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

Rhea-AI Summary

Arlo Technologies, Inc. (NYSE: ARLO) granted restricted stock units (RSUs) to new non-executive employees under its 2018 Equity Incentive Plan. The RSUs cover an aggregate of 213,874 shares of the Company's common stock and vest annually in four equal annual installments for twenty-three employees, with the remaining grant vesting annually over five years for one employee.

SAN JOSE, Calif., Feb. 2, 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 February 1, 2024, Arlo's Compensation and Human Capital Committee granted restricted stock units, or RSUs, to twenty-four new non-executive employees covering an aggregate of 213,874 shares of the Company's common stock as an inducement for such employees to join the Company.

The RSU's granted to twenty-three of the employees, covering an aggregate of 140,338 shares, vest annually in four equal annual installments.  The remaining RSU grant, covering an aggregate of 73,536 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 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/arlo-technologies-announces-inducement-awards-under-nyse-rule-303a08-302051644.html

SOURCE Arlo Technologies, Inc.

FAQ

What is the ticker symbol for Arlo Technologies, Inc.?

The ticker symbol for Arlo Technologies, Inc. is ARLO.

What type of equity grants did Arlo Technologies, Inc. make to new employees?

Arlo Technologies, Inc. granted restricted stock units (RSUs) to new non-executive employees under its 2018 Equity Incentive Plan.

How many shares of the Company's common stock were covered by the equity grants?

The equity grants covered an aggregate of 213,874 shares of the Company's common stock.

How do the RSUs vest for the employees?

For twenty-three employees, the RSUs vest annually in four equal annual installments. For one employee, the remaining grant vests annually over five years.

What is the contingency for the RSUs to vest?

The RSUs are contingent on each employee's continued service with the Company at the applicable vesting date.