secwatch.observer — SEC 8-K summary
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Issuer:     Lyell Immunopharma, Inc. (LYEL)
CIK:        0001806952
Form:       8-K
Filed at:   2023-11-20T23:59:59+00:00
Accession:  0001193125-23-280680
Event type: other_material
Sentiment:  negative
Materiality: 0.65
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1806952/000119312523280680/0001193125-23-280680-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1806952/000119312523280680/d542416d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-280680

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer