Management Change/Compensation (Form 8-K)

On March 19, 2026 (the "Repricing Date"), in accordance with the AN2 Therapeutics, Inc. Amended and Restated 2017 Equity Incentive Plan (the "2017 Plan") and the AN2 Therapeutics, Inc. 2022 Equity Incentive Plan (together with the 2017 Plan, the "Plans"), the Board of Directors (the "Board") of AN2 Therapeutics, Inc. (the "Company") approved a stock option repricing (the "Option Repricing"), effective as of the Repricing Date, of all outstanding stock options granted under the Plans prior to the Repricing Date (the "Eligible Options"), including stock options held by the Company's named executive officers and non-employeemembers of the Board. Pursuant to the Option Repricing, the exercise price of each Eligible Option was reduced to $3.91 per share, the closing price of the Company's common stock on the Repricing Date. To the extent an Eligible Option is exercised prior to the Premium End Date (as defined below), or the eligible holder's services with the Company terminates prior to the Premium End Date, the holder will be required to pay the original exercise price per share of the Eligible Options. The "Premium End Date" means the earliest of (i) September 19, 2027, (ii) the date of a change in control, or (iii) the eligible holder's death or disability. Except for the reduction in the exercise prices of the Eligible Options as described above, the Eligible Options will retain their existing terms and conditions as set forth in the Plans and the applicable award agreements.

The Board believes that the Option Repricing with the Premium End Date is in the best interests of the Company, as the amended stock options will provide added incentives to retain and motivate Plan participants without incurring the stock dilution resulting from significant additional equity grants to the eligible participants or significant additional cash expenditures resulting from additional cash compensation.

The Company's named executive officers hold the following aggregate number of Eligible Options: Eric Easom, President, Chief Executive Officer and Board chair: 742,649 Eligible Options, with original exercise prices ranging from $6.60 - $17.28 per share; Joshua Eizen, Chief Legal Officer and Chief Operating Officer: 142,150 Eligible Options, with original exercise prices ranging from $14.29 - $17.88 per share; and Lucy Day, Chief Financial Officer: 221,965 Eligible Options, with original exercise prices ranging from $6.60 - $17.28 per share.