PHOENIX–(BUSINESS WIRE)–SmartRent Inc. (NYSE: SMRT) (āSmartRentā or the āCompanyā), a leading provider of smart communities solutions and smart operations solutions for the rental housing industry, today announced that it granted inducement awards under its 2025 Inducement Equity Incentive Plan (the āPlanā) to Michael Shane Paladin, SmartRentās President and Chief Executive Officer, as inducement awards in connection with the commencement of his employment. The Plan was adopted by SmartRentās Board of Directors and Compensation Committee in January 2025.
As provided for in Mr. Paladinās employment letter with SmartRent and previously described in the Current Report on Form 8-K filed by SmartRent with the Securities and Exchange Commission on January 27, 2025, Mr. Paladinās grant consisted of time-based restricted stock units (āRSUsā) covering 1,790,055 shares of SmartRentās Class A common stock and performance stock units (āPSUsā) covering a target of 2,320,441 shares of SmartRentās Class A common stock. The RSUs will vest at a rate of one-third of the RSUs annually on each anniversary of the date Mr. Paladin commenced employment with the Company (the āStart Dateā), subject in each case to Mr. Paladinās continued employment through the applicable vesting date. While the target number of PSUs granted is 2,320,441, the actual number of shares of Class A common stock earned pursuant to the PSUs, if any, will be determined based on the achievement of performance goals relating to Company stock price during a five-year performance period from the Start Date, and vest based on Mr. Paladinās continued employment, with 50% of any shares achieved vesting on the four-year anniversary of the Start Date, and 100% of any shares achieved but not yet paid vesting on the five-year anniversary of the Start Date. The maximum number of shares that may vest under the PSUs is 200% of the target number of shares subject to such award.
Each inducement award is subject to the terms of the SmartRent, Inc. 2025 Inducement Equity Incentive Plan and related forms of agreements thereunder and were granted as a material inducement to Mr. Paladin entering into employment with SmartRent in accordance with the New York Stock Exchange Listed Company Manual Rule 303A.08.
About SmartRent
Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart communities solutions and smart operations solutions to the rental housing industry. SmartRentās end-to-end enterprise ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption, enhancing the resident experience and more. The Companyās differentiators – purpose-built software and hardware, and end-to-end implementation and support – create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.
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