Company: LDWY
Filing Date: 2025-10-06
Form Type: DEF 14A
Source: 0001104659-25-097035
Chunk: 19

Company: LENDWAY, INC.
Filing Date: 2025-10-06
Form: DEF 14A
Chunk 19
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 purchase plan and other equity incentive plans.

We are party to employment agreements with Messrs. Jundt and Mr. Philp, in each case dated June 11, 2024, pursuant to which each is entitled to receive an initial base salary of $100,000. The employment agreements do not contain any provisions for cash or equity incentive programs or severance.

Severance and Change in Control Arrangements with Named Executive Officers

The employment with Ms. McShane provides that, if Ms. McShane’s employment is terminated by us for any reason other than “cause” (as defined in the agreement), then, provided that she signs a release and agrees to post-termination restrictive covenants, she will be eligible to receive accrued and unpaid compensation as well as the sum of six months of her annualized base salary as of the date of the termination, less all legally required and authorized deductions and withholdings, payable in substantially equal increments during the six-month period following the termination date. So long as she is employed by us longer than one year, that amount will increase by one month for every full year of service, up to a total of twelve months.**

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Outstanding Equity Awards at June 30, 2025 The following table sets forth summary information regarding the outstanding equity awards held by our Named Executive Officers at June 30, 2025.

| ​               | ​ | ​          | ​ |                                                       ​ | ​ |                                                             ​ |
| ​               | ​ | ​          | ​ |                                            Stock Awards |   |                                                               |
| Name            |   | Grant Date | ​ | Number of Shares or Units of Stock That Have Not Vested | ​ | Market Value of Shares or Units of Stock That Have Not Vested |
| Daniel C. Philp | ​ | 5/9/2024   | ​ |                                                  18,000 | ​ |                                                     $ 101,520 |

| (1) | Award vests in equal installments on each of the first, second, and third anniversaries of the grant date. |

Tax Considerations Section 409A of the Internal Revenue Code also affects the payments of certain types of deferred compensation to key employees and includes requirements relating to when payments under such arrangements can be made, acceleration of benefits, and timing of elections under such arrangements. Failure to satisfy these requirements will generally lead to an acceleration of the timing for including deferred compensation in an employee's income, as well as certain penalties