NETGEAR® Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
28 Février 2024 - 10:05PM
Business Wire
NETGEAR, Inc. (NASDAQ: NTGR), a global networking company that
delivers innovative networking and Internet connected products to
consumers and businesses, today announced that it granted
inducement equity awards to newly-hired Chief Executive Officer,
Charles (CJ) Prober, on February 27, 2024, pursuant to an offer
letter entered into between NETGEAR and Mr. Prober, dated January
30, 2024 (the “Offer Letter”). The awards were granted in
accordance with Nasdaq Listing Rule 5635(c)(4) as a material
inducement to Mr. Prober’s employment with NETGEAR.
The inducement awards consist of three stock unit awards
consisting of (1) an award of time-based restricted stock units
(“RSUs”) relating to 280,505 shares of NETGEAR’s common stock (the
“2024 Annual Award); (2) an award of performance-based RSUs with a
target amount of 455,820 shares of NETGEAR’s common stock (the
“Sign-On PSU Award”); and (3) an award of time-based RSUs relating
to 175,315 shares of NETGEAR’s common stock (the “Sign-On RSU
Award”).
The 2024 Annual Award and the Sign-On RSU Award each will vest
in equal annual installments over four years (with the first
installment vesting on January 31, 2025), in each case subject to
Mr. Prober’s continued service with NETGEAR through the vesting
date.
The Sign-On PSU Award is divided into three equal tranches that
each vest based on performance as follows: (i) the first tranche
will vest based on performance from the January 31, 2024 through
December 31, 2024, (ii) the second tranche will vest based on
performance during calendar year 2025, and (iii) the third tranche
will vest based on performance during calendar year 2026. For each
tranche, the number of Sign-On PSUs that become eligible to vest
(“Earned PSUs”) will be based on how the total shareholder return
(“TSR”) of NETGEAR during the performance period compares to the
TSRs of the companies in the Nasdaq Telecommunications Index
(IXTC), as described in the Offer Letter.
The total number of Earned PSUs will be subject to a “true-up”
if the cumulative 3-year relative TSR of NETGEAR from January 31,
2024 through December 31, 2026 is higher than the relative TSR as
of the end of either of the first two performance periods.
About NETGEAR, Inc.
For more than 25 years, NETGEAR® (NASDAQ: NTGR) has been the
innovative leader in connecting the world to the internet with
advanced networking technologies for homes, businesses and service
providers around the world. As staying connected has become more
important than ever, NETGEAR delivers award-winning network
solutions for remote work, distance learning, ultra high def
streaming, online game play and more. To enable people to
collaborate and connect to a world of information and
entertainment, NETGEAR is dedicated to providing a range of
connected solutions. From ultra-premium Orbi Mesh WiFi systems and
high performance Nighthawk routers, to high-speed cable modems and
5G mobile wireless products to cloud-based subscription services
for network management and security, to smart networking products
and Video over Ethernet for Pro AV applications, NETGEAR keeps you
connected. NETGEAR is headquartered in San Jose, California. Learn
more on the NETGEAR Investor Page or by calling (408) 907-8000.
Connect with NETGEAR: Twitter, Facebook, Instagram, LinkedIn and
the NETGEAR blog at NETGEAR.com.
© 2024 NETGEAR, Inc. NETGEAR and the NETGEAR logo are trademarks
or registered trademarks of NETGEAR, Inc. and its affiliates in the
United States and/or other countries. Other brand and product names
are trademarks or registered trademarks of their respective
holders. The information contained herein is subject to change
without notice. NETGEAR shall not be liable for technical or
editorial errors or omissions contained herein. All rights
reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20240228406151/en/
NETGEAR Investor Relations Erik Bylin investors@netgear.com
NETGEAR (NASDAQ:NTGR)
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