Kura Oncology, Inc. recently announced amendments to its Amended and Restated 2014 Equity Incentive Plan. The Plan, initially adopted by the company in 2015, has undergone several amendments and restatements, with the most recent updates approved by stockholders in June 2024.
The Plan is designed to secure and retain the services of eligible award recipients, provide incentives for maximum efforts towards the success of the company, and allow eligible recipients to benefit from increases in the value of the Common Stock.
Under the Plan, employees, directors, and consultants are eligible to receive various types of awards, including Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, and Performance Stock Awards.
The maximum number of shares of Common Stock that may be issued pursuant to Stock Awards under the Plan has been set at 29,827,686 shares. This limit has been reached through a combination of initially reserved shares, annual automatic share increases, and additional shares approved by stockholders at annual meetings.
It's noteworthy that the number of shares available for issuance under the Plan will be reduced by one share for each share of Common Stock issued pursuant to an Option or Stock Appreciation Right with an exercise or strike price at least 100% of the Fair Market Value of the Common Stock on the grant date. Additionally, the number of shares subject to the Plan will increase if any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company.
In terms of eligibility, Incentive Stock Options may be granted only to employees, while other Stock Awards may be granted to employees, directors, and consultants. However, there are limitations on the granting of Stock Awards to individuals providing Continuous Service only to any "parent" of the Company.
The amendments to the Plan also provide the Board with the authority to accelerate the time at which an Award may be exercised or vest, suspend or terminate the Plan, and amend the Plan as deemed necessary or advisable.
Following these announcements, the company's shares moved -1.4%, and are now trading at a price of $21.76. If you want to know more, read the company's complete 8-K report here.
