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

Rhea-AI Summary

Surgalign Holdings (NASDAQ: SRGA) announced the granting of restricted stock unit awards to eight employees to incentivize their employment acceptance. The awards total up to 1,494,826 shares, with a significant allocation of 1,200,000 shares awarded to David Lyle on March 15, 2022. The vesting schedule allows one-third of the units to vest on the first anniversary and the remainder to vest quarterly over three years. This action follows Nasdaq rules and was approved by the independent Compensation Committee. Surgalign is committed to digital health and surgical innovation.

Positive

• Granting of 1,494,826 shares as restricted stock units incentivizes talent acquisition.
• The significant award to David Lyle indicates a strong commitment to leadership retention.

Negative

• None.

DEERFIELD, Ill., April 05, 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 eight (8) employees, as an inducement for them to accept employment with Surgalign, and representing the right to receive, in the aggregate, up to 1,494,826 shares of Surgalign common stock. Included in these awards was an award made to David Lyle for 1,200,000 shares on March 15, 2022. The remaining awards were granted on April 1, 2022. All awards were made under the Surgalign Holdings, Inc. 2021 Inducement Plan. In all cases, 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 are the details of the restricted stock unit awards by Surgalign (SRGA)?

Surgalign granted restricted stock unit awards totaling up to 1,494,826 shares to eight employees, with 1,200,000 shares awarded to David Lyle.

When will the restricted stock units granted by Surgalign vest?

One-third of the restricted stock units will vest on the first anniversary of the grant, with the rest vesting quarterly over the next two years.

Why did Surgalign grant stock awards?

The stock awards were granted as an inducement for new employees to accept employment with Surgalign.

Who approved the restricted stock unit awards at Surgalign?

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

What is the significance of the stock awards for Surgalign's future?

These awards are part of Surgalign's strategy to attract and retain talent, essential for driving innovation in the digital health sector.