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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ:SYRS) granted 8,400 shares of restricted stock units to a new employee as an inducement for employment. The RSU award vests over several years, subject to 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 8,400 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 March 29, 2024, and vests as to one-quarter of the shares on March 31, 2025, 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. These awards are subject to the terms and conditions of a restricted stock unit agreement covering the awards 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 developing tamibarotene, an oral selective RARα agonist in frontline patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression. 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/20240402068298/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

How many shares of Syros common stock were granted as a restricted stock unit award?

Syros Pharmaceuticals granted 8,400 shares of common stock as a restricted stock unit award.

What is the vesting schedule for the RSU award?

The RSU award vests as to one-quarter of the shares on March 31, 2025, and an additional one-quarter at the end of each successive year thereafter, subject to the employee's continued service with Syros.

Under what Nasdaq Listing Rule was the RSU award granted?

The RSU award was granted in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to employment.