iRobot Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

iRobot (NASDAQ: IRBT) has announced an inducement grant of equity awards to its newly appointed Senior Vice President and General Counsel, Kevin Lanouette. The award, effective March 21, 2025, consists of 120,000 time-based restricted stock units (RSUs) that will vest over a three-year period, contingent on Lanouette's continuous employment.

The inducement award was granted outside iRobot's standard equity incentive plan and was approved by the company's Board of Directors in compliance with Nasdaq Listing Rule 5635(c)(4). The grant serves as a material inducement to Lanouette's employment, which commenced on January 17, 2025.

Positive

• Successful recruitment of new Senior VP and General Counsel with competitive compensation package
• Structured vesting schedule promotes long-term executive retention

Negative

• Potential dilution of existing shareholders through issuance of 120,000 new RSUs

BEDFORD, Mass., March 21, 2025 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that it granted an equity award as a material inducement to the employment of the company's newly-hired Senior Vice President and General Counsel, Kevin Lanouette.

Notice of Issuance of Inducement Grant
In connection with the appointment of Mr. Lanouette as Senior Vice President and General Counsel effective January 17, 2025, iRobot granted Mr. Lanouette an employment inducement award consisting of 120,000 time-based restricted stock units ("RSUs") with an effective grant date of March 21, 2025. The RSUs will vest over a three-year period, subject to Mr. Lanouette's continuous employment on each vesting date.

The inducement award to Mr. Lanouette was granted as a material inducement to his employment and was approved by iRobot's Board of Directors in accordance with Rule 5635(c)(4) of The NASDAQ Stock Market LLC. The award was granted outside iRobot's equity incentive plan.

About iRobot Corp.
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold more than 50 million robots worldwide. iRobot's product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com.

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SOURCE iRobot Corporation

FAQ

How many RSUs were granted to iRobot's new General Counsel in March 2025?

iRobot granted 120,000 time-based restricted stock units (RSUs) to Kevin Lanouette as an inducement award.

What is the vesting schedule for IRBT's inducement grant to Kevin Lanouette?

The RSUs will vest over a three-year period, subject to continuous employment on each vesting date.

When did Kevin Lanouette join iRobot as SVP and General Counsel?

Kevin Lanouette joined iRobot as Senior Vice President and General Counsel on January 17, 2025.

Why was the IRBT inducement grant issued outside the company's equity incentive plan?

The grant was issued outside the equity incentive plan as a material inducement to employment, in accordance with Nasdaq Rule 5635(c)(4).