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

Rhea-AI Summary

Cutera, a leader in aesthetic and dermatology solutions, announced the granting of 44,500 non-qualified inducement stock options to six employees. Approved by the Compensation Committee of Cutera's Board of Directors, these options have an exercise price of $2.23, matching the closing price of Cutera's stock on the grant date, May 13, 2024.

The vesting schedule is as follows: 25% of the 29,500 stock options granted to five employees will vest annually, with an additional 1/48 vesting monthly, contingent on continued employment. For the remaining 15,000 stock options granted to one employee, 33% will vest annually with 1/36 vesting monthly, also subject to continued employment. These awards are part of Cutera's 2023 Inducement Equity Incentive Plan and comply with Nasdaq Listing Rule 5635(c)(4).

Positive

• Granted 44,500 non-qualified inducement stock options to six employees.
• Stock options have an exercise price of $2.23.
• Approved by the Compensation Committee of Cutera's Board of Directors.
• Awards are part of the 2023 Inducement Equity Incentive Plan.
• Grants are in accordance with Nasdaq Listing Rule 5635(c)(4).

Negative

• Vesting of stock options is contingent on continued employment.
• Stock options are granted at the current stock price, limiting potential immediate gains.

BRISBANE, Calif.--(BUSINESS WIRE)-- Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, granted a total of 44,500 non-qualified inducement stock options to six employees. These awards were approved by the Compensation Committee of Cutera’s Board of Directors.

The stock options have an exercise price of $2.23, equal to the closing price of Cutera common stock on the grant date of May 13, 2024. A quantity of 25% shall vest annually, and 1/48 of the grant total shall vest each month thereafter, subject to continued employment, for a total of 29,500 stock options granted to five employees. A quantity of 33% shall vest annually, and 1/36 of the grant total shall vest each month thereafter, subject to continued employment, for a total of 15,000 stock options granted to one employee.

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/20240530777675/en/

Cutera, Inc.

Shelby Eckerman

VP, Finance

415-657-5500

IR@cutera.com

Source: Cutera, Inc.

FAQ

What stock options did Cutera (CUTR) grant?

Cutera granted a total of 44,500 non-qualified inducement stock options to six employees.

What is the exercise price of the newly granted Cutera (CUTR) stock options?

The exercise price of the newly granted stock options is $2.23.

When were the new Cutera (CUTR) stock options granted?

The new stock options were granted on May 13, 2024.

What is the vesting schedule for the new Cutera (CUTR) stock options?

For five employees: 25% vests annually with 1/48 vesting monthly. For one employee: 33% vests annually with 1/36 vesting monthly.

Under what plan were the new Cutera (CUTR) stock options granted?

The new stock options were granted under the Cutera 2023 Inducement Equity Incentive Plan.

Do the new Cutera (CUTR) stock options comply with any specific Nasdaq rule?

Yes, the new stock options comply with Nasdaq Listing Rule 5635(c)(4).