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 options to seven new employees as part of its 2017 New Hire Equity Incentive Plan. The inducement awards were approved by the Compensation Committee and consist of 7,275 restricted stock awards and 2,425 stock option awards. Vesting for both types of awards will occur annually over four years, contingent upon continuous service. This move aims to attract and retain talent to enhance operational capabilities.

Positive

• Issuance of 7,275 restricted stock awards to new talent supports employee retention.
• Stock options granted may attract skilled employees and align their interests with shareholder performance.

Negative

• None.

BRIDGEWATER, N.J., Sept. 30, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), a global leader and innovator in cloud, messaging and digital products and platforms, today announced that the Company issued restricted stock and stock option awards to seven 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 seven newly hired employees an aggregate of 7,275 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 2,425 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 Technologies (Nasdaq: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.

Media
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investors
Matt Glover/Tom Colton
Gateway Group, Inc.
SNCR@gatewayir.com

FAQ

What stock awards did Synchronoss Technologies, Inc. issue on September 30, 2022?

On September 30, 2022, Synchronoss Technologies, Inc. issued 7,275 restricted stock awards and 2,425 stock option awards to seven new employees.

What is the vesting schedule for the stock options granted by SNCR?

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

What plan governs the stock awards issued by SNCR?

The stock awards were issued under Synchronoss Technologies' 2017 New Hire Equity Incentive Plan.

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

The stock awards aim to attract and retain talent as part of Synchronoss' strategy to enhance its operational capabilities.