Anebulo Pharmaceuticals (ANEB) Proxy Filing summary

Executive summary

• Annual meeting scheduled for April 4, 2025, via webcast, with record date set as February 14, 2025.

• Key proposals include board declassification, director elections, share authorization increase, stock plan amendment, auditor ratification, and removal of lock-up restrictions.

• Board recommends voting in favor of all proposals.

Voting matters and shareholder proposals

• Proposal to declassify the board, moving from staggered three-year terms to annual elections for all directors.

• Election of three Class I directors for terms expiring at the 2028 annual meeting, or for one-year terms if declassification is approved.

• Amendment to increase authorized common stock from 50,000,000 to 75,000,000 shares.

• Amendment to the 2020 Stock Incentive Plan to add 2,500,000 shares for awards.

• Ratification of EisnerAmper LLP as independent auditor for fiscal 2025.

• Approval to remove voting and transfer restrictions on 10,101,010 shares held by 22NW Fund, LP, to regain Nasdaq compliance.

Board of directors and corporate governance

• Board consists of eight members, with a majority deemed independent under Nasdaq standards.

• Board leadership is separated, with an independent chairperson.

• Three standing committees: Audit, Compensation, and Nominating and Corporate Governance, all with independent members.

• Board and committee meeting attendance exceeded 75% for all directors.

• Code of Ethics and Insider Trading Policy in place, with prohibitions on hedging and speculative transactions.