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
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
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.
Calyxt Media Contact:
+1 (612) 695-1369
Calyxt Investor Relations Contact:
+1 (212) 600-1902
View original content to download
SOURCE Calyxt, Inc.