PHOENIX--(BUSINESS WIRE)-- SmartRent, Inc. (the "Company") announced that, in accordance with the terms of their offer letters and as a material inducement to Mr. Pankaj Bansi and Mr. Sangeeth Ponathil commencing employment with the Company, the Company granted inducement awards to each of Messrs. Bansi and Ponathil under the SmartRent, Inc. 2025 Inducement Equity Incentive Plan (the "Inducement Plan") in accordance with New York Stock Exchange Listed Company Manual Rule 303A.08.

As provided in Mr. Bansi's offer letter, the inducement award consists of time-based restricted stock units ("RSUs") covering 232,558 shares of SmartRent's Class A common stock. The RSUs vest at a rate of 25% annually on each anniversary of the award grant date, subject to his continued employment through the applicable vesting date.

As provided in Mr. Ponathil's offer letter, the inducement award consists of time-based RSUs covering 232,558 shares of SmartRent's Class A common stock. The RSUs vest at a rate of 25% annually on each anniversary of the award grant date, subject to his continued employment through the applicable vesting date.

Each inducement award is subject to the terms of the Inducement Plan and the applicable award agreements thereunder.

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.