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 restricted stock and stock option awards to three new employees as part of its 2017 New Hire Equity Incentive Plan. A total of 3,150 shares of restricted stock and 1,050 stock options were granted, with vesting occurring over four years based on continuous service. These inducement awards were approved by the Compensation Committee and comply with Nasdaq Listing Rule 5635(c)(4), indicating the company's commitment to attracting talent and enhancing employee engagement.

Positive

• Issuance of 3,150 restricted stock awards enhances employee retention.
• Stock options totaling 1,050 promote long-term employee interests.

Negative

• None.

BRIDGEWATER, N.J., Dec. 30, 2021 (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 three 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 three newly hired employees an aggregate of 3,150 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 1,050 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

Diane Rose
CCgroup
diane@ccgrouppr.com

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

FAQ

What stock awards did Synchronoss Technologies grant recently?

Synchronoss Technologies granted 3,150 restricted stock awards and 1,050 stock options to three newly hired employees.

What is the vesting schedule for the restricted stock awarded by Synchronoss?

The restricted stock will vest 25% on each anniversary of the grant date for four years, subject to continuous service.

Under which plan were the stock options granted by Synchronoss?

The stock options were granted under the 2017 New Hire Equity Incentive Plan.

What Nasdaq rule did Synchronoss comply with in issuing inducement awards?

Synchronoss complied with Nasdaq Listing Rule 5635(c)(4) in issuing the inducement awards.