Cytodyn Inc (CYDY)

[Chuckles759]

It's spelled out pretty clear in this 8-K (Oct 1, 2020) that everyone should have read.

https://www.sec.gov/Archives/edgar/data/1175680/000119312520261200/d935957d8k.htm

The Amended and Restated 2012 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to the Company’s employees (and the employees of any subsidiary), non-employee directors, and outside consultants or advisers. The number of shares authorized for issuance under the Amended and Restated 2012 Plan will initially be 50,000,000 shares of Common Stock (the “Share Reserve”), and the Share Reserve will automatically increase on June 1 of each calendar year, for the period beginning on June 1, 2021 and ending on (and including) June 1, 2029 (each, an “Evergreen Date”) in an amount equal to one percent (1%) of the total number of shares of Common Stock outstanding on May 31st immediately preceding the applicable Evergreen Date (the “Evergreen Increase”). The Board may act prior to the Evergreen Date of a given year to provide that there will be no Evergreen Increase for such year, or that the Evergreen Increase for such year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.

The descriptions of the Amended and Restated 2012 Plan contained herein and in the Proxy Statement do not purport to be complete and are qualified in their entirety by reference to the full text of the Amended and Restated 2012 Plan, a copy of which is incorporated by reference to Appendix A to the Proxy Statement filed on September 1, 2020.

On June 15, 2020 and June 25, 2020, the Compensation Committee of the Board approved grants of non-qualified stock options and restricted stock unit grants to certain of the Company’s executives and directors, as described in the Proxy Statement, which grants were made under and conditional upon stockholder approval of the Amended and Restated 2012 Plan. This condition was satisfied upon approval of the stockholders of the Amended and Restated 2012 Plan at the Annual Meeting.