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