Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 226

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1B
Chunk 226
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 Board of Directors and Scientific
Advisory Board Members with a one-year vesting period, under the 2019 and 2023 Plan.

During the years ended June
30, 2025 and 2024, the Company granted options to purchase 0 zero and 329,729
shares, respectively, to the Board of Directors and Scientific Advisory Board Members with immediate vesting, under the 2019 and
2023 Plan.

During the years ended June 30,
2025, and 2024, the Company granted options to purchase zero and 10,000 shares, respectively, for consulting services with a one-year
vesting period, under the 2019 and 2023 Plan.

On November 4, 2024, the Company
issued 58,500 stock options to its former interim Chief Financial Officer. The options had a fair value of $31,005 on the
grant date, fully vest on January 6, 2025 and expire on November 4, 2034. Subsequently, during the period ended March 31, 2025,
pursuant to the Company’s executive officer compensation claw back policy, the board of directors directed the Company to claw back
and cancel the 58,500 options which were issued on November 4, 2024.

    F-25

On August 23, 2024, Avram Miller,
a former member of the Company’s board of directors (the “Board of Directors”), forfeited 833,333 shares of
Common Stock from the original 1,000,000 shares of Common Stock for advisory services originally granted to him on October 11,
2023. As consideration for such forfeiture, the Company granted to Mr. Miller, an option to purchase 978,261 shares of Common
Stock of the Company with a per-share exercise price of $0.69. The Company determined that this transaction represented a modification
of the original award. The Company measured the fair value of the options issued as compared to the fair value of the original issuance
and determined that there was no incremental compensation to recognize as the fair value of the options was less than the fair value of
the Common Stock. Therefore, the Company will recognize the remaining fair value of the original award over the remaining vesting period,
which is one year. The Company recognized stock-based compensation expense of $1,159,470 related to the vesting of the stocks options
during