Company: LNAI
Filing Date: 2025-10-15
Form Type: DEF 14A
Source: 0001731122-25-001378
Chunk: 46

Company: Lunai Bioworks Inc.
Filing Date: 2025-10-15
Form: DEF 14A
Chunk 46
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 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 5,850 options which were issued on November 4, 2024.

On August 23, 2024,
Avram Miller, a former member of the Company’s board of directors (the “”), forfeited 83,333 shares
of Common Stock from the original 100,000 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 97,826 shares of Common
Stock of the Company with a per-share exercise price of $6.90. 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 the year ended June 30, 2025. At June 30, 2025, the Company had $185,373 of unrecognized compensation cost related to the
options which vest at August 23, 2025.

All of the above
options are exercisable at the market price of the Company’s Common Stock on the date of the grant. On February 13, 2024, the Company
repriced 384,993 eligible employee and consultant options from the original issued exercise price to a new exercise price of $19.2 per
share, the closing price of the Company’s Common Stock on February 13, 2024. The Company recognized stock-based compensation expense
related to the repricing of options of $921,254 during the year ended June 30, 2024.

As of June
30, 2025 the Company has granted options under the 2014,