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

Rhea-AI Summary

Synchronoss Technologies (SNCR) recently announced the issuance of inducement stock awards to seven new employees. A total of 8,813 time-based restricted stock awards and 2,937 stock options were granted. Each award will vest over four years, contingent on continuous service. This initiative is part of the company's strategy to attract talent and aligns with Nasdaq Listing Rule 5635(c)(4), demonstrating a commitment to its workforce.

Positive

• Issuance of 8,813 restricted stock awards and 2,937 stock options to new employees enhances talent acquisition.
• Inducement awards reflect a strategic investment in human capital, supporting company growth.

Negative

• None.

BRIDGEWATER, N.J., Aug. 28, 2020 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), a global leader and innovator in cloud, messaging, digital, and IoT 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 8,813 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 2,937 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, digital and IoT 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:
CCGroup
US: Diane Rose, +1 727-238-7567
International: Alex Sowden, +44 20 3824 9208
synchronoss@ccgrouppr.com