Company: LNAI
Filing Date: 2025-10-15
Form Type: DEF 14A
Source: 0001731122-25-001378
Chunk: 42

Company: Lunai Bioworks Inc.
Filing Date: 2025-10-15
Form: DEF 14A
Chunk 42
---
 are
not actually issued upon settlement, and Shares repurchased using exercise price proceeds will not again be available for issuance under
the Plan; (vii) clarify the impact of a Change in Control transaction (as defined below) on the vesting of outstanding awards, and (viii)
amend the Capital Adjustments provision to proportionately adjust the number of Authorized Shares in the event the total number of outstanding
shares of Common Stock increases and to avoid dilution of intended benefits of the Amended Incentive Plan.

The Renovaro Biosciences, Inc.
2023 Incentive Plan was approved by our Board on May 10, 2023 and stockholders July 21, 2023. The 2023 Incentive Plan provided for the
granting of incentive stock options (“”), nonqualified stock options (together with the ISOs, “”),
stock appreciation rights (“”), restricted stock, restricted stock units, performance awards, other stock-based
awards, and cash awards, which pay be granted singly, in combination, or in tandem (each individually, an “”),
and which may be paid in cash or shares of Common stock. The Company believes that operation of the 2023 Incentive Plan is important in
attracting and retaining the services of key employees, key consultants, and outside directors of the Company and its subsidiaries in
a competitive labor market, which is essential to the Company’s long-term growth and success. It is the judgment of the Board that
the Incentive Plan Proposal is in the best interests of the Company and its stockholders. By its terms, the 2023 Incentive Plan may be
amended by the Board provided that any amendment that the Board determines requires stockholder approval is subject to receiving such
stockholder approval. Approval of the Amended Incentive Plan by our stockholders is required by the listing rules of The Nasdaq Stock
Market. In addition, stockholder approval is required in order to ensure favorable federal income tax treatment for grants of ISOs under
Section 422 of the Internal Revenue Code of 1986, as amended (the “”).

As of the date of this proxy statement,
434,067 shares of Common Stock remain available for award grants under the 2023 Incentive Plan; options to purchase a total of 680,150
shares of Common Stock remain outstanding.

Reasons for Amendments of the 2023 Incentive Plan

Equity Awards Are an Important Part