GNPX 2017 Annual Report

93 Our board of directors adopted a new compensation policy in September 2017 that became effective upon the completion of the recently completed initial public offering of our common stock and will be applicable to all of our non-employee directors. This compensation policy provides that each such non-employee director may receive any of the following compensation elements for service on our board of directors: • an annual cash retainer of $25,000; • for each non-employee director who first joins our board of directors, an initial option grant to purchase shares of our common stock with a value of $175,000, pro rated monthly for the period between the date of our last annual meeting of stockholders and the date such non-employee director first joins our board of directors, on the date of commencement of service on the board, vesting on the earlier of the one-year anniversary of the grant date or the day prior to the next annual meeting of stockholders; and • an annual option grant to purchase shares of our common stock having a value of $175,000 for each non-employee director serving on the board of directors on the date of our annual stockholder meeting, vesting one year following the grant date. Each of the option grants described above will vest and become exercisable subject to the director’s continuous service to us, provided that each option will vest in full upon a change in control (as defined under our 2018 Equity Incentive Plan). The term of each option will be 10 years, subject to earlier termination as provided in the 2018 Equity Incentive Plan. The options will be granted under our 2018 Equity Incentive Plan. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. The following table sets forth information as of April 6, 2018, regarding beneficial ownership of our capital stock by: • each person, or group of affiliated persons, known by us to beneficially own more than 5% of any class of our voting securities; • each of our directors; • each of our named executive officers; and • all of our current executive officers and directors as a group. The table lists applicable percentage ownership based on 13,035,004 shares of common stock outstanding as of April 6, 2018. Options to purchase shares of our common stock that are exercisable within 60 days of April 6, 2018, are deemed to be beneficially owned by the persons holding these options for the purpose of computing percentage ownership of that person, but are not treated as outstanding for the purpose of computing any other person's ownership percentage Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Except as noted by footnote, and subject to community property laws where applicable, we believe, based on the information provided to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them.