Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 21

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 21
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 2025 
     8,172,842  
    $1.79 
  
    Exercisable, March 31, 2025 
     8,172,842  
    $1.79 

The
warrants had a weighted average remaining life of 2.91 years and no intrinsic value as of March 31, 2025.

Convertible
Class B Common Stock

The
Company has 5,000,000
authorized shares of $0.001
par value convertible Class B common stock and had 600,000
shares issued and outstanding as of March 31, 2025, as retrospectively
applied, pursuant to the Company’s subsequent recapitalization in 2022 and effective as of May 3, 2022, whereby the founders
exchanged their 83,334
Founders Shares for 833,334
shares of convertible Class B common stock.

On January 15, 2025, a total of 233,334 shares of
Class B Common Stock previously held by the Company’s Executive Chairman and President, Sandeep Allam, automatically converted into
2,333,340 shares of Class A common stock according to the terms of the Company’s Certificate of Incorporation.

    F-14

Note 12 – Common Stock Options

Omnibus Equity Incentive Plan

On April 11, 2022, the Company’s board of directors
adopted, and the Company’s stockholders approved, the Syra Health Corp. 2022 Omnibus Equity Incentive Plan, as amended on April
19, 2023 (as amended, the “2022 Plan”). No more than 1,041,667 shares of the Company’s Class A common stock shall be
issued pursuant to the exercise of incentive stock options under the 2022 Plan.

Class A Common Stock Option Awards

During the year ended December 31, 2024, the Company
granted options to purchase an aggregate 42,000 shares of the Company’s Class A common stock to employees at an exercise price ranging
from $1.28 to $1.88 per share for terms of 10 years and 5 years under the 2022 Plan. These options will vest 25% on each anniversary,
and 25% quarterly, until fully vested. The options had no intrinsic value. The aggregate estimated value using the Black-Scholes Pricing
Model, based on an expected terms of