Arlo Technologies Announces Inducement Awards Under NYSE Rule 303A.08
Arlo Technologies, Inc. (NYSE: ARLO) announced the granting of equity awards to its new CFO, Kurt Binder, on September 30, 2022, in accordance with NYSE Rule 303A.08. The awards include 1,500,000 shares, divided into 750,000 restricted stock units (RSUs) and 750,000 performance-vesting RSUs (PSUs). The RSUs vest annually over five years, while PSUs vest based on achieving subscriber milestones. This move aims to incentivize Binder as part of his induction into the company.
- Granting of 1,500,000 shares to CFO Kurt Binder may enhance executive retention.
- PSUs linked to 3-5 million cumulative paid subscribers could drive growth.
- None.
CARLSBAD, Calif., Oct. 3, 2022 /PRNewswire/ -- Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, today announced that it has granted equity awards to Kurt Binder, Arlo's new Chief Financial Officer under its 2018 Equity Incentive Plan in accordance with NYSE Rule 303A.08.
On September 30, 2022, Arlo's Compensation Committee granted restricted stock units ("RSUs") and performance-vesting RSUs ("PSUs") to Mr. Binder covering an aggregate of 1,500,000 shares of the Company's common stock as an inducement material for Mr. Binder to join the Company.
The RSUs granted to Mr. Binder, covering an aggregate of 750,000 shares, vest annually in five equal annual installments. The PSUs granted to Mr. Binder, covering an aggregate of 750,000 shares, are eligible to vest in three equal installments based on the extent to which Arlo achieves 3, 4 and/or 5 million cumulative paid subscribers. Upon achievement of the requisite number of cumulative paid subscribers, the corresponding PSUs will be fully vested. In all cases, the RSUs and PSUs are contingent on Mr. Binder's continued service with the Company at the applicable vesting date.
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.
Media Relations:
press@arlo.com
949-438-1109
Investors:
Arlo Investor Relations
Erik Bylin
investors@arlo.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/arlo-technologies-announces-inducement-awards-under-nyse-rule-303a08-301639400.html
SOURCE Arlo Technologies, Inc.
FAQ
What equity awards did Arlo grant to CFO Kurt Binder?
When were the equity awards granted to Kurt Binder?
How do the performance-vesting RSUs work for Arlo's CFO?
What is the total number of shares granted to Arlo's new CFO?
Under which NYSE rule were the equity awards granted?
