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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) has granted 136,750 restricted stock units (RSUs) to six new employees as part of their employment agreement, complying with Nasdaq Listing Rule 5635(c)(4). These awards will vest quarterly, starting April 30, 2023, contingent on continued employment. Syros is focused on developing innovative gene expression medicines, with a pipeline that includes tamibarotene for myelodysplastic syndrome and acute myeloid leukemia, SY-2101 for acute promyelocytic leukemia, and SY-5609 for solid tumors and blood cancers.

Positive

• Granting of 136,750 RSUs to new employees may enhance talent retention and motivation.
• The RSUs are tied to long-term employment, potentially improving workforce stability.

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 136,750 shares of Syros common stock to six 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 April 29, 2022, vest as to one-quarter of the shares on April 30, 2023 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, 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/20220429005035/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 significance of the RSU awards by Syros Pharmaceuticals on April 29, 2022?

The RSU awards are significant as they total 136,750 shares granted to new employees, incentivizing long-term commitment to the company.

How do the RSU grants affect Syros Pharmaceuticals' stock performance?

While RSU grants can dilute existing shares, they are designed to align employee interests with company performance and potentially enhance stock value over time.

When do the RSUs awarded by Syros Pharmaceuticals vest?

The RSUs vest one-quarter on April 30, 2023, and an additional quarter each subsequent year, contingent on the employees' continued service.

What is the purpose of the RSU grants at Syros Pharmaceuticals?

The purpose of the RSU grants is to attract and retain talent, enhancing employee motivation and loyalty.

What pipeline products does Syros Pharmaceuticals have?

Syros Pharmaceuticals is advancing treatments like tamibarotene, SY-2101, and SY-5609, targeting various blood cancers and solid tumors.