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 10 new employees as an inducement for their acceptance of employment. The total awards amount to 91,925 shares and were granted under the 2021 Inducement Plan. Vesting occurs in stages, with one-third vesting after one year, and the remainder vesting quarterly over two years. The awards were approved by an independent Compensation Committee. This move aligns with Surgalign's strategy to enhance its digital surgery platform and elevate surgical care standards.

Positive

• Granting of 91,925 restricted stock units as an inducement for new employees enhances talent acquisition.
• Approved by an independent Compensation Committee, ensuring governance and compliance.

Negative

• None.

DEERFIELD, Ill., Aug. 04, 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 restricted stock unit awards to 10 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 91,925 shares of Surgalign common stock. The awards were granted on August 2, 2021 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 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, Warsaw, 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:
Jonathon Singer
jsinger@surgalign.com
+1 224 303 4651‬

FAQ

What is Surgalign Holdings' recent stock award announcement?

Surgalign granted restricted stock unit awards totaling 91,925 shares to 10 new employees on August 2, 2021.

How many shares are involved in the restricted stock unit awards by Surgalign Holdings?

A total of 91,925 shares are involved in the restricted stock unit awards.

What does the vesting schedule look like for Surgalign Holdings' stock awards?

One-third of the units vest after one year, with the remaining units vesting quarterly over two years.

Who approved the stock awards for Surgalign Holdings?

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

Why were restricted stock units granted to Surgalign Holdings employees?

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