On August 12, 2022, as part of the reduction in force, Clarus Therapeutics Holdings, Inc.' board of directors approved the consolidation of its accounting and finance function and eliminated the position of Chief Financial Officer. Accordingly, Richard Peterson, will step down as the Chief Financial Officer of Clarus effective August 31, 2022 and be replaced by Steven Bourne, who has been serving as Clarus' Chief Administrative Officer (and was former Chief Financial Officer of Clarus Therapeutics, Inc.).

Mr. Bourne will be appointed Chief Financial Officer and principal financial officer and principal accounting officer effective August 31, 2021. Mr. Bourne, 60, has served as Clarus' Chief Administrative Officer and Secretary since the closing of Clarus' business combination in September 2021. Prior thereto, he served as the Chief Administrative Officer of Clarus Therapeutics, Inc., or Legacy Clarus, beginning February 2021 and as its Secretary and Treasurer from February 2004, in each case through the closing of the business combination.

He previously served as Legacy Clarus' Chief Financial Officer from February 2004 to February 2021. Prior to that, from 2002 to 2003, Mr. Bourne served as Chief Financial Officer, Secretary and Treasurer at Anagen Therapeutics, Inc. Further, Mr. Bourne served as Controller, Secretary and Treasurer of Aksys Ltd., from 1996 to 2001. Mr. Bourne received a B.S. in Accounting from Miami University and is a Certified Public Accountant.