BRIDGEWATER, N.J.--(BUSINESS WIRE)--Nov. 17, 2017--
Synchronoss Technologies, Inc. (NASDAQ:SNCR) (the "Company" or
“Synchronoss”), a global leader and innovator of cloud, messaging and
digital transformation products, today announced that in connection with
the appointment of Glenn Lurie as Chief Executive Officer, the Company
entered into an employment agreement with Mr. Lurie which provided for
the grant of restricted stock awards, stock options and performance
stock awards. These inducement awards were approved by the Compensation
Committee of Synchronoss’ Board of Directors and granted as an
inducement equity award outside the Company's 2015 Equity Incentive Plan
in accordance with Nasdaq Listing Rule 5635(c)(4).
Synchronoss granted Mr. Lurie an initial award of 180,528 time-based
restricted stock awards (“RSAs”), time-based stock options to purchase
507,101 shares of the Company’s common stock (the “Initial Options”) and
180,528 performance shares (the “Performance Shares”), effective on his
first day of employment. The RSAs will vest in equal annual installments
on each anniversary of the grant date over a period of three years. The
Initial Options will have an exercise price of $10.04 per share, the
closing price of the Company’s common stock on The Nasdaq Global Select
Market on November 13, 2017, and shall vest with respect to 1/4 of the
shares of common stock underlying the Initial Options on the one year
anniversary of the date of grant and with respect to the remaining
shares in equal monthly installments over the following 36 months.
One-half of the Performance Shares shall vest upon the approval of the
Board of Directors of Synchronoss or its Compensation Committee based
upon whether the Company has met the required performance goals for the
2018 performance period (i.e., March 2019) and the remaining one-half of
the Performance Shares shall vest upon the approval of the Board of
Directors of Synchronoss or its Compensation Committee based upon
whether the Company has met the required performance goals for the 2019
performance period (i.e., March 2020). The 2018 and 2019 performance
goals shall be determined by the Board of Directors of Synchronoss or
its Compensation Committee at the time the Company’s business plan for
such period is determined.
In addition, Mr. Lurie was granted options to purchase 1,000,000 shares
of the Company’s common stock (the “Challenge Grant”), at an exercise
price of $10.04 per share, the closing price of the Company’s common
stock on The Nasdaq Global Select Market on November 13, 2017. The
Challenge Grant shall vest in full on the third anniversary of the date
of grant and shall expire on the seventh anniversary of the date of
Additional information regarding the awards and the terms of Mr. Lurie's
other compensation will be described in a Current Report on Form 8-K to
be filed by Synchronoss with the Securities and Exchange Commission.
About Synchronoss Technologies, Inc.
Synchronoss (Nasdaq: SNCR) transforms the way companies create new
revenue, reduce costs and delight their subscribers with cloud,
messaging and digital transformation products. Synchronoss today
supports hundreds of millions of subscribers across the globe.
Synchronoss’ secure, scalable and groundbreaking new technologies,
trusted partnerships and incredible talent change the way
telecommunications, media and technology companies customers drive and
grow their business. For more information, visit www.synchronoss.com.
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Source: Synchronoss Technologies, Inc.
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Synchronoss Technologies, Inc.
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