Cutera Reports Inducement Grants as Permitted by the Nasdaq Listing Rules

Rhea-AI Summary

Cutera, Inc. grants inducement awards to new President, International

Positive

• Cutera, Inc. granted inducement awards to Brent Hauser, the new President, International. The awards include restricted stock units (RSUs) and performance stock units (PSUs). The RSUs will vest over time, while the vesting schedule and targets for the PSUs will be determined later. The PSU grant of 25,000 shares has a performance criteria of Cutera's stock price exceeding $20.00 within four years.

Negative

• None.

BRISBANE, Calif.--(BUSINESS WIRE)-- Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today announced that on October 3, 2023 the Compensation Committee of Cutera’s Board of Directors approved the grant of inducement awards to Brent Hauser, who joined Cutera on October 2, 2023, as the President, International. The inducement awards consisted of restricted stock units (RSUs) settleable in 27,358 shares of common stock, and two grants of performance stock units (PSUs) settleable in 54,716 shares of common stock and 25,000 shares of common stock, respectively.

The RSUs were granted on October 3, 2023. A quantity of 25% shall vest on October 2, 2024, and 1/12 of the RSUs shall vest each quarter thereafter, subject to Mr. Hauser continuing as an employee.

The PSU grants were granted on October 3, 2023. Regarding the PSU grant of 54,716 shares of common stock, the performance-based vesting schedule and targets will be determined by Cutera’s Board of Directors or Compensation Committee. The PSU grant of 25,000 shares of common stock has a single performance criteria of the 30-calendar day trailing average of Cutera’s closing common stock price exceeding $20.00 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.

Brisbane, California-based 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/20231006071746/en/

Greg Barker

VP, Corporate FP&A and Investor Relations

415-657-5500

IR@cutera.com

Source: Cutera, Inc.

FAQ

What awards were granted to Brent Hauser?

Brent Hauser received restricted stock units (RSUs) and performance stock units (PSUs).

What is the vesting schedule for the RSUs?

25% of the RSUs will vest on October 2, 2024, and 1/12 of the RSUs will vest each quarter thereafter.

What will determine the vesting schedule and targets for the PSUs?

Cutera's Board of Directors or Compensation Committee will determine the vesting schedule and targets for the PSUs.

What is the performance criteria for the PSU grant of 25,000 shares?

The performance criteria is the 30-calendar day trailing average of Cutera's closing common stock price exceeding $20.00 within four years of the grant date.

Why were these awards granted?

The awards were granted as inducements for Brent Hauser to join Cutera as the President, International.