SmartRent Inc. announced inducement awards granted to its new President and Chief Executive Officer, Michael Shane Paladin, in connection with his employment commencement. The awards include 1,790,055 time-based Restricted Stock Units (RSUs) and a target of 2,320,441 Performance Stock Units (PSUs).
The RSUs will vest annually over three years, contingent on Paladin's continued employment. The PSUs, with a maximum vesting of 200% of the target, are tied to the achievement of company stock price performance goals over a five-year period, with vesting occurring on the four- and five-year anniversaries of his start date.
These inducement grants are designed to align the CEO's long-term financial incentives with the company's performance and shareholder value creation. The structure of the awards emphasizes both sustained employment and the achievement of significant stock price appreciation, reflecting the Board's confidence in Paladin's ability to drive future growth.
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