SAN
JOSE, Calif., Oct. 29,
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 October 29, 2024, Arlo's
Compensation and Human Capital Committee granted restricted stock
units ("RSUs") and performance-vesting RSUs ("PSUs"), to twelve new
non-executive employees covering an aggregate of 414,086 shares of
the Company's common stock as an inducement for such employees to
join the Company.
The RSUs granted to ten of the employees, covering an aggregate
of 45,224 shares, vest annually in four equal annual
installments. The remaining RSU grants, covering an aggregate
of 368,862 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 270,000 shares, are eligible
to vest in two equal installments based on the extent to which Arlo
achieves 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. Arlo has
recently 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 service, Arlo
Secure.
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.