SeaSpine Reports Granting of Inducement Awards

Rhea-AI Summary

SeaSpine Holdings Corporation (NASDAQ: SPNE) has issued inducement equity awards to Beau Standish and 44 non-executive employees following the acquisition of 7D Surgical. The awards, approved by the independent compensation committee, involve options to purchase 544,150 shares at an exercise price of $19.99, equal to the closing price on June 2, 2021. These options have an 8-year term and will vest incrementally over the next few years, enhancing employee retention and aligning interests with company growth.

Positive

• Issuance of inducement awards to 44 non-executive employees can enhance retention and motivate the workforce.
• Acquisition of 7D Surgical may expand SeaSpine's portfolio and market presence.

Negative

• None.

CARLSBAD, Calif., June 04, 2021 (GLOBE NEWSWIRE) -- SeaSpine Holdings Corporation (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced that it has issued inducement awards to Beau Standish and 44 non-executive employees in connection with the closing of its acquisition of 7D Surgical.

The awards were made on June 2, 2021 under SeaSpine’s 2020 Employment Inducement Equity Incentive Award Plan, which provides for the granting of equity awards to new employees of SeaSpine. The inducement awards consist of options to purchase an aggregate of 544,150 shares of SeaSpine common stock. The exercise price of the options was $19.99, which was the per-share closing price of SeaSpine’s common stock on the Nasdaq Global Market on June 2, 2021, the date the options were granted, and the options have an 8-year term. The options vest and become exercisable as to 25% of such shares on January 1, 2023 and as to the remaining 75% of such shares in 12 substantially equal installments on each 3-month anniversary thereafter. The awards were approved by the independent compensation committee of SeaSpine’s board of directors and were granted as an inducement material to the new employees entering into employment with SeaSpine in accordance with Nasdaq Marketplace Rule 5635(c)(4).

About SeaSpine
SeaSpine (www.seaspine.com) is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal implants solutions, as well as a market leading surgical navigation system, to meet the varying combinations of products and enabling technologies that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. SeaSpine’s orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine’s spinal implants portfolio consists of an extensive line of products to facilitate spinal fusion in degenerative, minimally invasive surgery (MIS), and complex spinal deformity procedures. Expertise in orthobiologic sciences, as well as spinal implants and software product development, allows SeaSpine to offer its surgeon customers a differentiated portfolio and a complete solution to meet their fusion requirements. SeaSpine currently markets its products in the United States and in approximately 30 countries worldwide through a committed network of increasingly exclusive distribution partners.

Investor Relations Contact
Leigh Salvo
(415) 937-5402
ir@seaspine.com

FAQ

What are the details of the inducement awards issued by SeaSpine on June 2, 2021?

SeaSpine issued inducement awards consisting of options to purchase 544,150 shares at an exercise price of $19.99 as part of their 2020 Employment Inducement Equity Incentive Award Plan.

How could the acquisition of 7D Surgical impact SeaSpine's stock price?

The acquisition may potentially enhance SeaSpine's product offerings and market reach, positively influencing investor sentiment and stock performance.

What is the exercise price and vesting schedule for the options granted by SeaSpine?

The exercise price for the options granted is $19.99, with 25% of the shares vesting on January 1, 2023, followed by the remaining 75% vesting in equal installments every three months.

How many employees received inducement awards from SeaSpine?

A total of 44 non-executive employees and Beau Standish received inducement awards from SeaSpine.

What is the significance of the inducement awards in relation to SeaSpine's business strategy?

The inducement awards aim to attract and retain talent, aligning employee interests with the company's long-term growth objectives.