Metaplanet CEO Simon Gerovich responded to controversy over the company’s equity incentive plan and shareholder MMXX Ventures, acknowledging that Metaplanet did not adequately explain its Series 10 stock subscription rights arrangement. Gerovich said he is a significant but non-controlling shareholder in MMXX’s parent company and does not participate in its trading decisions. The incentive plan initially set an award pool equal to 20% of fully diluted equity, which expanded as Metaplanet issued additional shares. In August, the company removed the floating adjustment mechanism, fixed the pool at about 319 million shares and imposed a five-year lock-up period, but did not return the pool to the level in place when its Bitcoin treasury strategy was adopted. Some shareholders said key issues remain unresolved, including the previously expanded incentive shares and the economic benefits Gerovich obtained from selling shares through MMXX. Metaplanet shares fell 7% on Monday and are down 43% year-to-date.