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 option awards for seven new employees, approved by the Compensation Committee under the 2017 New Hire Equity Incentive Plan. A total of 5,625 restricted stock awards and 1,875 stock options were granted. The restricted stock will vest over four years, while the stock options follow the same vesting schedule. This strategic move aims to attract talent and enhance employee retention, crucial for Synchronoss’s growth in the cloud and digital products sector.

Positive

• Issuance of 5,625 restricted stock awards and 1,875 stock option awards to new employees.
• Strategic employee incentives may enhance talent acquisition and retention.

Negative

• None.

BRIDGEWATER, N.J., Sept. 24, 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 5,625 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 1,875 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 is the significance of Synchronoss's recent stock awards announcement?

Synchronoss's issuance of stock awards aims to attract and retain new talent, supporting its growth strategy.

How many restricted stock awards were granted by Synchronoss?

Synchronoss granted 5,625 time-based restricted stock awards to seven new employees.

What are the vesting terms for the stock options awarded by Synchronoss?

The stock options will vest 25% annually over four years, subject to continuous service.

Which plan was used for the stock awards by Synchronoss?

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