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 OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August9, 2018, the Company also announced that Lawrence Irving was retiring from his position as the Company’s Executive Vice President, Chief Financial Officer and Treasurer effective immediately.
In connection with his departure, the Board approved a release agreement between the Company and Mr.Irving (the “Release Agreement”). The Release Agreement, among other things, provides that Mr.Irving will be paid his regular wages, including any accrued but unused paid time off, through August15, 2018 (the “Separation Date”). Mr.Irving’s current health coverage will continue until August31, 2018, and he is eligible to continue his health care coverage beyond August31, 2018 through COBRA. In exchange for a broad release in favor of the Company, the Release Agreement provides for the following payments to Mr.Irving: (i)severance in the amount of $1,147,500.00 (less all applicable withholdings and deductions), (ii)an amount equal to $425,000 (less all applicable withholdings and deductions) and 32,700 shares of the Company’s common stock in accordance with the Company’s executive retention policy, and (iii)the gross amount of $19,850.00, which is intended to cover the employer portion of any COBRA payments for a period of twenty-four months following the Separation Date. The Company and Mr.Irving also entered into a standard consulting services agreement to which Mr.Irving will provide transition assistance to the Company’s executive team on an as needed basis through August15, 2019 in return for the continued vesting of his outstanding restricted stock awards and options to purchase shares of the Company’s common stock.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Release Agreement, which will be filed with the Company’s Quarterly Report on 10-Q for the quarter ending September30, 2018 and is incorporated by reference herein.