Cutera, Inc. Reports Inducement Grants as permitted by the Nasdaq Listing Rules

Rhea-AI Summary

Cutera, Inc. (Nasdaq: CUTR) announced that their new Chief Legal Officer, Stephana Patton, will receive inducement awards in the form of stock options, restricted stock units, and performance stock units. These awards are subject to vesting conditions based on Ms. Patton's continued employment and the achievement of specific share price targets. The awards are granted in accordance with the Cutera, Inc. 2023 Inducement Equity Incentive Plan and Nasdaq Listing Rule 5635(c)(4).

BRISBANE, Calif.--(BUSINESS WIRE)-- Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today announced that Stephana Patton, who joined Cutera on November 13, 2023, as the Chief Legal Officer will receive a grant of inducement awards. The inducement awards consisted of stock options to purchase 30,000 of common stock, restricted stock units (RSUs) settleable in 25,000 shares of common stock, and performance stock units (PSUs) settleable in 55,000 shares of common stock. These awards will be approved by the Compensation Committee of Cutera’s Board of Directors at its next regularly scheduled meeting.

The stock options will have an exercise price equal to the closing price of Cutera common stock on the grant date. A quantity of 25% shall vest on November 13, 2024, and 1/48 of the grant total shall vest each month thereafter, subject to Ms. Patton continuing as an employee.

A quantity of 25% of the RSUs shall vest on November 13, 2024, and 1/12 of the RSUs shall vest each quarter thereafter, subject to Ms. Patton continuing as an employee.

The vesting of a grant of 25,000 PSUs is based on the achievement of a $10.00 share price within four years of grant. The vesting of a grant of 30,000 PSUs is based on the achievement of a $20.00 share price within four years of the grant date.

Each inducement award is subject to the terms of the Cutera, Inc. 2023 Inducement Equity Incentive Plan and related forms of agreements and were granted as inducements material to these employees to enter into employment with Cutera in accordance with Nasdaq Listing Rule 5635(c)(4).

About Cutera, Inc.

Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that harness the power of science and nature to enable medical practitioners to offer safe and effective treatments to their patients. For more information, call +1-415-657-5500 or 1-888-4CUTERA or visit www.cutera.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231116462842/en/

Cutera, Inc.

Greg Barker

VP, Corporate FP&A and Investor Relations

415-657-5500

IR@cutera.com

Source: Cutera, Inc.

FAQ

What inducement awards did Stephana Patton receive from Cutera, Inc.?

Stephana Patton received stock options to purchase 30,000 shares of common stock, restricted stock units (RSUs) settleable in 25,000 shares of common stock, and performance stock units (PSUs) settleable in 55,000 shares of common stock.

What are the vesting conditions for the inducement awards?

The stock options and RSUs have vesting schedules based on Ms. Patton's continued employment, while the PSUs vest based on achieving specific share price targets within four years of the grant date.

Why were these awards granted to Stephana Patton?

These awards were granted as inducements material to Ms. Patton's employment with Cutera, in accordance with Nasdaq Listing Rule 5635(c)(4).