LYRA THERAPEUTICS, INC.
2020 INCENTIVE AWARD PLAN
PERFORMANCE STOCK OPTION GRANT NOTICE
Capitalized terms not specifically defined in this Performance Stock Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2020 Incentive Award Plan (as amended from time to time, the “Plan”) of Lyra Therapeutics, Inc. (the “Company”).
The Company has granted to the participant listed below (“Participant”) the stock option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Performance Stock Option Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.
Participant: | Maria Palasis, Ph.D. |
Grant Date: | March 21, 2024 |
Exercise Price per Share: | $6.07 |
Shares Subject to the Option: | 550,000 |
Vesting Commencement Date | January 31, 2024 |
Final Expiration Date: | March 20, 2034 |
Vesting Conditions: | The Option will vest as to a number of Shares equal to the Earned Shares (as defined in the Agreement) on the fourth anniversary of the vesting commencement date set forth above (the “Vesting Commencement Date”), subject to Participant remaining a Service Provider through such date and the terms of the Agreement (including Schedule I thereto). |
Type of Option | Incentive Stock Option |
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By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
LYRA THERAPEUTICS, INC. | PARTICIPANT | ||
By: | /s/ Jim Tobin | /s/ Maria Palasis, Ph.D. | |
Name: | Jim Tobin | Maria Palasis, Ph.D. | |
Title: | Chair, Compensation Committee |
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Exhibit A
PERFORMANCE STOCK OPTION AGREEMENT
Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.
GENERAL
PERIOD OF EXERCISABILITY
EXERCISE OF OPTION
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OTHER PROVISIONS
. If the Option is designated as an Incentive Stock Option:
Participant will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.
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