Company: LTRYW
Filing Date: 2025-04-22
Form Type: 10-K/A
Source: 0001641172-25-005663
Chunk: 16

Company: Lottery.com Inc.
Filing Date: 2025-04-22
Form: 10-K/A
Chunk 16
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 entity in which each of Matthew McGahan, the Company’s
Chief Executive Officer and Chairman of the Company’s Board, and Barney Battles, a former member of the Board, have a direct or
indirect interest. The decision by the Company to enter into the UCIL Loan Agreement followed, amongst other things, an acknowledgment
by the Company that it had not received the requisite funding on a timely basis that it expected from Woodford, despite the Company making
several requests to Woodford for said funding under the terms and conditions of the Woodford Loan Agreement. Moreover, the Board of Directors
determined that it was in the best interest of the Company and its stockholders to enter into the UCIL Loan Agreement with UCIL, as an
alternative lender to Woodford, upon receiving an event of default notice on July 21, 2023 (the “Default Notice”) and an event
of default and crystallization notice on July 25, 2023 (the “Crystallization Notice”) from Woodford under the Woodford Loan
Agreement. Neither McGahan or Battles participated in the vote on the UCIL agreement to ensure proper independence and correct corporate
governance. On July 24, 2023, the Company responded to the Default Notice disputing that an event of default had occurred given the Company’s
earlier announcement that UCIL had agreed to enter into a funding arrangement with the Company. On July 27, 2023, the Company replied
to the Crystallization Notice denying that an event of default occurred or continued and further asserted that Woodford’s attempt
for crystallization was inappropriate and unlawful under the terms and conditions of the Woodford Loan Agreement. Given the uncertainty
of the continued financing under the Woodford Loan Agreement, the Board of Directors sought to secure and formalize the Company’s
alternative funding by entering into the UCIL Loan Agreement.

As reported on form 8-K filed with the SEC on February 22, 2024, on February 16, 2024, the Company and UCIL entered into an “Amendment and Restatement Agreement No. 2” to the UCIL Loan Agreement to increase the amount of the UCIL Credit Facility from $49,000,0000 to $149,000,000 (the “UCIL Amendment”).

Placement Agent Agreement with Univest Securities, LLC

As reported on form 8-K filed with the SEC on February 6, 2024, on December 6,