Syros Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) announced the grant of restricted stock unit (RSU) awards totaling 89,400 shares to three new employees as inducements for employment, in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs vest over four years, with one-quarter of the shares vesting on each anniversary of the grant date, contingent on continued service. This strategic move aims to attract talent as the company advances its clinical-stage pipeline targeting gene expression control in various cancers.

Positive

• Awarding 89,400 RSUs to attract skilled employees.
• RSUs vesting over four years ensures employee retention.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (Nasdaq: SYRS), a leader in the development of medicines that control the expression of genes, today announced the grant of restricted stock unit (RSU) awards for an aggregate of 89,400 shares of Syros common stock to three newly hired employees in connection with their commencement of employment with Syros. These RSUs were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs were granted on March 31, 2022, vest as to one-quarter of the shares on each of the first four anniversaries of the grant date subject to the employee’s continued service with Syros, and are subject to the terms and conditions of a restricted stock unit agreement covering the award and Syros’ 2022 Inducement Stock Incentive Plan.

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. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220401005059/en/

Media:

Courtney Solberg

Syros Pharmaceuticals

917-698-9253

csolberg@syros.com

Investors:

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the recent stock award announcement by Syros Pharmaceuticals (SYRS)?

Syros Pharmaceuticals announced the grant of 89,400 RSUs to three new employees as part of their employment inducements.

How do the RSUs awarded by Syros Pharmaceuticals vest?

The RSUs vest at a rate of one-quarter of the shares on each of the first four anniversaries of the grant date.

What is the purpose of the RSUs awarded by Syros Pharmaceuticals?

The RSUs were granted to attract top talent as part of their employment strategy.

When were the RSUs granted by Syros Pharmaceuticals?

The RSUs were granted on March 31, 2022.