Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 23

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 23
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     8,172,842  
    $1.79 
  
    Exercisable,
    June 30, 2025 
     8,172,842  
    $1.79 

The
warrants had a weighted average remaining life of 2.66 years and no intrinsic value as of June 30, 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 June 30, 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.

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.

    F-15

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 6.25 and 3.