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Twitter Inc (NYSE: TWTR)'s management team delivered a letter to shareholders on Friday asking them to approve the company's 2016 equity incentive plan.
The letter, written by the company's General Counsel & Secretary Vijaya Gadde, noted that Co-Founder and CEO Jack Dorsey agreed to contribute nearly 7 million shares of his own common stock to the company to be granted to employees without any cost or charge to Twitter.
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"We are asking our stockholders to approve the 2016 Plan at the Annual Meeting in order to allow us to fulfill Mr. Dorsey's objectives of making his contributed shares available for grants to our employees," Gadde wrote. "Mr. Dorsey and we believe our success is due to our highly talented employee base and that our future success depends on our ability to attract and retain high caliber people."
The letter continued that management is committed to amend the 2016 equity incentive plan after the annual meeting of shareholders to prohibit the repricing of stock options, including an option exchange program or cash buyout without the consent of shareholders.
"We recognize the importance of protecting the value of your investment in Twitter and we also endeavor to be responsive to stockholder feedback on our compensation programs," he added.
Shares of Twitter were trading higher by 0.71 percent early Friday morning.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.