SeaSpine Reports Granting of Inducement Awards
CARLSBAD, CA (July 8, 2022) - SeaSpine Holdings Corporation (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced it has issued inducement awards to 10 non-executive employees.
The awards were made on July 1, 2022 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 46,150 shares of SeaSpine common stock and restricted stock unit awards with respect to an aggregate of 28,650 shares of SeaSpine common stock. The exercise price of the options was $5.79, which was the per-share closing price of SeaSpine’s common stock on the Nasdaq Global Market on July 1, 2022, the date the options were granted, and the options have a 10-year term. The options vest with respect to 25% of the shares subject to the option on the first anniversary of the grant date and as to the remaining 75% of the shares subject to the option in 12 substantially equal installments on each 3-month anniversary of the grant date thereafter. The restricted stock units vest in three substantially equal installments on each of the first three anniversaries of the grant date. 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’s complete procedural solutions feature its market-leading FLASH™ Navigation, a system designed to improve accuracy of screw placement and provide a cost-effective, rapid, radiation-free solution to surgical navigation, and a comprehensive portfolio of spinal implants and orthobiologics to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to facilitate spinal fusion in degenerative, minimally invasive surgery (MIS), and complex spinal deformity procedures on the lumbar, thoracic and cervical spine. With product development expertise in advanced optics, software, orthobiologic sciences and spinal implants, SeaSpine can offer its surgeon customers a complete solution to meet their patients’ evolving clinical needs. SeaSpine currently markets its products in the United States and in approximately 30 countries worldwide.
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