ROSEVILLE, Minn., July 27, 2021 /PRNewswire/ -- Calyxt, Inc. (NASDAQ: CLXT), a plant-based biotechnology platform company, today announced that, in accordance with the offer letter entered into on July 15, 2021, it has granted, effective July 27, 2021 (the "Grant Date"), an inducement award to Michael A. Carr, Calyxt's newly appointed President and Chief Executive Officer.
Mr. Carr received an award of performance stock units ("PSUs") to acquire up to 600,000 shares of Calyxt's common stock. The PSUs will vest based on Calyxt's achievement for a period of 30 consecutive calendar days of specified trading price levels during a three-year performance period following the Grant Date (300,000 shares for a $12.00 price level, an additional 150,000 shares for a $15.00 price level and an additional 150,000 shares for a $20.00 price level).
The PSUs were granted outside of the Calyxt, Inc. 2017 Omnibus Incentive Plan (the "Omnibus Plan") pursuant to a newly-adopted Calyxt, Inc. 2021 Employee Inducement Incentive Plan (the "Inducement Plan"), which generally has terms and conditions consistent with those set forth in the Omnibus Plan. Mr. Carr will be the only participant in the Inducement Plan, and the PSUs awarded to Mr. Carr are the only awards that will be granted under the Inducement Plan.
The PSUs were granted as an inducement material to Mr. Carr's entry into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4) and were approved by Calyxt's independent directors.
About Calyxt
Calyxt (NASDAQ: CLXT) is a plant-based biotechnology platform company focused on delivering innovations that revolutionize how the world uses plants. Calyxt uses its advanced plant biotechnology platform to develop sustainable products and technologies for world-class customers and partners. For more information, go to www.calyxt.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as "anticipates," "believes," "continue," "estimates," "expects," "targets," "intends," "may," "might," "plans," "potential," "predicts," "projects," "should," or "will," the negative of these terms and other similar terminology. Forward-looking statements in this press release include statements about the advancement of Calyxt's business and industry leadership and the advancement and monetization of Calyxt's technologies under Mr. Carr's leadership. These and other forward-looking statements are predictions and projections about future events and trends based on our current expectations, objectives and intentions and premised on current assumptions. Our actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; the impact of increased competition; disruptions at our or our collaborators' key facilities; changes in customer preferences and market acceptance of our or our partners' products; competition for collaboration partners and licensees and the successful execution of collaborations and licensing agreements; the impact of adverse events during development; the impact of improper handling of our product candidates by unaffiliated third parties during development; failures by third-party contractors; inaccurate demand forecasting; the effectiveness of commercialization efforts by commercial partners or licensees; our ability to collect accounts receivable; commodity price conditions; the impact of changes or increases in oversight and regulation; disputes or challenges regarding intellectual property; proliferation and continuous evolution of new technologies; management changes; dislocations in the capital markets; and other important factors discussed under the caption entitled "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent filings on Form 10-Q or 8-K with the U.S. Securities and Exchange Commission.
Any forward-looking statements made by us are based only on information currently available to us when, and speaks only as of the date, such statement is made. Except as otherwise required by securities and other applicable laws we do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.
CONTACTS:
Calyxt Media Contact:
Patrick Milan
TUNHEIM
+1 (612) 695-1369
media@calyxt.com
Calyxt Investor Relations Contact:
Heather Savelle
Sherri Spear
Argot Partners
+1 (212) 600-1902
investors@calyxt.com
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SOURCE Calyxt, Inc.
