BRIDGEWATER, N.J.--(BUSINESS WIRE)--Feb. 6, 2018--
Synchronoss Technologies, Inc.(NASDAQ:SNCR) (the “Company” or
“Synchronoss”), a global leader and innovator in cloud, messaging and
digital products, today announced that on February 1, 2018, the Company
granted stock options, performance restricted stock and restricted stock
in connection with the appointment of Mary Clark as Chief Marketing
Officer and Executive Vice President Product. In addition, the Company
also issued restricted stock awards to seven other newly hired
employees. Each of these grants 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 Ms. Clark an initial award of 30,000 time-based
restricted stock awards (“RSAs”), time-based stock options to purchase
80,000 shares of the Company’s common stock (the “Initial Options”) and
30,000 performance shares (the “Performance Shares”). The performance
goals for the Performance Shares shall be determined by the Board of
Directors of Synchronoss or its Compensation Committee. The RSAs will
vest 25% when Ms. Clark completes 12 months of continuous service and
1/16th when she completes each additional 3 months of
continuous service thereafter. The Initial Options will have an exercise
price of $8.05 per share, the closing price of the Company’s common
stock on The Nasdaq Global Select Market on February 1, 2018, and shall
vest with respect to 25% 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, provided that Ms. Clark has continuous service
thereafter, with a 7 year option term.
On February 1, 2018, Synchronoss granted the seven other newly hired
employees an aggregate of 168,500 time-based restricted stock awards.
The RSAs will vest 25% when the employee completes 12 months of
continuous service and 1/16th when the employee completes
each additional 3 months of 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
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Source: Synchronoss Technologies, Inc.
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