Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 542

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 3
Chunk 542
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 shares of $0.001 par value convertible Class B common stock, and had 833,334 shares issued and outstanding
as of December 31, 2024, 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.

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 6.25
and 3.54
years, a weighted average volatility rate ranging from 109%
to 126%,
a weighted average risk-free interest rate ranging from 3.82%
to
4.63%, and a weighted average call option value ranging from $0.331
to $1.450,
was $79,383.
The expected term was estimated using the simplified method allowed under SEC Staff Accounting Bulletin 107 (“SAB 107”).
During the years ended December 31, 2024 and 2023, the Company recognized expense of $59,803
and $21,041, respectively, related to common stock options. As of December 31, 2024, a total of $179,549
of unamortized expenses are expected to be expensed over the