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 seven new employees. The Compensation Committee approved these inducement awards under the 2017 New Hire Equity Incentive Plan in compliance with Nasdaq Listing Rule 5635(c)(4). In total, 6,375 time-based restricted stock awards and 2,125 stock option awards were granted. Both awards will vest 25% annually over four years, contingent on continued service. This move aims to incentivize and retain new talent within the company.

Positive

• Inducement awards granted to attract and retain new talent.
• Compliance with Nasdaq Listing Rule enhances corporate governance.

Negative

• None.

BRIDGEWATER, N.J., Oct. 28, 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 seven 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 seven newly hired employees an aggregate of 6,375 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 2,125 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 options were issued by Synchronoss Technologies on October 28, 2021?

On October 28, 2021, Synchronoss Technologies issued 2,125 time-based stock option awards as part of induction for seven new employees.

How many restricted stock awards did Synchronoss grant to new employees?

Synchronoss granted a total of 6,375 time-based restricted stock awards to seven newly hired employees.

What is the vesting schedule for the restricted stock awards from Synchronoss?

The restricted stock awards from Synchronoss will vest 25% on the first, second, third, and fourth anniversaries of the grant date.

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

The stock awards are designed to incentivize and retain newly hired employees.