Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 43

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 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 not 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 Two Thousand Two-Hundred and
Fifty (2,250). 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, our board of directors adopted, and our stockholders approved, the Lottery.com 2021 Incentive
Award Plan (the “2021 Plan”) under which 61,652 shares of Class A common stock were initially reserved for issuance. The
2021 Plan allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted
stock units and other stock or cash-based awards. The number of shares of the Company’s Class A common stock available for issuance
under the 2021 Plan increases annually on the first day of each calendar year, beginning on and including