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 five newly hired employees as part of their 2017 New Hire Equity Incentive Plan. The grants, approved by the Board's Compensation Committee, total 3,975 time-based restricted stock awards and 1,325 time-based stock option awards. Both awards will vest annually over four years, contingent upon continuous service. This initiative aims to enhance employee retention and align interests with shareholders.

Positive

• Issuance of 3,975 restricted stock awards and 1,325 stock option awards to new hires enhances employee retention.
• Awards are structured to vest over four years, aligning employee interests with those of shareholders.

Negative

• None.

BRIDGEWATER, N.J., Jan. 04, 2021 (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 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 3,975 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 1,325 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

Diane Rose
CCgroup
diane@ccgrouppr.com

Investors
Todd Kehrli/Joo-Hun Kim
MKR Investor Relations, Inc.
investor@synchronoss.com

FAQ

What equity awards did Synchronoss Technologies grant in January 2021?

Synchronoss Technologies granted 3,975 restricted stock awards and 1,325 stock option awards to five newly hired employees.

What is the vesting schedule for the restricted stock awards issued by SNCR?

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

How do the stock option awards at Synchronoss Technologies vest?

The stock option awards also vest 25% on each of the first four anniversaries of the grant date, contingent on continuous service.

What is the purpose of the inducement awards granted by SNCR?

The inducement awards are aimed at enhancing employee retention and aligning interests with shareholders.

When were the restricted stock and stock option awards announced by Synchronoss?

The awards were announced on January 4, 2021.