SmartRent Reports Inducement Grants Under New York Stock Exchange Listed Company Manual Rule

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PHOENIX--(BUSINESS WIRE)--Mar 18, 2025--

SmartRent Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), 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 “Plan”) to Michael Shane Paladin, SmartRent’s President and Chief Executive Officer, as inducement awards in connection with the commencement of his employment. The Plan was adopted by SmartRent’s Board of Directors and Compensation Committee in January 2025.

As provided for in Mr. Paladin’s 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. Paladin’s grant consisted of time-based restricted stock units (“RSUs”) covering 1,790,055 shares of SmartRent’s Class A common stock and performance stock units (“PSUs”) covering a target of 2,320,441 shares of SmartRent’s 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 “Start Date”), subject in each case to Mr. Paladin’s 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. Paladin’s 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. SmartRent’s 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 Company’s 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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KEYWORD: UNITED STATES NORTH AMERICA ARIZONA

INDUSTRY KEYWORD: IOT (INTERNET OF THINGS) TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE SOFTWARE CONSTRUCTION & PROPERTY HARDWARE

SOURCE: SmartRent

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PUB: 03/18/2025 05:00 PM/DISC: 03/18/2025 05:03 PM

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