SYNCHRONOSS TECHNOLOGIES, INC. (NASDAQ:SNCR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SYNCHRONOSS TECHNOLOGIES, INC. (NASDAQ:SNCR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On March 24, 2017, the Compensation Committee of the Board of
Directors (the Compensation Committee) of Synchronoss Technologies,
Inc. (the Company) approved certain changes to the salaries and
target bonuses of the Companys executive officers and approved the
2017 long-term incentive compensation for these executive officers.
Prior to approving the foregoing, the Compensation Committee
reviewed an analysis of the Companys executive compensation
compared to the Companys peer group conducted by Deloitte LLP, a
compensation consultant engaged by the Compensation Committee.
The Compensation Committee approved the following executive
compensation for 2017:
Individual
Title
2016 Salary
2017 Salary
2016 Target Bonus
2017 Target Bonus
2017 Stock Options
2017 Time Based Restricted Shares
2017 Performance Shares
Ronald Hovsepian
Chief Executive Officer
$
513,500
$
609,000
%
%
156,515
54,780
54,780
Stephen Waldis
Executive Chairman
$
608,900
$
500,000
%
%
123,545
43,240
43,240
Robert Garcia
President Chief Operating Officer
$
450,200
$
475,000
%
%
91,787
32,125
32,125
John Frederick
Chief Financial Officer
$
$
425,000
%
%
36,623
36,623
1.
The option shall become exercisable with respect to the first
25 percent of the shares subject to the option when the
individual completes 12 months of continuous service after
February 24, 2017. The option shall become exercisable with
respect to an additional 1/48th of the shares subject to the
option when the individual completes each month of continuous
service thereafter.
2.
>Shares of restricted stock granted to the Company’s 2015
Equity Incentive Plan. One-third of the shares shall vest on
each anniversary of the grant date.
3.
>Represents target number of performance shares. The
actual number of shares to be issued, which could range from
0 to two times the initial target amount, will depend upon
the issuer’s non-GAAP revenue, EBITDA and recurring revenue
during 2017. The shares, if any, will be issued in or about
February 2018.
4.
>Mr. Waldiss base salary and target bonus were reduced
from his 2016 base salary and target bonus due to his
resignation as Chief Executive Officer and new role as
Executive Chairman. In his new role as Executive Chairman, he
will provide consultative support to the Chief Executive
Officer, as requested, on sales strategy and business
development opportunities.
5.
>As part of his agreement upon joining the Company, Mr.
Fredericks long term incentive compensation was split 50% in
time based restricted shares and 50% performance-based
restricted shares.


About SYNCHRONOSS TECHNOLOGIES, INC. (NASDAQ:SNCR)

Synchronoss Technologies, Inc. (Synchronoss) offers cloud solutions and software-based activation for mobile carriers, enterprises, retailers and original equipment manufacturers (OEMs). The Company operates in providing cloud solutions and software-based activation for connected devices segment. Its software provides consumer and enterprise solutions for transactions on a range of connected devices across the world’s networks. The Company’s solutions include activation and provisioning software for devices and services, cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, identity/access management and secure mobility management that enable communications service providers (CSPs), cable operators/multi-services operators (MSOs) and OEMs with embedded connectivity, multi-channel retailers, medium and large enterprises and their consumers, as well as other customers for secure and broadband networks, and connected devices.

SYNCHRONOSS TECHNOLOGIES, INC. (NASDAQ:SNCR) Recent Trading Information

SYNCHRONOSS TECHNOLOGIES, INC. (NASDAQ:SNCR) closed its last trading session down -0.85 at 23.55 with 541,871 shares trading hands.

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