PEDEVCO CORP Increases 2021 Equity Incentive Plan Share Limits

What Happened

• PEDEVCO CORP announced that at its August 27, 2026 Annual Meeting stockholders approved the Third Amendment to the company’s 2021 Equity Incentive Plan, which became effective the same day. The Board originally approved the Amendment on July 9, 2026 upon the Compensation Committee’s recommendation. The Amendment increases certain plan limits from 900,000 shares to 1,800,000 shares.

Key Details

• The Amendment doubled three limits under the 2021 Plan: (a) the aggregate number of common shares available for issuance; (b) the maximum number of shares issuable on exercise of incentive stock options; and (c) the maximum number of awards that may be made to any single recipient — each increased from 900,000 to 1,800,000 shares.
• The 2021 Plan (as amended) permits incentive stock options, non‑statutory stock options, restricted stock, restricted stock units, stock appreciation rights (SARs), and performance units/shares; incentive stock options are intended to qualify under Section 422 of the Internal Revenue Code.
• The material terms of the Amendment were described in the company’s Proxy Statement filed July 15, 2026; the Third Amendment is attached to the 8‑K as Exhibit 10.4.

Why It Matters

• For investors, this increases the pool of stock available for employee and director awards, which can be used to recruit and retain personnel but may dilute existing shareholders if and when awards are exercised or vested.
• The formal shareholder approval and Board/Compensation Committee backing mean the company can now grant larger or more numerous equity awards under the plan going forward, which could affect future share count and earnings per share depending on grant activity.