Synchronoss Technologies, Inc. Reports Inducement Grants to Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Synchronoss Technologies, Inc. (SNCR) has announced the issuance of restricted stock and stock option awards to two newly hired employees. These inducement awards, which comply with Nasdaq Listing Rule 5635(c)(4), include a total of 2,175 time-based restricted stock awards and 725 time-based stock options. The restricted stock will vest in four equal parts over four years, contingent on continuous service. This move reflects Synchronoss's commitment to attracting talent and enhancing its workforce while adhering to regulatory requirements.

Positive

• Inducement awards issued to attract new talent.
• Compliance with Nasdaq Listing Rule 5635(c)(4) indicates adherence to regulatory standards.

Negative

• None.

BRIDGEWATER, N.J., Jan. 27, 2022 (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 two 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 two newly hired employees an aggregate of 2,175 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 725 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
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investors
Matt Glover/Tom Colton
Gateway Group, Inc.
SNCR@gatewayir.com

FAQ

What restricted stock awards were granted by Synchronoss Technologies?

Synchronoss Technologies granted an aggregate of 2,175 time-based restricted stock awards to two new employees.

What stock options were issued by SNCR in January 2022?

SNCR issued 725 time-based stock option awards, vesting over four years.

When will the restricted stock awards for SNCR's new employees vest?

The restricted stock awards will vest 25% on each of the first four anniversaries of the grant date.

Why did Synchronoss Technologies issue inducement awards?

The inducement awards were issued to attract and retain new talent for the company.