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 two new employees, totaling 938 restricted stock awards and 312 stock option awards. These awards are part of the 2017 New Hire Equity Incentive Plan and were approved by the Compensation Committee. The restricted stock will vest over four years, with 25% vesting on each anniversary of the grant date, provided the employees continue their service. This initiative reflects Synchronoss's commitment to employee retention and incentive through equity compensation.

Positive

• Issuance of 938 restricted stock awards and 312 stock options boosts employee retention.
• Equity awards align employee interests with company performance.

Negative

• None.

BRIDGEWATER, N.J., Nov. 24, 2021 (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 two 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 two newly hired employees an aggregate of 938 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 312 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. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com

Media

Diane Rose
CCgroup
diane@ccgrouppr.com

Investors
Todd Kehrli/Joo-Hun Kim
MKR Investor Relations, Inc.
investor@synchronoss.com

FAQ

What stock awards did Synchronoss Technologies issue on November 24, 2021?

Synchronoss Technologies issued a total of 938 restricted stock awards and 312 stock option awards to two newly hired employees.

What is the vesting schedule for the restricted stock awarded by Synchronoss?

The restricted stock will vest 25% on each anniversary of the grant date over four years.

Why did Synchronoss Technologies grant stock options to new employees?

The stock options were granted as part of an inducement award under the Company's 2017 New Hire Equity Incentive Plan to encourage employee retention.

What is the significance of the stock awards granted by Synchronoss Technologies?

The stock awards are intended to align the interests of the employees with those of the shareholders, promoting long-term commitment.