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

Rhea-AI Summary

Surgalign Holdings (NASDAQ: SRGA) granted 37,500 restricted stock units to an employee as an employment inducement on May 2, 2022. This award, part of the 2021 Inducement Plan, vests over three years, with one-third vesting after one year and the rest quarterly. The independent Compensation Committee approved the award. Surgalign is focused on enhancing digital health and surgical standards, operating in over 50 countries, with headquarters in Deerfield, IL. The company aims to deliver superior clinical and economic outcomes through innovative solutions.

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• Granting of 37,500 stock units could enhance employee retention and attract talent.

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• None.

DEERFIELD, Ill., May 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 him to accept employment with Surgalign, and representing the right to receive, in the aggregate, up to 37,500 shares of Surgalign common stock. The award was granted on May 2, 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:
Mike Vallie
IR@surgalign.com
+1 443 213 0499

FAQ

What is the recent stock award announcement by Surgalign Holdings (SRGA)?

Surgalign Holdings announced granting 37,500 restricted stock units to a new employee as an inducement for employment on May 2, 2022.

How will the stock awards vest for Surgalign employee?

The restricted stock units vest one-third after the first year and one-eighth quarterly thereafter, fully vesting after three years.

What is the purpose of the stock award given by Surgalign?

The stock award aims to induce employment acceptance and enhance talent attraction.

Who approved the stock awards at Surgalign Holdings?

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

How does Surgalign Holdings plan to drive digital health transformation?

Surgalign focuses on enhancing surgical standards through innovative technologies aimed at delivering superior clinical and economic outcomes.