OOMA INC
For the period ended Apr 18, 2025. Filed Apr 18, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 18, 2025 · Filed Apr 18, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant☒ Filed by a party other than the Registrant☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
|---|---|
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-2 |
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| ☒ | No fee required. |
|---|---|
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
525 Almanor Avenue, Suite 200, Sunnyvale, California 94085
NOTICE OF 2025 ANNUAL MEETING OF STOCKHOLDERS
To Be Held On Thursday, June 5, 2025
Dear Stockholders of Ooma, Inc.:
We are pleased to invite you to attend our 2025 Annual Meeting of Stockholders, which will be a virtual meeting to be held on June 5, 2025, at 9:30 a.m. Pacific Time via live webcast on the Internet atwww.virtualshareholdermeeting.com/ooma2025 (the “Annual Meeting”), where you will be able to attend and participate in the Annual Meeting online, submit questions and vote your shares electronically. There will be no physical location for the Annual Meeting. We are embracing the latest technology to provide expanded access, improved communication and cost savings for our stockholders and Ooma. Additionally, although the live webcast is available only to stockholders as of the record date at the time of the meeting, following completion of the Annual Meeting, a webcast replay will be posted to the Investor Relations section of our website, which is located athttps://investors.ooma.com.
At the Annual Meeting, we will ask you to consider the following proposals:
To elect three Class I directors;
To ratify the appointment of KPMG LLP as our independent registered public accountants for the fiscal year ending January 31, 2026;
To hold a non-binding advisory vote on the compensation of our named executive officers, as described in this proxy statement;
To approve an amendment and restatement of the Ooma, Inc. 2015 Equity Incentive Plan;
To approve an amendment and restatement of the Ooma, Inc. 2015 Employee Stock Purchase Plan; and
To transact such other business that may properly come before the Annual Meeting or any adjournment or postponement thereof.
Please use this opportunity to take part in our affairs by voting on the business to come before the Annual Meeting. You will receive a Notice of Internet Availability of Proxy Materials (the “Notice”), which we expect to mail on or about April 18, 2025, unless you have previously requested to receive our proxy materials in paper form. Only stockholders of record at the close of business on April 10, 2025 may vote at the Annual Meeting and any postponements or adjournments of the meeting. All stockholders are cordially invited to participate in the Annual Meeting and any postponements or adjournments of the meeting. However, to ensure your representation at the Annual Meeting, please vote as soon as possible by using the Internet or telephone, as instructed in the Notice. Alternatively, you may follow the procedures outlined in the Notice to request a paper proxy card to submit your vote by mail. See “If I am a stockholder of record of Ooma’s shares, how can I vote my shares?” or “If I am a beneficial owner of Ooma’s shares held in street name, how can I vote my shares?” in the Proxy Statement for more details. Returning the paper proxy card or voting electronically does NOT deprive you of your right to participate in the meeting and to vote your shares in person for the matters acted upon at the meeting.
Your vote is important. Whether or not you expect to participate in the Annual Meeting, please submit your proxy electronically via the Internet or by telephone by following the instructions in the Notice or if you asked to receive the proxy materials in paper form, please complete, sign and date the proxy card and return it in the postage paid envelope provided.
Sincerely,
Eric B. Stang
President, Chief Executive Officer and Chairman of
the Board of Directors
Sunnyvale, California
April 18, 2025
Important Notice Regarding the Availability of Proxy Materials for the AnnualStockholder Meeting To Be Held on June 5, 2025: The Proxy Statement, along with theAnnual Report on Form 10-K for the fiscal year ended January 31, 2025, is available free ofcharge at the following website: www.proxyvote.com.
PROXY STATEMENT
2025 ANNUAL MEETING OF STOCKHOLDERS
To Be Held On Thursday, June 5, 2025
| QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND OUR ANNUAL MEETING | 1 |
|---|---|
| DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 11 |
| Directors | 11 |
| Executive Officers | 14 |
| Board Composition | 14 |
| Board Meetings and Director Communications | 15 |
| Director Independence | 15 |
| Board Committees | 16 |
| Nominations Process and Director Qualifications | 18 |
| Compensation Committee Interlocks and Insider Participation | 19 |
| Code of Ethics and Business Conduct | 19 |
| Board Leadership Structure | 19 |
| Lead Non-Management Director | 19 |
| Board’s Role in Risk Oversight | 19 |
| Information Security | 20 |
| Outside Director Compensation | 20 |
| Delinquent Section 16(a) Reports | 21 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 22 |
| EXECUTIVE COMPENSATION | 24 |
| Compensation Discussion and Analysis | 24 |
| Executive Summary | 24 |
| Compensation Philosophy and Objectives | 25 |
| Compensation Design | 26 |
| Processes and Procedures for Compensation Decisions | 27 |
| Compensation Peer Group | 27 |
| Elements of Our Executive Compensation Program | 28 |
| Other Compensation Policies | 32 |
| Tax and Accounting Considerations | 34 |
| Compensation Committee Report | 34 |
| Fiscal 2025 Summary Compensation Table | 35 |
| Fiscal 2025 Grants of Plan-Based Awards Table | 36 |
| Fiscal 2025 Outstanding Equity Awards at Fiscal Year-End Table | 37 |
| Option Exercises and Stock Awards Vested in Fiscal 2025 Table | 40 |
| Executive Employment Arrangements and Potential Payments Upon Termination or Change in Control | 40 |
| CEO Pay Ratio | 42 |
| Pay Versus Performance | 44 |
| LIMITATION OF LIABILITY AND INDEMNIFICATION MATTERS | 48 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 49 |
| Policies and Procedures for Related Party Transactions | 49 |
| COMMUNICATIONS WITH OUR BOARD OF DIRECTORS | 50 |
| AUDIT COMMITTEE REPORT | 51 |
-i-
| PROPOSAL ONE: ELECTION OF DIRECTORS | 52 |
|---|---|
| Nominees | 52 |
| Vote Required | 52 |
| PROPOSAL TWO: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS | 53 |
| Principal Accounting Fees and Services | 53 |
| Vote Required | 53 |
| PROPOSAL THREE: NON-BINDING ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS | 54 |
| Vote Required | 54 |
| PROPOSAL FOUR: AMENDMENT AND RESTATEMENT OF 2015 EQUITY INCENTIVE PLAN | 55 |
| Reasons to Approve the Amended EIP | 55 |
| Summary of Material Changes to the EIP | 56 |
| The Amended EIP Reflects Governance Best Practices | 58 |
| Dilution, Overhang and Burn Rate | 58 |
| Description of the Amended EIP | 60 |
| Summary of Federal Income Tax Consequences | 66 |
| New Plan Benefits | 68 |
| Historical Plan Benefits | 69 |
| Equity Compensation Plan Information | 69 |
| Vote Required | 69 |
| PROPOSAL FIVE: AMENDMENT AND RESTATEMENT OF THE 2015 EMPLOYEE STOCK PURCHASE PLAN | 70 |
| Reasons to Approve the Amended ESPP | 70 |
| Summary of Material Changes to the ESPP | 70 |
| The Amended ESPP Reflects Governance Best Practices | 72 |
| Description of the Amended ESPP | 72 |
| Summary of U.S. Federal Income Tax Consequences | 80 |
| New Plan Benefits | 80 |
| Historical Plan Benefits | 81 |
| Equity Compensation Plan Information | 81 |
| Vote Required | 81 |
| OTHER MATTERS | 82 |
| Appendix A | |
| Appendix B | |
-ii-
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This proxy statement contains forward-looking statements. All statements contained in this report, other than statements of historical fact, including statements regarding our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” "estimate," “continue,” “anticipate,” “intend,” "could," "should," “expect,” "plan," "predict," "potentially," “seek,” and variations of such words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. These forward-looking statements are subject to risks, uncertainties and assumptions, including those described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this proxy statement may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results. We are under no duty to update any of these forward-looking statements after the date of this proxy statement.
-iii-
PROXY STATEMENT
FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD AT 9:30 A.M. PACIFIC TIME ON THURSDAY, JUNE 5, 2025
This proxy statement and the enclosed form of proxy (the “Proxy Statement”) are furnished in connection with the solicitation of proxies by our Board of Directors (the “Board” or “Board of Directors”) for use at the 2025 Annual Meeting of Stockholders of Ooma, Inc., a Delaware corporation, and any postponements, adjournments or continuations thereof (the “Annual Meeting”). The Annual Meeting will be held on Thursday, June 5, 2025 at 9:30 a.m. Pacific Time via live webcast on the Internet atwww.virtualshareholdermeeting.com/ooma2025. References in the Proxy Statement to “we,” “us,” “our,” “the Company,” or “Ooma” refer to Ooma, Inc. and its subsidiaries unless the context indicates otherwise.
We will mail, on or about April 18, 2025, the Notice of Internet Availability of Proxy Materials (the “Notice”) to our stockholders of record and beneficial owners at the close of business on April 10, 2025. On the date of mailing of the Notice, all stockholders and beneficial owners will have the ability to access all of the proxy materials at http://www.proxyvote.com. These proxy materials will be available free of charge.
The Notice will identify the website where the proxy materials will be made available; the date, time and location of our Annual Meeting; the matters to be acted upon at the meeting and the Board of Directors’ recommendations with regard to each matter; a toll-free telephone number, an e-mail address, and a website where stockholders can request a paper or e-mail copy of the Proxy Statement; our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and a form of proxy relating to the Annual Meeting; information on how to access the form of proxy; and information on how to participate in the meeting and vote in person.
THE INFORMATION PROVIDED IN THE “QUESTION AND ANSWER” FORMAT BELOW IS FOR YOUR CONVENIENCE ONLY AND IS MERELY A SUMMARY OF THE INFORMATION CONTAINED IN THIS PROXY STATEMENT. YOU SHOULD READ THIS ENTIRE PROXY STATEMENT CAREFULLY.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.