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 options as inducement awards to a newly hired employee. The grant includes 675 restricted stock awards and 225 stock option awards, with a vesting schedule of 25% per year for four years, contingent on continuous service. These awards were authorized by the Compensation Committee under the 2017 New Hire Equity Incentive Plan, complying with Nasdaq Listing Rule 5635(c)(4). This step indicates the company's commitment to attracting talent and enhancing its operational capacity.

Positive

• Issuance of 675 restricted stock awards indicates commitment to employee retention and attraction.
• The grants were made under the 2017 New Hire Equity Incentive Plan, suggesting strategic growth initiatives.

Negative

• None.

BRIDGEWATER, N.J., July 02, 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 one newly hired employee. 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 one newly hired employee an aggregate of 675 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 225 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.

Contacts
Investors
Joseph Crivelli
Synchronoss
908-566-3131
investor@synchronoss.com

FAQ

What recent stock awards did Synchronoss Technologies issue?

Synchronoss Technologies issued 675 restricted stock awards and 225 stock option awards to a newly hired employee.

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

The stock options vest 25% on each anniversary for four years, subject to continuous service.

How does the stock award relate to Nasdaq listing rules?

The awards comply with Nasdaq Listing Rule 5635(c)(4), being inducement grants approved by the Compensation Committee.