BEDFORD,
Mass., June 11, 2024 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced that
it granted equity awards on June 7, 2024 as a material
inducement to the employment of the company's newly-hired Chief
Executive Officer, Gary S.
Cohen.
Notice of Issuance of Inducement Grant
In connection with the appointment of Mr. Cohen as Chief
Executive Officer effective May 6,
2024, iRobot granted Mr. Cohen employment inducement awards
consisting of (a) 290,000 time-based restricted stock units
("RSUs") and (b) 435,000 performance-based restricted stock units
("PSUs"), each with an effective grant date of June 7, 2024. The RSUs will vest over a
three-year period, subject to Mr. Cohen's continuous employment on
each vesting date. The PSUs will vest in three tranches over a
four-year performance period based on Mr. Cohen's continuous
employment through the service period for the applicable tranche
and iRobot's achievement of certain price milestones of iRobot's
common stock.
The inducement awards to Mr. Cohen were granted as a material
inducement to his employment and were approved by iRobot's Board of
Directors on June 7, 2024, in
accordance with Rule 5635(c)(4) of The NASDAQ Stock Market LLC. The
awards were 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