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 inducement stock awards to four new employees, consisting of 4,838 restricted stock awards and 1,612 stock option awards. These grants, approved by the Compensation Committee, fall under the Company's 2017 New Hire Equity Incentive Plan. The restricted stock will vest in 25% increments over four years, contingent on ongoing service. This initiative aims to enhance employee retention and support the company's growth strategy within the cloud and digital products sector.

Positive

• Issuance of stock awards to attract and retain talent.
• Inducement awards align with growth strategy.
• Potential long-term retention benefits for key employees.

Negative

• None.

BRIDGEWATER, N.J., May 27, 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 4,838 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 1,612 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 awards did Synchronoss Technologies grant recently?

Synchronoss Technologies granted 4,838 restricted stock awards and 1,612 stock option awards to four newly hired employees.

What is the vesting schedule for the stock awards given by Synchronoss?

The restricted stock and stock option awards will vest in 25% increments over four years, subject to continuous service.

Why did Synchronoss Technologies issue inducement stock awards?

The inducement stock awards were issued to attract and retain talent as part of the company's growth strategy.

Which plan covers the stock awards issued by Synchronoss?

The stock awards are granted under Synchronoss' 2017 New Hire Equity Incentive Plan.

Who approved the stock awards for Synchronoss Technologies?

The stock awards were approved by the Compensation Committee of Synchronoss' Board of Directors.