The Company has one active stock-based equity plan at  3, 2019, the CytoDyn Inc. 2012 Equity Incentive Plan, as amended (the “2012 Plan”) and one stock-based equity plan that is no longer active, but under which certain prior awards remain outstanding, the CytoDyn Inc. 2004 Stock Incentive Plan (the “2004 Plan” and, together with the 2012 Plan, the “Incentive Plans”). The 2012 Plan was approved by stockholders at the Company’s 2012 annual meeting to replace the 2004 Plan. The 2012 Plan was amended by stockholder approval in February 2015 to increase the number of shares available for issuance from 3,000,000 to 5,000,000 shares of common stock and in March 2016 to increase the number of shares available for issuance from 5,000,000 to 7,000,000 shares of common stock. At the annual meeting of stockholders held on August 24, 2017, the stockholders approved an amendment to the 2012 Plan to increase the number of shares available for issuance from 7,000,000 to 15,000,000 shares of common stock. At a special meeting of stockholders held on May 22, 2019, the stockholders approved an amendment to the 2012 Plan to increase the number of shares available for issuance from 15,000,000 to 25,000,000 shares of common stock. As of  3, 2019, the Company had 8,171,644 shares available for future stock-based grants under the 2012 Plan, as amended.

six

November

0

s

ranges between $0.385 and

1,000,000 stock options vest immediately and the remaining

one

a -year term.

six

November

0

,

and consultants

The awards granted to the consultants totaled 400,000 stock options, 200,000 of which vested immediately, 100,000 of which vested on December 12, 2019 and 100,000 of which will vest on April 7, 2020. Stock option awards covering an additional 1,112,500 shares granted to executive management and employees vest in 12 equal monthly installments and

have a -year term.

granted to executive mana

three

a -year term

. The

valu

2019

re-election.

were

During the six months ended November 30

, 2019, in connection with registered direct offering, as fully described in Note 11, the Company issued warrants covering 11,987,250 shares of common stock to investors. The investor warrants have a-year term and an exercise price of $0.45 per share. In connection with the registered direct offering, the Company also issued warrants covering 655,305 shares of common stock to the placement agent. The placement agent warrants have a -year term and an exercise

prices ranging between

of $0.40

 and $0.444

per share.

During the months ended

November 30

, 2019, in connection with Series C convertible preferred

offerings

, as fully described in Note 4, the Company issued common stock warrants covering a total of 9,601,000 shares of common stock to investors. The investor warrants have a -year term and exercise

prices ranging between $0.30 and

$0.50 per share.

 

Compensation expense related to stock options, compensatory warrants and common stock reserved for advisory services for the three months ended

November 30

, 2019 and

November 30

, 2018 was approximately $1.0 and $434,000 respectively. The grant date fair value of options and compensatory warrants vested during the month periods ended

November 30

, 2019 and

November 30

, 2018 was approximately $907,000 and $1.2 respectively. As of

November 30

, 2019, there was approximately $1.1 million of unrecognized compensation expense related to share-based payments for unvested options, which is expected to be recognized over a weighted average period of 0.72 years.

The following table represents stock option and warrant activity as of and for the months ended

November 30

, 2019: