Cutera Announces Inducement Grants in Compliance with Nasdaq Listing Rules
Cutera, Inc. (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, has announced the approval of inducement awards by the Compensation Committee of the company's Board of Directors. These awards were granted to Brent Hauser, who recently joined Cutera as the President, International.
Details of the Inducement Awards
The inducement awards include restricted stock units (RSUs) that can be settled in 27,358 shares of common stock. Additionally, two grants of performance stock units (PSUs) were awarded, which can be settled in 54,716 shares and 25,000 shares of common stock, respectively.
Vesting Schedule and Performance Criteria
The RSUs will vest over time, with 25% vesting on October 2, 2024, and 1/12 of the RSUs vesting each subsequent quarter, contingent on Mr. Hauser's continued employment. The vesting schedule and targets for the PSU grants will be determined by Cutera's Board of Directors or Compensation Committee. One PSU grant of 25,000 shares has a performance criterion of the 30-calendar day trailing average of Cutera's closing common stock price exceeding $20.00 within four years of the grant date.
Compliance with Nasdaq Listing Rules
These inducement awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms of Cutera, Inc.'s 2023 Inducement Equity Incentive Plan and related agreements. They were offered as material inducements to attract these employees to join Cutera.
Cutera, Inc., based in Brisbane, California, is a renowned provider of aesthetic and dermatology solutions worldwide. Their commitment to developing innovative products has enabled medical practitioners to deliver safe and effective treatments to their patients.
For more information about Cutera, visit their website at www.cutera.com or contact them at +1-415-657-5500 or 1-888-4CUTERA.
Source: [Business Wire](https://www.businesswire.com/news/home/20231006071746/en/)
VP, Corporate FP&A and Investor Relations
Impact of Cutera's Inducement Grants on New Businesses
Cutera, Inc.'s recent announcement of inducement grants, approved in compliance with Nasdaq Listing Rules, offers a compelling case study for new businesses. The inducement awards, including restricted stock units (RSUs) and performance stock units (PSUs), were granted to Brent Hauser, the newly appointed President, International.
This strategic move by Cutera, a leading provider of aesthetic and dermatology solutions, is a testament to the power of employee incentives in attracting top talent. The company's use of inducement grants as a tool to incentivize and retain key employees is a strategy that new businesses can learn from. In a competitive business environment, attracting and retaining the right talent is crucial for success.
The vesting schedule and performance criteria attached to these awards also highlight the importance of aligning employee incentives with long-term company performance. By tying a portion of the employee's compensation to the company's stock price, Cutera is ensuring that their interests are aligned with those of the company.
However, new businesses should also note that such strategies require careful planning and compliance with relevant regulations, as demonstrated by Cutera's adherence to Nasdaq Listing Rules.
In conclusion, Cutera's approach to inducement grants offers valuable lessons for new businesses in designing effective employee incentive schemes.