SAN JOSE, Calif.--(BUSINESS WIRE)--NETGEAR, Inc. (Nasdaq: NTGR), the leader in advanced networking technologies for businesses, homes and service providers around the world, today announced that it granted equity awards on October 15, 2024 to newly-hired President and General Manager, NETGEAR for Business (NFB), Pramod Badjate as well as several newly-hired employees in multiple business units throughout the company. The awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to their commencing employment with NETGEAR.
The inducement awards consist of (1) an award of time-based restricted stock units (“RSUs”) relating to 165,000 shares of NETGEAR’s common stock to Mr. Badjate, (2) awards of time-based RSUs covering 208,258 shares of NETGEAR’s common stock to the additional referenced newly-hired employees (each, an “RSU Award”), and (3) an award of performance-based RSUs with a target amount of 55,000 shares of NETGEAR’s common stock to Mr. Badjate (the “PSU Award”).
One-third (1/3rd) of the total number of shares subject to Mr. Badjate’s RSU Award will vest on July 31, 2025, and one-twelfth (1/12th) of the total number of shares subject to his RSU Award will vest in equal quarterly installments thereafter, in each case subject to Mr. Badjate providing continued service with NETGEAR through the applicable vesting dates.
The number of shares subject to the PSU Award that become eligible to vest (“Vesting Eligible PSUs”) will be determined based on how NETGEAR’s total shareholder return (“TSR”) from April 27, 2024 through December 31, 2026 compares to the TSRs of the companies in the Nasdaq Telecommunications Index (IXTC). The Vesting Eligible PSUs, if any, will vest on July 31, 2027, subject to Mr. Badjate’s continued service with NETGEAR through that date.
About NETGEAR, Inc.
Founded in 1996 and headquartered in the USA, NETGEAR® (NASDAQ: NTGR) is a global leader in innovative networking technologies for businesses, homes, and service providers. NETGEAR delivers a wide range of award-winning, intelligent solutions designed to unleash the full potential of connectivity. For businesses, NETGEAR offers reliable, easy-to-use, high-performance networking solutions, including switches, routers, access points, software, and AV over IP technologies, tailored to meet the diverse needs of organizations of all sizes. NETGEAR’s Connected Home products deliver advanced connectivity, powerful performance, and enhanced security features right out of the box, designed to keep families safe online, whether at home or on the go. More information is available from the NETGEAR Press Room or by calling (408) 907-8000. Connect with NETGEAR: Facebook, Instagram and the NETGEAR blog at NETGEAR.com.
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Source: NETGEAR-F