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

Rhea-AI Summary

Arlo Technologies, Inc. (NYSE: ARLO) announced equity grants to thirteen new employees on April 24, 2023, under its 2018 Equity Incentive Plan, following NYSE Rule 303A.08. The grants involve restricted stock units (RSUs) covering 262,629 shares. Twelve employees received RSUs for 190,201 shares, vesting annually in four equal installments, while one employee received RSUs for 72,428 shares, vested over five years with a staggered schedule. The RSUs are contingent on continued employment. Arlo positions itself as a leader in smart home security, emphasizing user privacy and data protection. Its cloud-based platform supports a range of award-winning devices, enhancing user experience in connected lifestyles.

Positive

• Equity grants may attract and retain talent, fostering company growth.
• RSUs linked to employee performance can enhance company productivity and commitment.

Negative

• None.

SAN JOSE, Calif., April 25, 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 April 24, 2023, Arlo's Compensation and Human Capital Committee granted restricted stock units, or RSUs, to thirteen new non-executive employees covering an aggregate of 262,629 shares of the Company's common stock as an inducement for such employees to join the Company.

The RSU's granted to twelve of the employees, covering an aggregate of 190,201 shares, vest annually in four equal annual installments. The remaining RSU, covering an aggregate of 72,428 shares, vests annually over five years, with 15% of the shares vesting on the first anniversary of the vesting date, 25% of the shares vesting on the second, third and fourth anniversaries of the vesting date and the remaining 10% of the shares vesting on the fifth anniversary of the vesting date. 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 recent equity grants did Arlo Technologies (ARLO) announce?

Arlo Technologies announced equity grants for thirteen new employees, covering 262,629 restricted stock units on April 24, 2023.

What is the vesting schedule for the restricted stock units (RSUs) granted by ARLO?

The RSUs granted to twelve employees vest annually in four equal installments, while one employee's RSUs vest over five years with a staggered schedule.

Why did Arlo grant equity to new employees?

The equity grants serve as an inducement for new employees to join the company and are in accordance with NYSE rules.

How does Arlo Technologies (ARLO) prioritize user privacy?

Arlo is committed to protecting user privacy and does not monetize personal data, providing enhanced controls and supporting privacy legislation.