LAKE
MARY, Fla., Aug. 2, 2023
/PRNewswire/ -- FARO Technologies, Inc ® (Nasdaq: FARO), a global
leader in 3D measurement, imaging, and realization solutions for
the 3D Metrology, AEC (Architecture, Engineering &
Construction), and Public Safety Analytics markets, today
announced, as required by Nasdaq Stock Market Rules, an equity
inducement award to Peter J. Lau,
the Company's new President and Chief Executive Officer.
In accordance with Nasdaq Listing Rule 5635(c)(4), on August 2,
2023, upon the recommendation of our Talent Development and
Compensation Committee, FARO's Board of Directors granted, in the
aggregate, 434,837 restricted stock units, or RSUs, to Peter J. Lau
as a material inducement to him entering into employment with FARO.
The grant is awarded as a combination of time vesting RSUs and
performance RSUs in a ratio of 40% and 60%,
respectively. One-third of the time-vesting RSUs will
vest on each of the first, second, and third anniversaries of the
July 24, 2023 start date, subject to continued service through each
applicable date. 100% of the performance RSUs will vest on the
third anniversary of the start date, subject to continued service,
if FARO meets the predetermined performance criteria. The
performance RSUs are granted at 200% of the target amount should
FARO exceed the target performance criteria.
The inducement RSU awards were made outside of FARO's current
stockholder-approved equity plan, the 2022 Equity Incentive Plan,
and were made pursuant to stand-alone inducement grant award
agreements. The terms and conditions of these agreements are
generally consistent with those under the 2022 Equity Incentive
Plan.
About FARO
For over 40 years, FARO has been a pioneer
in #RealityCapture, bridging the digital and physical worlds
through data-driven reliable accuracy, precision, and immediacy,
providing industry-leading technology solutions that enable
customers to measure their world and use that data to make smarter
decisions faster. For more information, visit www.faro.com.
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SOURCE FARO