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 stock awards to two new employees under the 2017 New Hire Equity Incentive Plan. The company granted a total of 15,675 restricted stock awards and 15,225 stock options, both vesting over four years. These inducement awards were approved by the Compensation Committee and comply with Nasdaq Listing Rule 5635(c)(4). This strategic move aims to attract talent and align employee interests with shareholder value.

Positive

• Inducement stock awards can attract and retain skilled employees, potentially enhancing company performance.
• Adherence to Nasdaq Listing Rule demonstrates compliance and governance focus.

Negative

• None.

BRIDGEWATER, N.J., April 29, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), (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 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 15,675 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 15,225 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
Domenick Cilea
Springboard
dcilea@springboardpr.com

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

FAQ

What stock awards did Synchronoss Technologies issue on April 29, 2022?

On April 29, 2022, Synchronoss Technologies issued 15,675 restricted stock awards and 15,225 stock option awards to two new employees.

What is the vesting schedule for the stock awards granted by Synchronoss?

The stock awards will vest 25% on each of the first four anniversaries of the grant date, subject to continuous service.

Are the stock awards from Synchronoss compliant with Nasdaq rules?

Yes, the stock awards are compliant with Nasdaq Listing Rule 5635(c)(4) as they are classified as inducement awards.

How might the stock awards impact Synchronoss Technologies' performance?

The stock awards aim to align employee interests with shareholders, potentially enhancing company performance and attracting talent.

What was the purpose of granting stock options and restricted stock at Synchronoss?

The purpose was to incentivize and attract new talent to the company, promoting long-term commitment and performance.