Company: LNAI
Filing Date: 2025-10-15
Form Type: DEF 14A
Source: 0001731122-25-001378
Chunk: 51

Company: Lunai Bioworks Inc.
Filing Date: 2025-10-15
Form: DEF 14A
Chunk 51
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 or nonqualified stock options, provided that only employees of the Company
and our subsidiaries (excluding subsidiaries that are not corporations) are eligible to receive ISOs. Stock Options must be granted with
an Option Price (as defined in the Amended Incentive Plan) at least equal to 100% of the fair market value of a share of Common Stock
on the date the Stock Option is granted. If an ISO is granted to an employee who owns or is deemed to own more than 10% of the combined
voting power of all classes of our stock (or of any parent or subsidiary), the Option Price shall be at least 110% of the fair market
value of a share of Common Stock on the date of grant. Except in connection with a corporate transaction involving the Company as provided
in the Amended Incentive Plan, the Company may not, without obtaining stockholder approval, (i) amend the terms of outstanding Stock Options
to reduce the Option Price of such Stock Options, (ii) cancel outstanding Stock Options in exchange for Stock Options that have an Option
Price that is less than the Option Price value of the original Stock Options, or (iii) cancel outstanding Stock Options that have an Option
Price greater than the fair market value of a share of Common Stock on the date of such cancellation in exchange for cash or other consideration.

The Committee will determine the
terms of each Stock Option at the time of grant, including, without limitation, the methods by or forms in which shares will be delivered
to participants or registered in their names. The maximum term of each option, the times at which each option will be exercisable, and
provisions requiring forfeiture of unexercised options at or following termination of employment or service generally are fixed by the
Committee, except that the Committee may not grant Stock Options with a term exceeding ten (10) years or, in the case of an ISO granted
to an employee who owns or is deemed to own more than 10% of the combined voting power of all classes of our stock (or of any parent or
subsidiary), a term exceeding five (5) years.

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Recipients of Stock Options may
pay the Option Price (i) in cash, check, bank draft, or money order payable to us; (ii) by delivering to us shares of Common Stock (included
restricted stock) already owned by the participant having a fair market value equal to the aggregate Option Price and