FARO TECHNOLOGIES, INC. (NASDAQ:FARO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 5, 2016, the Compensation Committee of the Board of Directors of FARO Technologies, Inc. (the “Company”) reviewed the compensation of Simon Raab, the Company’s President and Chief Executive Officer, following his commitment to extend his role as President and Chief Executive Officer beyond an interim basis until the completion of the Company’s Going Vertical in Harmony reorganization initiatives and the realization of the Company’s near-term strategic priorities. In view of Dr. Raab’s expected extended tenure as President and Chief Executive Officer and the Compensation Committee’s review of a report from its executive compensation consultant Pearl Meyer, the Compensation Committee approved an equity grant of 69,475 time-vesting non-qualified stock options to Dr. Raab, with an effective grant date of December 7, 2016.

The exercise price of the stock options was equal to the NASDAQ closing price of the Company’s common stock on the date of grant. 50% of the stock options will vest on December 7, 2017, and the remaining 50% of the stock options will vest on the second anniversary of the date of grant, in each case subject to his continued membership on the Board of Directors of the Company. Upon a Change in Control of the Company (as defined in the 2014 Incentive Plan), the stock options will become fully vested and exercisable. In addition, the Compensation Committee may accelerate the vesting of the stock options in its discretion, including without limitation following a successful succession of Dr. Raab in his capacity as President and Chief Executive Officer.

About FARO TECHNOLOGIES, INC. (NASDAQ:FARO)
FARO Technologies, Inc. designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications. Its FaroArm, FARO Laser ScanArm, FARO Gage, FARO Laser Tracker, FARO Cobalt Array 3D Imager AMP, and their companion CAM2 software provide for Computer-Aided Design (CAD)-based inspection and/or factory-level statistical process control and surveying. The Company’s FARO Focus3D and FARO Freestyle3D laser scanners, and their companion SCENE, FARO public safety software and FARO 3D software, are utilized for a variety of 3D modeling, documentation and high-density surveying applications. FARO TECHNOLOGIES, INC. (NASDAQ:FARO) Recent Trading Information
FARO TECHNOLOGIES, INC. (NASDAQ:FARO) closed its last trading session 00.00 at 39.80 with 67,810 shares trading hands.