Lyell Immunopharma reprices ~23.4M underwater stock options to $1.87

Lyell Immunopharma, Inc.

Effective Nov 16, 2023, new exercise price set at $1.87 for eligible employee options with original prices $2.61–$17.95.
Total shares repriced approx 23.4 million; nearly all employee options were underwater.
Named executives' options repriced: CEO Seely (7.5M shares at $3.28), CFO Newton (4.8M shares), COO Hill (2M shares), CSO Lee (0.8M shares).
To exercise at reduced price, employees must stay through Retention Period ending Nov 15, 2024, or upon change in control/death/disability.
Vesting for unvested shares of senior executives extended by one year; no change to expiration or share count.

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