Synchronoss Technologies, Inc. Reports Inducement Grants to Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Synchronoss Technologies, Inc. (SNCR) announced the issuance of restricted stock and stock option awards to nine new employees. These inducement awards, approved by the Compensation Committee, total 6,375 time-based restricted stock awards and 2,125 time-based stock options. The restricted stock will vest over four years, while the stock options will also vest similarly, contingent on continuous service. This initiative reflects Synchronoss' strategy to attract talent and enhance its capabilities in cloud, messaging, digital, and IoT products.

Positive

• Issuance of 6,375 restricted stock awards enhances employee retention and motivation.
• Awarding 2,125 stock options indicates commitment to incentivizing new hires.

Negative

• None.

BRIDGEWATER, N.J., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), a global leader and innovator in cloud, messaging, digital, and IoT products and platforms, today announced that the Company issued restricted stock and stock option awards to nine newly hired employees. Each of these grants was an inducement award that was approved by the Compensation Committee of Synchronoss’ Board of Directors, and granted as an inducement equity award under the Company's 2017 New Hire Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Synchronoss granted the nine newly hired employees an aggregate of 6,375 time-based restricted stock awards. The shares of restricted stock will vest 25% on the first, second, third and fourth anniversary of the grant date subject to continuous service thereafter. In addition, the employees received an aggregate of 2,125 time-based stock option awards. The Stock Options will vest 25% on the first, second, third, and fourth anniversary of the grant date subject to continuous service thereafter.  

About Synchronoss
Synchronoss transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships and talented people change the way TMT customers grow their business. For more information, visit us at www.synchronoss.com

Media:                                                                 
CCGroup
US: Diane Rose, +1 727-238-7567
synchronoss@ccgrouppr.com

FAQ

What is the recent stock award announcement from Synchronoss Technologies?

Synchronoss announced the issuance of restricted stock and stock options to nine newly hired employees.

How many restricted stock awards were granted by Synchronoss?

A total of 6,375 restricted stock awards were granted.

What is the vesting schedule for the stock options at Synchronoss?

The stock options will vest 25% annually over four years, subject to continuous service.

What is the company ticker for Synchronoss Technologies?

The stock symbol for Synchronoss Technologies is SNCR.