SeaSpine Reports Granting of Inducement Awards

Rhea-AI Summary

SeaSpine Holdings Corporation (NASDAQ: SPNE) announced the issuance of inducement awards to nine new employees on February 1, 2021. The awards consist of options to purchase 16,533 shares and restricted stock units for an aggregate of 11,636 shares. The options' exercise price is set at $16.64, aligned with the closing stock price on the grant date. The vesting schedule includes 25% on the first anniversary and the remaining 75% in quarterly installments. The plan aims to incentivize new hires, as approved by the independent compensation committee in accordance with Nasdaq rules.

Positive

• Inducement awards issued to nine new employees, enhancing talent acquisition.
• Options and restricted stock units encourage long-term commitment and performance.

Negative

• None.

CARLSBAD, Calif., Feb. 05, 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 nine non-executive employees.

The awards were made on February 1, 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 16,533 shares of SeaSpine common stock and restricted stock unit awards with respect to an aggregate of 11,636 shares of SeaSpine common stock. The exercise price of the options was $16.64, which was the per-share closing price of SeaSpine’s common stock on the Nasdaq Global Market on February 1, 2021, the date the options were granted, and the options have an 8-year term. The options vest with respect to 25% of the shares subject to the option on the first anniversary of the grant date and as to the remaining 75% of the shares subject to the option in 12 substantially equal installments on each 3-month anniversary of the grant date thereafter. The restricted stock units vest in three substantially equal installments on each of the first three anniversaries of the grant date. 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 to meet the varying combinations of products 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 both orthobiologic sciences and spinal implants 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 awards did SeaSpine issue on February 1, 2021?

SeaSpine issued inducement awards consisting of options for 16,533 shares and restricted stock units for 11,636 shares.

What is the exercise price of SeaSpine's options?

The exercise price for the options is $16.64, matching the closing stock price on the grant date.

What is the vesting schedule for SeaSpine's options?

Options vest 25% on the first anniversary and 75% in quarterly installments thereafter.

Why were the inducement awards granted?

The awards were granted to incentivize new employees joining SeaSpine.

Who approved the awards at SeaSpine?

The awards were approved by the independent compensation committee of SeaSpine's board of directors.