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

Rhea-AI Summary

Syros Pharmaceuticals (SYRS) announced the grant of a stock option award to Jason Haas, its newly appointed Chief Financial Officer. The Board approved an option to purchase 750,000 shares at an exercise price of $4.54, equivalent to the closing stock price on October 12, 2021. The option has a 10-year term, vesting 25% on the first anniversary of employment, followed by monthly vesting. This grant aligns with Nasdaq Listing Rule 5635(c)(4) as a key part of Haas's compensation, aiming to strengthen the company's leadership in gene expression medicines.

Positive

• Inducement stock option award of 750,000 shares granted to CFO Jason Haas.
• Exercise price set at $4.54, equivalent to recent stock price.
• Stock option has a 10-year term with a structured vesting schedule.

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 Jason Haas, the Company’s recently hired Chief Financial Officer, in accordance with Mr. Haas’s employment offer letter. The grant was approved by the Company’s Board of Directors and was made as a material inducement to Mr. Haas’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 750,000 shares of the Company’s common stock with an exercise price of $4.54, equal to the closing price of the Company’s common stock on October 12, 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. Haas’s employment commencement date and 1/48^th of the total number of shares vesting monthly thereafter, subject to Mr. Haas’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/20211013006048/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 stock option award was granted to Jason Haas at Syros Pharmaceuticals?

Syros Pharmaceuticals granted Jason Haas an inducement stock option award to purchase 750,000 shares at an exercise price of $4.54.

What is the vesting schedule for Jason Haas's stock options at Syros?

The stock options vest 25% on the one-year anniversary of Haas's employment, with the remainder vesting monthly over the following three years.

When was the stock option award to Jason Haas approved?

The stock option award was approved by the Board of Directors in October 2021.

What is the significance of the stock option grant for Syros Pharmaceuticals?

The stock option grant serves as a material inducement for Jason Haas's acceptance of the CFO position, aligning with Nasdaq regulations.