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 seven newly hired employees as part of its 2017 New Hire Equity Incentive Plan. A total of 10,875 restricted stock awards and 6,125 stock option awards were granted, with vesting scheduled at 25% over four years, contingent upon continuous service. This initiative, approved by the Compensation Committee, aims to incentivize new talent and supports the company’s growth in cloud, messaging, digital, and IoT markets.

Positive

• Issuance of 10,875 restricted stock awards to attract new talent.
• Grant of 6,125 stock options to incentivize employees.

Negative

• None.

BRIDGEWATER, N.J., Oct. 29, 2020 (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 seven 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 seven newly hired employees an aggregate of 10,875 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 6,125 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:
CCGroup
US: Diane Rose, +1 727-238-7567
International: Alex Sowden, +44 20 3824 9208
synchronoss@ccgrouppr.com

FAQ

What stock awards did Synchronoss issue to new employees?

Synchronoss issued 10,875 restricted stock awards and 6,125 stock option awards.

What is the vesting schedule for the stock awards from Synchronoss?

The stock awards will vest 25% annually over four years, dependent on continuous service.

When was the press release regarding stock awards issued by Synchronoss?

The press release was issued on October 29, 2020.

What is the purpose of the stock awards issued by Synchronoss?

The stock awards aim to incentivize new hires and attract talent to the company.