Synchronoss Technologies, Inc. Reports Inducement Grants to CMO Mary Clark & Several Other Employees Under Nasdaq Listing Rul...
February 06 2018 - 8:30AM
Business Wire
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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Red Lorry Yellow LorryUS:Kerry Quintiliani,
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