Lyra Therapeutics, Inc. announced the appointment of Ronan O?Brien, as Chief Legal Officer, effective October 16, 2023. Mr. O?Brien brings more than 25 years of legal experience to Lyra including serving in senior legal roles at multiple biotechnology companies and stints at several top-tier law firms. Most recently Mr. O?Brien served as General Counsel, Chief Compliance Officer & Secretary of Pear Therapeutics, Inc., an innovative medical device company, which launched three commercial products. Mr. O?Brien earned his B.A. and J.D. from Boston University.

Lyra has approved the issuance of an inducement grant to Mr. O?Brien, upon the commencement of his employment, pursuant to the Company?s 2022 Employment Inducement Award Plan, as amended (the ?2022 Inducement Plan?). The grant was approved by the Company?s Compensation Committee, which is comprised entirely of independent directors, and was made as a material inducement to Mr. O?Brien?s acceptance of employment with Lyra in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation. The inducement grant consists of a non-qualified stock option to purchase an aggregate of 200,000 shares of the Company's common stock.

The inducement grant will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of Mr. O?Brien?s start date, and thereafter the remainder of the shares vest in 36 equal monthly installments, subject to Mr. O?Brien?s continued employment with Lyra through the applicable vesting dates. The inducement grant is subject to the terms and conditions of the award agreement covering the stock option grant and the 2022 Inducement Plan.