Adesto Technologies Corporation (NASDAQ:IOTS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
On February 14, 2020, the Committee also approved grants of performance-based restricted stock units (“PRSUs”) to acquire shares of Company common stock to executive officers of the Company, including PRSUs covering up to 28,695 shares for Mr. Derhacobian, 12,953 shares for Mr. Shelton and 8,462 shares for Mr. Lovit. These awards, granted under the 2015 Equity Incentive Plan, are subject to vesting based on the achievement of specified performance metrics.
Under the PRSUs, depending on the percentage by which the cumulative appreciation of the closing price per share of Company common stock from January 31, 2020 to January 31, 2021 (with such price at the end of the period being equal to the average closing price per share of Company common stock for the 30 consecutive trading days prior to and including January 31, 2021) (“Company Stock Price Performance”) exceeds the cumulative appreciation of the Russell 2000 Index from January 31, 2020 to January 31, 2021 (“Index Performance”), 0% to 50% of the target shares will be eligible to be earned as of January 31, 2021. If (x) the Company Stock Price Performance for the performance period does not exceed Index Performance over the same period or (y) the closing price per share of Company common stock on January 31, 2021 does not meet or exceed a pre-established price per share, then no shares will be earned under the awards and all shares will be forfeited under the awards. If any target shares become earned (“earned shares”) as a result of achievement of the performance metrics, then 25% of the earned shares shall vest in equal installments on July 31, 2021 and at the end of each of the next three six-month
periods thereafter until all of the earned shares have completed vested. Subject to certain exceptions, the awards shall vest, if at all, only after January 31, 2021, and the executive officers must be employed by the Company at the time of vesting for the award to vest.
About Adesto Technologies Corporation (NASDAQ:IOTS)
Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets. It operates in application-specific and feature-rich, ultra-low power non-volatile memory (NVM) products segment. It combines its non-volatile memory design capabilities with intellectual property and differentiated technology platforms to deliver products that manage the overall energy consumption of its customers’ systems and battery life. Its products feature embedded intelligence in a small form factor. It sells its products directly to original equipment manufacturers and original design manufacturers, respectively that manufacture products for its end customers.