Cutera, Inc. (Nasdaq: CUTR) (“Cutera” or the “Company”), a leading provider of aesthetic and dermatology solutions, today announced that on August 17,2023 the Compensation Committee of Cutera’s Board of Directors approved the grant of inducement awards to Jeffrey Jones, who joined Cutera on August 28, 2023, as the Chief Operating Officer. The inducement awards consisted of stock options to purchase 31,256 of common stock, restricted stock units (RSUs) settleable in 12,306 shares of common stock, and performance stock units (PSUs) settleable in 24,612 shares of common stock.
The stock options were granted on August 28, 2023, and have an exercise price of $9.61 per share, which is equal to the closing price of a share of Cutera common stock on the grant date. A quantity of 25% shall vest on August 28, 2024, and 1/48 of the RSUs shall vest each month thereafter, subject to Mr. Jones continuing as an employee.
The RSUs were granted on August 28, 2023. A quantity of 25% shall vest on August 28, 2024, and 1/12 of the RSUs shall vest each quarter thereafter, subject to Mr. Jones continuing as an employee.
The PSUs were granted on August 28, 2023. The performance-based vesting schedule and targets will be determined by Cutera’s Board of Directors or Compensation Committee.
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.
VP, Corporate FP&A and Investor Relations