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 three new employees. These inducement awards, totaling 5,925 restricted stock units and 1,975 stock options, were approved by the Compensation Committee under the 2017 New Hire Equity Incentive Plan. The restricted stock will vest over four years, while the stock options will also follow a similar vesting schedule, contingent on continuous service. This initiative reflects Synchronoss' commitment to attracting talent in the cloud, messaging, and IoT sectors.

Positive

• Issued 5,925 restricted stock awards to new hires, promoting employee retention.
• Granted 1,975 stock options, aligning employee interests with shareholder value.

Negative

• None.

BRIDGEWATER, N.J., Feb. 22, 2021 (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 three 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 three newly hired employees an aggregate of 5,925 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 1,975 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
Diane Rose
CCgroup
diane@ccgrouppr.com

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

FAQ

What is the recent stock award announcement by Synchronoss Technologies (SNCR)?

Synchronoss Technologies announced the issuance of 5,925 restricted stock and 1,975 stock option awards to three newly hired employees.

How do the restricted stock awards vest at Synchronoss Technologies (SNCR)?

The restricted stock awards vest 25% on the first, second, third, and fourth anniversaries of the grant date.

What is the purpose of the stock options granted by Synchronoss Technologies (SNCR)?

The stock options are granted as inducement awards to attract and retain talented employees.

Under which plan were the new stock awards issued by Synchronoss Technologies (SNCR)?

The stock awards were approved under the 2017 New Hire Equity Incentive Plan.