercise
price for each option shall not be less than 100% of the fair market value of a share of common stock on the date of grant of the option.
The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services
and for financing cost.

As of December 31, 2024, under the 2019 Equity
Incentive Plan, there were 285,270,561 stock options and shares issued, with 14,729,439 shares remaining available for issuance.

2022 Equity Stock Incentive Plan 

On January 27, 2022, the Company adopted the 2022
Equity Incentive Plan, to enable the Company to attract and retain the types of employees, consultants, and directors who will contribute
to the Company’s long-range success. The maximum number of shares of common stock that may be issued under the 2022 Plan is initially
400,000,000. The number of shares will automatically be increased on the first day of the Company’s fiscal year beginning in 2023
so that the total number of shares issuable equals fifteen percent (15%) of the Company’s fully diluted capitalization on the first
day of the Company’s fiscal year, unless the Board adopts a resolution providing that the number of shares issuable