Arlo Technologies Announces Inducement Awards Under NYSE Rule 303A.08
SAN JOSE, Calif., May 1, 2024 /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 30, 2024, Arlo's Compensation and Human Capital Committee granted restricted stock units ("RSUs") and performance-vesting RSUs ("PSUs"), to sixteen new non-executive employees covering an aggregate of 591,439 shares of the Company's common stock as an inducement for such employees to join the Company.
The RSUs granted to thirteen of the employees, covering an aggregate of 53,498 shares, vest annually in four equal annual installments. The remaining RSU grants, covering an aggregate of 312,941 shares, vest 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.
The PSUs, covering an aggregate of 225,000 shares, are eligible to vest in three equal installments based on the extent to which Arlo achieves 1, 2 and or 3 million incremental cumulative paid subscribers from the end of 2023. Upon achievement of the requisite number of incremental cumulative paid subscribers, the corresponding PSUs will be fully vested.
In all cases, the RSUs and PSUs are contingent on each employee's continued service with the Company at the applicable vesting date.
About Arlo Technologies, Inc.
Arlo is an award-winning, industry leader that is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security solutions. Arlo's deep expertise in AI- and CV-powered analytics, cloud services, user experience and product design, and innovative wireless and RF connectivity enables the delivery of a seamless, smart security experience for Arlo users that is easy to set up and interact with every day. Arlo'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 connected devices, software, and services. These include wire-free, smart Wi-Fi and LTE-enabled security cameras, video doorbells, floodlights, security system, and Arlo's subscription services: Arlo Secure and Arlo Safe.
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 implementing industry standards for data protection designed to keep users' personal information private and in their control. Arlo does not 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.