Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 40

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 40
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 shares were forfeited on December 31, 2022.

Note 11. Stock-based Compensation Expense

2015 Stock Option Plan

Prior to the closing of the Business Combination,
AutoLotto had the AutoLotto, Inc. 2015 Stock Option/Stock Issuance Plan (the “2015 Plan”) in place. Under the 2015 Plan, incentive
stock options may be granted at a price not less than fair market value of the common stock (110% of fair value to holders of 10% or more
of voting stock). If the Common Stock is at the time of grant listed on any Stock Exchange, then the Fair Market Value shall be the closing
selling price per share of Common Stock on the date in question on the Stock Exchange, as such price is officially quoted in the composite
tape of transactions on such exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock
on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation
exists. If the Common Stock is at the time neither listed on any Stock Exchange, then the Fair Market Value shall be determined by the
Board of Directors or the Committee acting in its capacity as administrator of the Plan after taking into account such factors as the
Plan Administrator shall deem appropriate. The maximum number of shares of Common Stock which may be issued over the term of the Plan shall not exceed Twenty-Two Thousand Five Hundred (22,500). Options are exercisable over periods not to exceed 10 years (five years for incentive stock options granted to holders of 10% or more of voting stock) from the date of grant. Shares of Common Stock issued under
the Stock Issuance Program may, in the discretion of the Plan Administrator, be fully and immediately vested upon issuance or may vest
in one or more installments over the Participant’s period of Service or upon attainment of specified performance objectives. The
Plan Administrator may not impose a vesting schedule upon any option grant or the shares of Common Stock subject to that option which
is more restrictive than twenty percent (20%) per year vesting, with the initial vesting to occur not later than one (1) year after the
option grant date. However, such limitation shall not be applicable to any option grants made to individuals who are officers of the Corporation,
non-employee Board members or independent consultants.

2021 Equity Incentive Plan

In connection with the Business Combination