Grants

iRobot announced that it granted equity awards as a material inducement to the employment of the company's newly-hired President and Chief Operating Officer, Jeff Engel.

In connection with the appointment of Engel as president and chief operating officer effective Aug. 6, 2024, iRobot granted Mr. Engel employment inducement awards consisting of (a) 188,955 time-based restricted stock units ("RSUs") and (b) 181,545 performance-based restricted stock units ("PSUs"), each with an effective grant date of Sept. 6, 2024. The RSUs will vest over a three-year period, subject to Mr. Engel's continuous employment on each vesting date. The PSUs will vest in three tranches over a four-year performance period based on Mr. Engel'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 Engel were granted as a material inducement to his employment and were approved by iRobot's Board of Directors on Sept. 6, 2024. The awards were granted outside iRobot's equity incentive plan.