Synchronoss Technologies, Inc. Reports Inducement Grants to Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Synchronoss Technologies (SNCR) announced on June 29, 2022, the issuance of restricted stock and stock option awards to six new employees as part of its 2017 New Hire Equity Incentive Plan. A total of 5,775 time-based restricted stock awards and 1,925 time-based stock option awards were granted, with vesting occurring over four years, contingent upon continuous service. This initiative aims to enhance employee retention and align their interests with the company’s growth, reflecting a commitment to expanding the workforce in cloud and digital services.

Positive

• Issuance of equity awards to new employees supports retention and aligns interests with company growth.
• Total of 5,775 restricted stock and 1,925 stock options granted indicates strategic investment in talent.

Negative

• None.

BRIDGEWATER, N.J., June 29, 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 six 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 six newly hired employees an aggregate of 5,775 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 1,925 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 1,300 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 recent employee incentives were announced by Synchronoss Technologies (SNCR)?

Synchronoss Technologies announced the issuance of restricted stock and stock option awards to six newly hired employees.

How many restricted stock awards did SNCR grant in June 2022?

In June 2022, Synchronoss granted a total of 5,775 time-based restricted stock awards.

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

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

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

The stock options were granted as part of inducement awards to enhance employee retention and align their interests with the company's performance.