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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ:SYRS) has granted a restricted stock unit (RSU) award of 9,000 shares of Syros common stock to a newly hired employee. The RSU was granted as a material inducement to employment and will vest over a period of four years, subject to the employee's continued service with Syros.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (NASDAQ:SYRS), a biopharmaceutical company committed to advancing new standards of care for the frontline treatment of hematologic malignancies, today announced the grant of a restricted stock unit (RSU) award for 9,000 shares of Syros common stock to one newly hired employee in connection with commencing employment with Syros. This RSU was granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The award was granted on June 30, 2023, and vests as to one-quarter of the shares on June 30, 2024, and as to an additional one-quarter of the shares at the end of each successive year thereafter, subject to the employee’s continued service with Syros. This award is 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 committed to developing new standards of care for the frontline treatment of patients with hematologic malignancies. Driven by the motivation to help patients with blood disorders that have largely eluded other targeted approaches, Syros is advancing a robust late-stage clinical pipeline, including tamibarotene, an oral selective RARα agonist in patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression, and SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia. Syros is also seeking partnerships for SY-5609, a highly selective and potent CDK7 inhibitor in clinical development for the treatment of select solid tumors, and multiple preclinical programs in oncology. 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/20230705495927/en/

Syros Contact

Karen Hunady

Director of Corporate Communications & Investor Relations

1-857-327-7321

khunady@syros.com

Investor Contact

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the grant of restricted stock unit (RSU) award by Syros Pharmaceuticals?

Syros Pharmaceuticals has granted a restricted stock unit (RSU) award of 9,000 shares of Syros common stock to a newly hired employee.

What is the purpose of the RSU award?

The RSU award was granted as a material inducement to employment.

What are the vesting terms of the RSU award?

The RSU award will vest as to one-quarter of the shares on June 30, 2024, and as to an additional one-quarter of the shares at the end of each successive year thereafter, subject to the employee's continued service with Syros.

What agreements govern the RSU award?

The RSU award is subject to the terms and conditions of a restricted stock unit agreement covering the award and Syros' 2022 Inducement Stock Incentive Plan.