Synchronoss Technologies, Inc. Reports Inducement Grants to CEO Glenn Lurie Under Nasdaq Listing Rule 5635(c)(4)
November 17 2017 - 4:30PM
Business Wire
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 grant.
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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