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ABVC BioPharma, Inc. (NASDAQ:ABVC) announced that its board’s compensation committee has approved a new performance incentive plan for directors and officers, according to a press release statement filed with the Securities and Exchange Commission.
The incentive plan will only become effective if the company achieves a $1 billion market capitalization for 30 consecutive trading days on or before December 31, 2027. If this condition is met, the plan will grant shares of common stock equal to 1% of the company’s outstanding common stock on the implementation date. The total value of awards under the plan is capped at $10 million, with individual grants limited to $1 million per recipient. All shares issued under the plan will be sourced from the company’s existing Amended and Restated 2016 Equity Incentive Plan.
The allocation of awards will be determined by the compensation committee, endorsed by a majority of the independent directors, and require final approval from the full board. Awards will be tied to specific milestones set forth in the plan.
ABVC BioPharma is incorporated in Nevada and its common stock is listed on the Nasdaq Stock Market under the symbol ABVC.
The information is based on a statement made in a press release filed with the SEC.
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