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Kodiak Sciences Rolls Out New Long-Term Performance Incentive Plan - Quick Facts

Biopharmaceutical company Kodiak Sciences Inc. (KOD) announced Wednesday new seven-year performance stock option awards under a Long-Term Performance Incentive Plan (LTPIP) for named executive officers (NEOs) as well as other eligible Kodiak employees. This will be subject to stockholder approval of the LTPIP at a special meeting expected to be held in October.

Kodiak NEOs and eligible employees were provided an opportunity to "buy-in" to the LTPIP via a one-time election and agree to forgo up to 75% of their annual equity incentive awards for the next seven years.

They will instead receive a one-time grant of performance-based stock options that can potentially provide 3 times more value than the forgone annual equity incentive compensation.

The performance-based stock options granted through the LTPIP can be earned in seven tranches that are only earned if certain performance milestones, such as Stock Price Milestones and Operational Milestones, are met.

The earned portions of the awards begin vesting once the performance milestone is achieved and then vest through the remainder of the seven-year period in equal monthly increments, ensuring a true long-term incentive program.

The company's senior leadership, representing senior vice presidents and above, all elected to opt-in to the program and agreed to forgo at least 50% of their annual equity incentive awards for the next seven years.

The LTPIP was created by Kodiak's Board of Directors after careful discussion and analysis and in consultation with outside compensation advisors.

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