Summary by Futu AI
Luminar Technologies, Inc. (LAZR.US), a global automotive technology company specializing in LiDAR sensors and autonomous driving technology, has announced an amendment and restatement of its 2020 Equity Incentive Plan. The amendment seeks stockholder approval to increase the authorized share reserve by 20,000,000 shares. The plan, crucial for attracting, retaining, and incentivizing talent, aligns with stockholder interests by offering long-term equity-based compensation. The board approved the amendment on March 13, 2024, subject to stockholder approval at the 2024 Annual Meeting scheduled for June 5, 2024. The plan allows for various awards, including stock options and restricted stock units, and includes provisions to prevent dilution and ensure compliance with applicable laws. The additional shares are expected to support the company's future growth by providing sufficient reserves for the next year of grants. The amendment also includes best practice provisions such as no discounted options, no tax gross-ups, and a clawback policy. The proposal is part of the agenda for the upcoming Annual Meeting, where stockholders will vote on the amendment.