Synergy CHC (SNYR) CEO-linked entity swaps 750K options at $0.21
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Synergy CHC Corp. insider activity shows an option repricing for shares held indirectly through Kenek Brands Inc., which is controlled by CEO and Chairman Ross Jack. A stock option for 750,000 shares of common stock with a $2.38 exercise price was deemed canceled and disposed of back to the company.
On the same date, Kenek Brands Inc. received a new stock option covering 750,000 underlying shares at a reduced exercise price of $0.21 per share. The new option keeps the original vesting schedule tied to the September 18, 2025 grant date and expires on the five-year anniversary of that date. The filing notes Jack’s indirect beneficial ownership through Kenek Brands Inc., with beneficial ownership disclaimed except for his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Ross Jack
Role
CEO and Chairman
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Option (right to buy) | 750,000 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 750,000 | $0.00 | -- |
Holdings After Transaction:
Stock Option (right to buy) — 750,000 shares (Indirect, By Kenek Brands Inc.)
Footnotes (1)
- One-third (1/3) of this option grant (the "Original Option") vests on the first anniversary of September 18, 2025 (the "Original Grant Date"), and the remaining two-thirds (2/3) vest in equal monthly installments over the twenty-four (24) months thereafter, in each case subject to the reporting person's continued service with the Company. The reduction in the exercise price of the Original Option constitutes a material modification and is deemed, for purposes of Section 16, to involve a cancellation of the Original Option and the grant of a new option in its place. The new option vests on the same schedule as the Original Option, as if it had been granted on the Original Grant Date, and expires on the five-year anniversary of the Original Grant Date. The reported securities are owned directly by Kenek Brands Inc., which is controlled by the reporting person. The reporting person is the indirect beneficial owner of the reported securities. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
Key Figures
Canceled option size: 750,000 shares
Original exercise price: $2.38 per share
New option size: 750,000 shares
+3 more
6 metrics
Canceled option size
750,000 shares
Underlying common shares in original option deemed canceled
Original exercise price
$2.38 per share
Exercise price of Original Option before modification
New option size
750,000 shares
Underlying common shares in new option grant
New exercise price
$0.21 per share
Exercise price of new option after modification
Option expiration
September 18, 2030
Expiration date for both original and new options
Vesting cliff
1/3 on first anniversary
One-third vests on first anniversary of September 18, 2025
Key Terms
material modification, Section 16, indirect beneficial owner, pecuniary interest, +1 more
5 terms
material modification financial
"The reduction in the exercise price of the Original Option constitutes a material modification"
Section 16 regulatory
"is deemed, for purposes of Section 16, to involve a cancellation of the Original Option"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
indirect beneficial owner financial
"The reporting person is the indirect beneficial owner of the reported securities."
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein."
grant, award, or other acquisition financial
"transaction_code_description": "Grant, award, or other acquisition""
FAQ
What did Synergy CHC (SNYR) disclose about Ross Jack’s stock options?
Synergy CHC disclosed that an indirect entity controlled by CEO Ross Jack canceled a stock option for 750,000 shares at a $2.38 exercise price and received a new option over the same 750,000 shares at a reduced $0.21 exercise price, with vesting terms unchanged.
What are the old and new exercise prices in the Synergy CHC (SNYR) Form 4?
The original option carried a $2.38 per share exercise price, which was treated as canceled. The new option for the same 750,000 underlying shares has a significantly lower $0.21 per share exercise price, while maintaining the same vesting schedule and a five-year term from the original grant date.
Who holds the Synergy CHC (SNYR) options reported in this filing?
The options are held directly by Kenek Brands Inc., which is controlled by CEO and Chairman Ross Jack. He is reported as the indirect beneficial owner, but the filing states he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest in Kenek Brands Inc.
How does the vesting schedule work for the new Synergy CHC (SNYR) option grant?
The new option vests on the same schedule as the original grant tied to September 18, 2025. One-third of the option vests on the first anniversary of that date, and the remaining two-thirds vest in equal monthly installments over 24 months, contingent on continued service.