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

Rhea-AI Summary

Surgalign Holdings, Inc. (NASDAQ: SRGA) has announced the granting of equity awards to five employees as an inducement for joining the company. This includes stock options for 202,971 shares at an exercise price of $1.73, and restricted stock units for 107,659 shares, with vesting schedules depending on continued employment. The awards, approved by the independent Compensation Committee, amount to a total of 467,404 shares under the Surgalign Holdings 2021 Inducement Plan, aimed at enhancing employee retention and alignment with company goals.

Positive

• Equity awards granted to five new employees to enhance retention and recruitment.
• Stock options and restricted stock units total 467,404 shares, incentivizing employee performance.

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• None.

DEERFIELD, Ill., May 11, 2021 (GLOBE NEWSWIRE) -- Surgalign Holdings, Inc. (NASDAQ: SRGA), a global medical technology company focused on elevating the standard of care through the evolution of digital surgery, today announced that it has granted equity awards to five employees, none of whom are executive officers, as an inducement for them to accept employment with Surgalign, and representing the right to purchase or receive, in the aggregate, up to 467,404 shares of Surgalign common stock. The awards were granted on May 7, 2021 under the Surgalign Holdings, Inc. 2021 Inducement Plan, and include a stock option award granted to Marc Mackey relating to 202,971 shares of Surgalign common stock at an exercise price of $1.73 per share and a restricted stock unit award granted to Mr. Mackey relating to 107,659 shares of Surgalign common stock. The remaining inducement awards were granted as restricted stock unit awards. One-fourth of the stock option award vests on the first anniversary of the date of grant, and 1/48th of the award vests on each subsequent monthly anniversary of the date of grant, such that the award will be fully vested on the fourth anniversary of the date of grant, subject to continued employment through the applicable vesting date. 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 surgery 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, a member of AdvaMed, is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Marquette, MI, 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:
Jonathon Singer
jsinger@surgalign.com
+1 224 303 4651‬

FAQ

What equity awards did Surgalign Holdings grant on May 7, 2021?

Surgalign Holdings granted equity awards totaling 467,404 shares, including stock options and restricted stock units, to five new employees.

What is the exercise price for the stock options granted by Surgalign?

The exercise price for the stock options granted by Surgalign is $1.73 per share.

Why did Surgalign Holdings grant these equity awards?

The equity awards were granted as inducements for new employees to accept employment with Surgalign and to enhance employee retention.

Who approved the equity awards at Surgalign Holdings?

The equity awards were approved by the independent Compensation Committee of the Board of Directors of Surgalign Holdings.

How long is the vesting schedule for the stock options at Surgalign?

One-fourth of the stock option award vests on the first anniversary, with the remainder vesting monthly over four years, contingent on continued employment.