Syros Reports Inducement Grant to Chief Commercial Officer under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) granted an inducement stock option award to its new Chief Commercial Officer, Conley Chee. This award includes options to purchase 360,000 shares at an exercise price of $4.81, aligned with the stock's closing price on September 27, 2021. The options have a 10-year term and will vest over four years, contingent on Mr. Chee's continued employment. This grant aims to attract talent and aligns with Nasdaq Listing Rule 5635(c)(4). Syros is focused on developing innovative gene-expression controlling medicines.

Positive

• Inducement stock option award to attract top talent.
• Total of 360,000 shares granted with favorable exercise price.
• Vesting schedule incentivizes long-term commitment from new CCO.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (Nasdaq: SYRS) ("Syros" or the "Company"), a leader in the development of medicines that control the expression of genes, today announced the grant of an inducement stock option award to Conley Chee, the Company’s recently hired Chief Commercial Officer, in accordance with Mr. Chee’s employment offer letter. The grant was approved by the Company’s Board of Directors and was made as a material inducement to Mr. Chee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.

The inducement stock option award consists of an option to purchase a total of 360,000 shares of the Company’s common stock with an exercise price of $4.81, equal to the closing price of the Company’s common stock on September 27, 2021, the date of grant. The stock option has a 10-year term and vests over four years, with 25% of the total number of shares underlying the stock option vesting on the one-year anniversary of Mr. Chee’s employment commencement date and 1/48^th of the total number of shares vesting monthly thereafter, subject to Mr. Chee’s continued service with the Company through the respective vesting dates. The inducement stock option award is subject to the terms and conditions of the inducement stock option award agreement covering the grant of the inducement stock options.

About Syros Pharmaceuticals

Syros is redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust clinical-stage pipeline, including: tamibarotene, a first-in-class oral selective RARα agonist in RARA-positive patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia; and SY-5609, a highly selective and potent oral CDK7 inhibitor in patients with select solid tumors and blood cancers. Syros also has multiple preclinical and discovery programs in oncology and monogenic diseases.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210928005849/en/

Media:

Courtney Solberg

Syros Pharmaceuticals

917-698-9253

csolberg@syros.com

Investor:

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the stock option award announced by Syros Pharmaceuticals?

Syros Pharmaceuticals announced an inducement stock option award for its new CCO, Conley Chee, consisting of options to purchase 360,000 shares at $4.81.

When was the stock option grant for Syros Pharmaceuticals made?

The stock option grant was made on September 27, 2021.

What is the exercise price of the stock option awarded to Conley Chee?

The exercise price of the stock option is $4.81.

How long is the term of the stock option award for Syros Pharmaceuticals?

The stock option has a term of 10 years.

What is the vesting schedule for the stock option awarded to the new CCO of SYRS?

The stock option vests over four years, with 25% vesting on the one-year anniversary of employment and monthly thereafter.