CARLSBAD, Calif., June 04, 2021 (GLOBE NEWSWIRE) -- SeaSpine Holdings Corporation (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced that it has issued inducement awards to Beau Standish and 44 non-executive employees in connection with the closing of its acquisition of 7D Surgical.
The awards were made on June 2, 2021 under SeaSpine’s 2020 Employment Inducement Equity Incentive Award Plan, which provides for the granting of equity awards to new employees of SeaSpine. The inducement awards consist of options to purchase an aggregate of 544,150 shares of SeaSpine common stock. The exercise price of the options was $19.99, which was the per-share closing price of SeaSpine’s common stock on the Nasdaq Global Market on June 2, 2021, the date the options were granted, and the options have an 8-year term. The options vest and become exercisable as to 25% of such shares on January 1, 2023 and as to the remaining 75% of such shares in 12 substantially equal installments on each 3-month anniversary thereafter. The awards were approved by the independent compensation committee of SeaSpine’s board of directors and were granted as an inducement material to the new employees entering into employment with SeaSpine in accordance with Nasdaq Marketplace Rule 5635(c)(4).
SeaSpine (www.seaspine.com) is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal implants solutions, as well as a market leading surgical navigation system, to meet the varying combinations of products and enabling technologies that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. SeaSpine’s orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine’s spinal implants portfolio consists of an extensive line of products to facilitate spinal fusion in degenerative, minimally invasive surgery (MIS), and complex spinal deformity procedures. Expertise in orthobiologic sciences, as well as spinal implants and software product development, allows SeaSpine to offer its surgeon customers a differentiated portfolio and a complete solution to meet their fusion requirements. SeaSpine currently markets its products in the United States and in approximately 30 countries worldwide through a committed network of increasingly exclusive distribution partners.
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Source: SeaSpine Holdings Corporation