Surgalign Holdings, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
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.
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Released May 11, 2021