Aytu settles derivative lawsuits over 2021 option grants; cancels 25% of awards, adds independent directors

AYTU BIOPHARMA, INC

Settlement cancels 387,804 of 1,551,216 shares (25%) from 2021 option grants to directors and officers.
Company to add two independent directors within six months; one appointed as Compensation Committee chair.
Non-employee director compensation capped at $175,000 annually through 2024; new equity plan with reserve ≤15% of outstanding.
No further equity awards to defendants under 2015 plan; lead independent director to be designated.
Aytu to pay up to $425,000 in attorneys' fees; no admission of wrongdoing.

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