SEC Contract Filing

Filing Date: 2018-08-07

Document Content:
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<TYPE>EX-10.11
<SEQUENCE>15
<FILENAME>d562019dex1011.htm
<DESCRIPTION>EX-10.11
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<TITLE>EX-10.11</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.11 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARLO
TECHNOLOGIES, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE IN CONTROL AND SEVERANCE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Change in Control and Severance Agreement (the &#147;<B>Agreement</B>&#148;) is made between Arlo Technologies, Inc. (the
&#147;<B>Company</B>&#148;) and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;<B>Executive</B>&#148;), effective as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2018 (the &#147;<B>Effective Date</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement provides certain protections to the Executive in connection with a change in control of the Company or in connection with the
involuntary termination of the Executive&#146;s employment under the circumstances described in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the
Executive agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term of Agreement</U>. This Agreement will have an initial term of three (3)&nbsp;years commencing on
the Effective Date (the &#147;<B>Initial Term</B>&#148;). On the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>) anniversary of the Effective Date, this Agreement annually will renew automatically for additional one (1)&nbsp;year
terms (each, an &#147;<B>Additional Term</B>&#148;) unless either party provides the other party with written notice of nonrenewal at least one (1)&nbsp;year prior to the date of automatic renewal. Notwithstanding the foregoing, if a Change in
Control occurs (a)&nbsp;when there are fewer than twelve (12)&nbsp;months remaining during the Initial Term or (b)&nbsp;during an Additional Term, the term of this Agreement will extend automatically through the date that is twelve&nbsp;(12) months
following the date of the Change of Control. If Executive becomes entitled to the benefits under Section&nbsp;3 of this Agreement, then the Agreement will not terminate until all of the obligations of the parties hereto with respect to this
Agreement have been satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U><FONT STYLE="white-space:nowrap">At-Will</FONT> Employment</U>. The Company and the Executive
acknowledge that the Executive&#146;s employment is and will continue to be <FONT STYLE="white-space:nowrap">at-will,</FONT> as defined under applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Severance Benefits</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Qualifying <FONT STYLE="white-space:nowrap">Non-CIC</FONT> Termination</U>. On a Qualifying
<FONT STYLE="white-space:nowrap">Non-CIC</FONT> Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <U>Salary Severance</U>. A single, lump sum payment equal to [[<B>CEO</B> <B>and</B> <B>Tier 2</B>: twelve
(12)][<B>Tier</B><B></B><B>&nbsp;3</B>: six (6)]] months of the Executive&#146;s Salary (as defined below), less applicable withholdings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) [<B>CEO and CFO Only]:</B> <U>Bonus Severance</U>. A single, lump sum payment equal to 100% of the Executive&#146;s target annual bonus
as in effect for the fiscal year in which the Qualifying <FONT STYLE="white-space:nowrap">Non-CIC</FONT> Termination occurs, less applicable withholdings.] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) <U>COBRA Coverage</U>. Subject to Section&nbsp;3(d), the Company will pay the
premiums for coverage under COBRA (as defined below) for the Executive and the Executive&#146;s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company&#146;s
active employees (the &#147;<B>COBRA Coverage</B>&#148;), until the earliest of (A)&nbsp;a&nbsp;period of [[<B>CEO</B> <B>and</B> <B>Tier 2</B>:&nbsp;twelve&nbsp;(12)] [<B>Tier</B><B></B><B>&nbsp;3</B>:&nbsp;six&nbsp;(6)]] months from the date of
the Executive&#146;s termination of employment, (B)&nbsp;the date upon which the Executive (and the Executive&#146;s eligible dependents, as applicable) becomes covered under similar plans, or (C)&nbsp;the date upon which the Executive ceases to be
eligible for coverage under COBRA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:T