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

Rhea-AI Summary

Surgalign Holdings announced the grant of restricted stock unit awards to twelve new employees, totaling 339,241 shares of common stock. This inducement, effective January 3, 2022, is part of the 2021 Inducement Plan. Vesting occurs in stages, with one-third vesting on the first anniversary and the remainder vesting quarterly, fully vesting by the third anniversary, contingent on continued employment.

The awards were approved by the independent Compensation Committee, aimed at enhancing recruitment under Nasdaq regulations.

Positive

• Inducement to attract talent through restricted stock units.
• Significant number of shares awarded (339,241), indicating company investment in human resources.

Negative

• None.

DEERFIELD, Ill., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Surgalign Holdings, Inc. (NASDAQ: SRGA), a global medical technology company focused on elevating the standard of care through the evolution of digital health, today announced that it has granted restricted stock unit awards to twelve employees, none of whom are executive officers, as an inducement for them to accept employment with Surgalign, and representing the right to receive, in the aggregate, up to 339,241 shares of Surgalign common stock. The awards were granted on January 3, 2022 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 significance of the restricted stock unit awards by Surgalign (SRGA)?

The restricted stock unit awards signify Surgalign's commitment to attracting talent, enhancing employee retention, and aligning employee interests with shareholder value.

When were the restricted stock unit awards granted by Surgalign (SRGA)?

The restricted stock unit awards were granted on January 3, 2022.

How many shares were involved in Surgalign's (SRGA) stock unit awards?

A total of 339,241 shares of common stock were awarded as part of the inducement.

What is the vesting schedule for the restricted stock units at Surgalign (SRGA)?

One-third of the restricted stock units vest on the first anniversary of the grant, with the remaining units vesting quarterly, fully vesting by the third anniversary.

Who approved the restricted stock unit awards at Surgalign (SRGA)?

The independent Compensation Committee of the Board of Directors approved the restricted stock unit awards.