Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Reference is made to that certain an Agreement and Plan of Merger (the "Merger
Agreement") by and among Tyme Technologies, Inc. (the "Company"), Syros
Pharmaceuticals, Inc. ("Syros") and Tack Acquisition Corp., a wholly owned
subsidiary of Syros ("Merger Sub"), providing for the Merger of the Company with
and into Merger Sub.
Cooperation Agreements
As previously described in the joint proxy statement/prospectus filed by the
Company on August 9, 2022 (the "Joint Proxy/Prospectus"), the Merger Agreement
provides for, among other things, the Company and Syros securing the cooperation
and assistance of certain service providers of the Company or its subsidiary
after closing of the Merger by entering into cooperation agreements in form and
substance satisfactory to the Company and Syros ("Cooperation Agreements").
In furtherance thereof, the Company has entered into Cooperation Agreements with
certain of the Company's service providers, including, on September 2, 2022,
with named executive officers, Messrs. Biehl, Cunningham and Porfido.
Each service provider party to a Cooperation Agreement agreed to provide
assistance to the Company during the 90-day period following closing of the
Merger, regardless of whether such service provider remains an employee of the
Company. In consideration for such assistance and as contemplated by the Merger
Agreement, the Cooperation Agreements (1) extended the exercise period for each
assumed Company option with an exercise price of less than $2.00 per share that
such service provider holds as of immediately following closing of the Merger to
the second anniversary of such service provider's termination date, or, if
earlier, until the earliest of (a) the second anniversary of the effective time,
(b) the original expiration date of such option, and (c) any earlier termination
or cashing out of options at Syros generally applicable to its option holders,
and (2) provided that any severance obligations owed to any such service
provider will be liquidated and paid in a lump sum upon a termination without
cause following the Merger.
Second Amendment to Release Agreement
On September 2, 2022, the Company entered into a Second Amendment (the "Second
Amendment") to the Release Agreement, dated March 25, 2019, as amended (the
"Release Agreement") with Michael Demurjian, the Company's former Chief
Operating Officer. Pursuant to the Second Amendment, the remaining severance
payments owed to Mr. Demurjian under the Release Agreement would be liquidated
and paid in a lump sum after the closing of the Merger. Except as amended by the
Second Amendment, the Release Agreement will continue by its terms. Should the
Merger not close, the Second Amendment will not become effective and such
severance payments would continue pursuant to the terms of the Release
Agreement.
Similar to the liquidation of severance obligations under the Cooperation
Agreements described above, the acceleration of severance payments for
Mr. Demurjian is intended for the administrative convenience of the Company and
Syros after the closing of the Merger, and to facilitate compliance with
Section 409A of the Internal Revenue Code.
The foregoing descriptions of the form of Cooperation Agreement and Second
Amendment to Release Agreement do not purport to be complete and are qualified
in their entirety by reference to the form Cooperation Agreement and Second
Amendment to Release Agreement attached hereto as Exhibit 10.1 and Exhibit 10.2,
respectively and incorporated herein by reference.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 Form of Cooperation Agreement, dated as of September 2, 2022, by and
between Tyme Technologies, Inc. and each of its current executive
officers.
10.2 Second Amendment to Release Agreement, dated as of September 2,
2022, by and between Tyme Technologies, Inc. and Michael Demurjian.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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