Arlo Technologies Announces Inducement Awards Under NYSE Rule 303A.08

Rhea-AI Summary

Arlo Technologies, Inc. (NYSE: ARLO) announced on January 30, 2023, the grant of restricted stock units (RSUs) to five new non-executive employees as part of its 2018 Equity Incentive Plan. The RSUs, totaling 27,014 shares, are designed to entice new talent and will vest annually in four equal installments, contingent on continued employment. This move aligns with NYSE Rule 303A.08, aiming to enhance employee retention and support company growth amidst Arlo's commitment to user privacy and smart home security solutions.

Positive

• Equity grants may improve employee retention and attract talent.
• RSUs vesting schedule can incentivize long-term commitment from new hires.

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• None.

SAN JOSE, Calif., Jan. 30, 2023 /PRNewswire/ -- Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, today announced that it had made equity grants to new employees under its 2018 Equity Incentive Plan (the "Plan") in accordance with NYSE Rule 303A.08.

On January 27, 2023, Arlo's Compensation and Human Capital Committee granted restricted stock units, or RSUs, to five new non-executive employees covering an aggregate of 27,014 shares of the Company's common stock as an inducement for such employees to join the Company.

The RSU's granted to the five employees, covering an aggregate of 27,014 shares, vest annually in four equal annual installments.  In all cases, the RSUs are contingent on each employee's continued service with the Company at the applicable vesting date.

About Arlo Technologies, Inc.

Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo's deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company's cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled security cameras, audio and video doorbells, and floodlight.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users' personal information private and in their control. Arlo doesn't monetize personal data, provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

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SOURCE Arlo Technologies, Inc.

FAQ

What did Arlo Technologies announce on January 30, 2023?

Arlo Technologies announced the grant of restricted stock units to five new non-executive employees as part of its 2018 Equity Incentive Plan.

How many shares were granted as part of the equity grants by Arlo?

A total of 27,014 shares were granted as restricted stock units to the new employees.

What is the vesting schedule for the RSUs granted by Arlo Technologies?

The RSUs vest annually in four equal installments, contingent on employee retention.

What NYSE rule did Arlo follow for its equity grants?

Arlo followed NYSE Rule 303A.08 for the equity grants to employees.