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

Rhea-AI Summary

Synchronoss Technologies (Nasdaq: SNCR) announced the issuance of restricted stock and stock option awards to nine newly hired employees. The Compensation Committee approved these inducement awards under the Company's 2017 New Hire Equity Incentive Plan, in line with Nasdaq Listing Rule 5635(c)(4). A total of 7,800 time-based restricted stock awards and 2,600 time-based stock option awards were granted, with a vesting schedule of 25% each year over four years, contingent on continuous service.

Positive

• Inducement awards reflect company growth and employee investment.
• The 2017 New Hire Equity Incentive Plan supports recruitment of talent.

Negative

• None.

BRIDGEWATER, N.J., July 28, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR) 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 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 7,800 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 2,600 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 1,300 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. 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 employee awards did Synchronoss Technologies announce on July 28, 2022?

Synchronoss announced restricted stock and stock option awards to nine newly hired employees.

How many restricted stock awards were granted by Synchronoss on July 28, 2022?

A total of 7,800 time-based restricted stock awards were granted.

What was the vesting schedule for the stock options issued by Synchronoss?

The stock options will vest 25% on the first, second, third, and fourth anniversary of the grant date, subject to continuous service.

Under which plan were the inducement awards granted by Synchronoss?

The awards were granted under the Company's 2017 New Hire Equity Incentive Plan.

What is the significance of Nasdaq Listing Rule 5635(c)(4) in Synchronoss' award announcement?

This rule allows companies to grant inducement equity awards to attract new employees.