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 option awards to seven newly hired employees as part of its 2017 New Hire Equity Incentive Plan. The total grants include 5,925 time-based restricted stock awards and 1,975 stock option awards, both vesting 25% annually over four years contingent upon continuous service. The Compensation Committee approved these inducement awards in compliance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement awards to attract and retain talent.
• Total of 5,925 restricted stock awards granted.
• Total of 1,975 stock option awards granted.

Negative

• None.

BRIDGEWATER, N.J., April 29, 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 5,925 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 1,975 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 and digital 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

Media
Diane Rose
CCgroup
diane@ccgrouppr.com

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

FAQ

What is the purpose of the restricted stock awards issued by SNCR?

The restricted stock awards were issued as inducement awards to attract and retain newly hired employees.

How many restricted stock awards has Synchronoss granted in April 2021?

Synchronoss granted a total of 5,925 restricted stock awards to seven new employees.

What are the vesting conditions for the stock option awards at Synchronoss?

The stock option awards will vest 25% on the first, second, third, and fourth anniversary of the grant date, subject to continuous service.

Which Nasdaq Listing Rule applies to the stock awards issued by SNCR?

The stock awards were issued in accordance with Nasdaq Listing Rule 5635(c)(4).

How many stock option awards were granted to new employees by Synchronoss?

A total of 1,975 time-based stock option awards were granted to the new employees.