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 as inducement awards. A total of 2,100 restricted stock awards were granted, vesting 25% annually over four years, subject to continuous service. Additionally, 700 stock options were issued, with the same vesting schedule. These awards follow the Company’s 2017 New Hire Equity Incentive Plan and comply with Nasdaq Listing Rule 5635(c)(4). The company's focus is on empowering global connections through cloud and digital products.

Positive

• Issuance of 2,100 restricted stock awards bolsters employee retention and morale.
• Approval of stock options may attract quality talent essential for growth.

Negative

• None.

BRIDGEWATER, N.J., Aug. 31, 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 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 2,100 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 700 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 were granted by Synchronoss Technologies on August 31, 2022?

On August 31, 2022, Synchronoss Technologies granted 2,100 restricted stock awards and 700 stock option awards to three new employees.

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

The stock options granted by SNCR will vest 25% on each anniversary of the grant date over four years, contingent upon continuous service.

Under which plan were the stock awards issued to new employees of Synchronoss?

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

Does the grant of stock options by SNCR relate to Nasdaq rules?

Yes, the stock options grant complies with Nasdaq Listing Rule 5635(c)(4).