Surgalign Holdings, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Surgalign Holdings, Inc. (NASDAQ: SRGA) has granted restricted stock unit awards totaling up to 9,259 shares to a non-executive employee. The awards were issued on July 1, 2022 under the 2021 Inducement Plan to incentivize employment acceptance. Vesting is structured with one-third vesting on the first anniversary, and the remaining shares vest quarterly thereafter, fully vesting by the third anniversary, dependent on continued employment. This award was approved by the independent Compensation Committee.

Positive

• Issuance of restricted stock units to a new employee incentivizes talent acquisition.
• Structured vesting schedule helps retain employee for a longer period.

Negative

• None.

DEERFIELD, Ill., July 06, 2022 (GLOBE NEWSWIRE) -- Surgalign Holdings, Inc. (NASDAQ: SRGA), a global medical technology company focused on elevating the standard of care by driving the evolution of digital health, today announced that it has granted restricted stock unit awards to one (1) employee, who was not an executive officer, as an inducement for them to accept employment with Surgalign, and representing the right to receive, in the aggregate, up to 9,259 shares of Surgalign common stock. The award was granted on July 1, 2022 and it was made under the Surgalign Holdings, Inc. 2021 Inducement Plan. One-third of the restricted stock units vest on the first anniversary of the date of grant, and one-eighth of the remaining restricted stock units vest on each subsequent quarterly anniversary of the date of grant, such that the award will be fully vested on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date.

The awards were approved by the independent Compensation Committee of the Board of Directors of Surgalign Holdings and were granted to the new employees as an inducement material to their acceptance of employment with Surgalign pursuant to Nasdaq rules.

About Surgalign Holdings, Inc.

Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital health and is building out its digital surgery platform to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, the company is building technologies surgeons will look to for what is truly possible for their patients. Surgalign is focused on bringing surgeons solutions that predictably deliver superior clinical and economic outcomes. Surgalign markets products throughout the United States and in more than 50 countries worldwide through an expanding network of top independent distributors. Surgalign is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Warsaw and Poznan, Poland and Wurmlingen, Germany. Learn more at www.surgalign.com and connect on LinkedIn and Twitter.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management's beliefs and certain assumptions made by our management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company's SEC filings may be obtained by contacting the company or the SEC or by visiting Surgalign's website at www.surgalign.com or the SEC's website at www.sec.gov.

Investor and Media Contact:
Glenn Wiener
IR@surgalign.com
+1 917 887 8434

 

FAQ

What is the significance of the stock awards granted by Surgalign (SRGA)?

The stock awards incentivize a non-executive employee to accept employment with Surgalign, helping the company recruit talent.

When were the restricted stock unit awards announced for Surgalign (SRGA)?

The restricted stock unit awards were announced on July 6, 2022.

How many shares were granted as stock awards by Surgalign (SRGA)?

Surgalign granted a total of up to 9,259 shares as restricted stock unit awards.

What is the vesting schedule for the stock awards from Surgalign (SRGA)?

One-third of the shares vest on the first anniversary of the grant date, with the remainder vesting quarterly thereafter, fully vesting by the third anniversary.