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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) announced a grant of 31,000 restricted stock units (RSUs) to a newly hired employee as an inducement for employment. This grant aligns with Nasdaq rule 5635(c)(4) and was awarded on July 29, 2022. The RSUs vest in four increments, with the first quarter vesting on March 31, 2023, and subsequent quarters annually, contingent on continued employment. Syros is focused on developing gene expression control medicines, with a pipeline that includes treatments for acute myeloid leukemia and solid tumors.

Positive

• Grant of 31,000 RSUs shows commitment to attracting talent.
• RSUs vesting over time encourages employee retention.
• Company has a diverse clinical pipeline targeting serious conditions.

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 a restricted stock unit (RSU) award for 31,000 shares of Syros common stock to one newly hired employee in connection with the employee’s commencement of employment with Syros. These RSUs were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs were granted on July 29, 2022, vest 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 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. 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/20220804005150/en/

Media Contact

Courtney Solberg

Syros Pharmaceuticals

917-698-9253

csolberg@syros.com



Investor Contact

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the significance of the RSU grant for Syros Pharmaceuticals on July 29, 2022?

The RSU grant of 31,000 shares is a material inducement for a newly hired employee, aligning with Nasdaq Listing Rule 5635(c)(4) to attract talent.

How does the RSU vesting schedule work for Syros Pharmaceuticals?

The RSUs vest in four increments: 25% on March 31, 2023, and an additional 25% at the end of each successive year, contingent on continued employment.

What are the main focuses of Syros Pharmaceuticals' clinical pipeline?

Syros Pharmaceuticals focuses on treatments for acute myeloid leukemia, higher-risk myelodysplastic syndrome, and solid tumors through its innovative drug candidates.