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

Rhea-AI Summary

Synchronoss Technologies (SNCR) announced the issuance of restricted stock and stock option awards to nine newly hired employees as part of its 2017 New Hire Equity Incentive Plan. The total awards include 6,375 time-based restricted stock grants and 2,125 time-based stock options. Both types of awards will vest 25% on each of the first four anniversaries from the grant date, contingent on continuous service. This move reflects Synchronoss' commitment to attracting talent and fostering employee retention.

Positive

• Issuance of 6,375 restricted stock awards indicates investment in workforce.
• 2,125 stock options granted may enhance employee retention and motivation.

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 (SNCR)?

Synchronoss announced the grant of restricted stock and stock options to nine new employees, totaling 6,375 restricted shares and 2,125 stock options.

When will the restricted stock awards from SNCR vest?

The restricted stock awards will vest 25% on each of the first four anniversaries of the grant date, contingent on continuous service.

How many employees received stock options from Synchronoss (SNCR) in September 2020?

Nine newly hired employees received stock options as part of Synchronoss' announcement in September 2020.

What is the purpose of the stock awards issued by SNCR?

The stock awards are intended as inducement awards to attract new talent under the company's 2017 New Hire Equity Incentive Plan.