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 four newly hired employees as inducement equity awards, compliant with Nasdaq Listing Rule 5635(c)(4).

A total of 4,125 time-based restricted stock awards and 1,375 time-based stock option awards were granted. Each grant will vest 25% annually over four years, subject to continuous service. This initiative highlights Synchronoss' commitment to attracting talent and fostering growth.

Positive

• Issuance of 4,125 restricted stock awards and 1,375 stock options to attract new talent.
• Awards vesting over four years indicate a long-term investment in employees.

Negative

• None.

BRIDGEWATER, N.J., June 25, 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 four 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 four newly hired employees an aggregate of 4,125 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 1,375 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 is the recent stock award announcement by Synchronoss (SNCR)?

Synchronoss granted restricted stock and stock option awards to four new employees, totaling 4,125 and 1,375 awards, respectively, vesting over four years.

How many shares of restricted stock did Synchronoss award?

Synchronoss awarded a total of 4,125 shares of restricted stock.

What is the vesting schedule for the new stock options at Synchronoss?

The stock options will vest 25% annually over four years.

What is the significance of the stock awards issued by Synchronoss?

The stock awards aim to attract and retain talent, aligning employee interests with company performance.