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 six newly hired employees. A total of 6,600 restricted stock awards and 2,200 stock options were granted, all structured as inducement awards under the 2017 New Hire Equity Incentive Plan. The awards will vest 25% annually over four years, contingent on continued service. This move is part of Synchronoss' strategy to attract talent and enhance its growth in cloud, messaging, and digital products.

Positive

• Issuance of 6,600 restricted stock awards and 2,200 stock options to attract new talent.
• Awards structured to vest over four years, promoting employee retention.

Negative

• None.

BRIDGEWATER, N.J., March 25, 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 six 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 six newly hired employees an aggregate of 6,600 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 2,200 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 stock awards did Synchronoss Technologies issue on March 25, 2021?

Synchronoss Technologies issued 6,600 restricted stock awards and 2,200 stock option awards to six newly hired employees.

What is the purpose of the stock awards issued by Synchronoss?

The stock awards are inducement awards aimed at attracting new talent under the company's 2017 New Hire Equity Incentive Plan.

How will the stock awards granted by Synchronoss vest?

The restricted stock and stock options will vest 25% annually over four years, contingent on continuous service.

Which rule does Synchronoss follow for granting stock awards?

The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).

What is the significance of the stock awards for Synchronoss?

These stock awards reflect Synchronoss' strategy to enhance its workforce and support growth in its cloud and digital product sectors.