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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) has announced the grant of restricted stock unit (RSU) awards totaling 8,200 shares to two new employees, effective August 30, 2022. These awards serve as material inducements for employment under Nasdaq Listing Rule 5635(c)(4). The vesting schedule includes one award vesting quarterly starting from March 31, 2023, and an additional award beginning August 31, 2023, contingent upon continued service with the company. Syros is focused on developing gene expression medicines targeting various cancers.

Positive

• Granting 8,200 RSUs as inducements for new hires may enhance talent acquisition.
• Focus on developing innovative medicines like tamibarotene and SY-2101, which could drive future growth.

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 8,200 shares of Syros common stock to two 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 awards were granted on August 30, 2022. One award vests as to one-quarter of the shares on March 31, 2023 and as to an additional one-quarter of the shares at the end of each successive year thereafter, and the other award vests as to one-quarter of the shares on August 31, 2023 and as to an additional one-quarter of the shares at the end of each successive year thereafter, in each case subject to the employee’s continued service with Syros. Both awards 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. 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/20220902005008/en/

Investor Contact:

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the purpose of the RSU awards by Syros Pharmaceuticals on August 30, 2022?

The RSU awards were granted as material inducements for new employees to join Syros Pharmaceuticals.

How many shares of stock were awarded to new employees at Syros Pharmaceuticals?

A total of 8,200 shares of common stock were awarded as restricted stock units.

What is the vesting schedule for the RSUs at Syros Pharmaceuticals?

One award vests quarterly starting March 31, 2023, and the other starts August 31, 2023, with subsequent quarterly vesting.

Which Nasdaq listing rule applies to the RSU awards by Syros Pharmaceuticals?

The RSU awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What types of medicines is Syros Pharmaceuticals developing?

Syros is developing medicines that control gene expression, including treatments for various cancers.