Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 74

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 74
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 Shares to two individuals, one of which was our Chief Executive Officer. The
share award of shares was fully vested upon grant while the share award of shares for our Chief Executive Officer vests
in three equal annual installments beginning on June 12, 2024. The Chief Executive Officer’s award is dependent upon his continued
employment with our Company.

We valued the share awards based on the fair market
value of our shares on the dates of grant. During the years ended December 31, 2024 and 2023, we recorded general and administrative expenses
of EUR and EUR, respectively, based on the vesting periods of the share awards.

Share Options

On February 2, 2023, we granted options to purchase of
our Class B Ordinary Shares to five individuals who served as directors of the Company. The options are exercisable at US$ per
share, expire seven (7) years from the date of grant, and vest ratably over a three-year period beginning January 26, 2024. In May 2023,
an individual who was granted options to purchase shares resigned before any of his options vested and, accordingly,
his options were forfeited.

The fair value of each share option was estimated
on the date of grant using the Black-Scholes option pricing model, resulting in a valuation for all five options totaling EUR (US$).
During the years ended December 31, 2024 and 2023, we recorded general and administrative expenses of EUR and EUR, respectively
in connection with these share options, representing the vested portion of the share options during that period.

| Expected term in years     |     | 7 years |
| Risk-free interest rate    |     | 0.344%  |
| Annual expected volatility |     | 125.0%  |
| Dividend yield             |     | 0.00%   |

Risk-free interest rate: We use the
risk-free interest rate of a U.S. Treasury Bill with a similar term on the date of the option grant.

Volatility:We estimate the expected
volatility of the share price based on the corresponding volatility of our historical share price.

Dividend yield: We use a % expected
dividend yield as we have not paid dividends to date and do not anticipate declaring dividends in the near future.

Remaining term: The remaining term
is based on the remaining contractual term of the warrant.

Activity related to the share options is as follows:

| Outstanding, December 31,