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
Contacts: Karian Wong, Investor Relations, iRobot Corp., (781) 430-3003, investorrelations@irobot.com or Charlie Vaida, Media Relations, iRobot Corp., (781) 430-3182, cvaida@irobot.com
