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 options to thirteen newly hired employees as part of its 2017 New Hire Equity Incentive Plan. A total of 9,677 restricted stock awards will vest over four years, along with 3,223 stock option awards, both contingent on continuous service. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to the company, enhancing its capacity to innovate in cloud, messaging, digital, and IoT sectors.

Positive

• Attracts talent through equity incentives.
• Increases employee engagement with stock options.

Negative

• None.

BRIDGEWATER, N.J., July 31, 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 thirteen 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 thirteen newly hired employees an aggregate of 9,677 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 3,223 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

Investors:
Leslie Gahagan
Investor Relations Analyst
908-566-3131
investor@synchronoss.com

FAQ

What did Synchronoss Technologies announce on July 31, 2020?

On July 31, 2020, Synchronoss Technologies (SNCR) announced it issued restricted stock and stock option awards to thirteen new employees.

How many restricted stock and stock options were granted by SNCR?

Synchronoss granted a total of 9,677 restricted stock awards and 3,223 stock option awards.

What is the vesting schedule for the stock options at SNCR?

The stock options will vest 25% on each of the first four anniversaries of the grant date, subject to continuous service.

What plan is the equity award part of for Synchronoss?

The equity awards were granted under the Company's 2017 New Hire Equity Incentive Plan.

Why did Synchronoss issue these stock awards?

The stock awards were issued to attract and retain talent as an inducement for newly hired employees.