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 totaling 34,800 shares to five newly hired employees as inducement awards under its 2017 New Hire Equity Incentive Plan. The awards include 18,600 restricted stock awards and 16,200 stock option awards, with a vesting schedule of 25% annually over four years, contingent on continuous service. This move highlights Synchronoss's commitment to attracting talent and fostering growth in its cloud, messaging, and digital products sector.

Positive

• Issuance of 34,800 stock awards supports talent acquisition.
• Inducement awards may enhance employee retention and motivation.

Negative

• None.

BRIDGEWATER, N.J., May 27, 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 five 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 five newly hired employees an aggregate of 18,600 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 16,200 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 did Synchronoss Technologies announce on May 27, 2022?

On May 27, 2022, Synchronoss Technologies announced the issuance of 34,800 restricted stock and stock option awards to five newly hired employees.

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

The stock awards will vest 25% annually over four years, subject to continuous service.

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

The stock awards were granted as inducement awards to attract and retain new talent as part of the 2017 New Hire Equity Incentive Plan.

How many employees received stock options and restricted stocks from Synchronoss?

Five newly hired employees received the awards from Synchronoss Technologies.

What is the significance of the stock awards for Synchronoss Technologies?

The stock awards signify Synchronoss's strategy to enhance its workforce and product development capabilities.