NUVASIVE, INC. (NASDAQ:NUVA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On August15, 2017, NuVasive, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the appointment of Mr.RajeshJ. Asarpota as the Company’s Executive Vice President and Chief Financial Officer, effective as of September1, 2017. In this role, Mr.Asarpota will serve as the Company’s principal financial officer for purposes of the rules and regulations of the Securities and Exchange Commission. A copy of the Press Release is furnished as Exhibit99.1 to this Current Report.
Mr.Asarpota, age 50, has nearly 25 years of experience in financial and executive leadership roles across the healthcare industry. Mr.Asarpota began his career at General Electric, where from 1992-2004, he served in various finance roles, including key finance operating roles at GE Healthcare. From May 2004 to January 2014, Mr.Asarpota held a variety of senior finance roles at Life Technologies and its predecessor, Invitrogen, most recently as Vice President, Finance – Divisions, Operations, FP&A, Mergers& Acquisitions. Mr.Asarpota then joined Questcor Pharmaceuticals, a publicly-traded biopharmaceutical company, where he served as Senior Vice President, Chief Financial Officer and Principal Accounting Officer. Following the acquisition of Questcor Pharmaceuticals by Mallinckrodt in August 2014, Mr.Asarpota has held executive financial and operational roles at two private equity-backed companies, Cole-Parmer and Imaging Advantage. Mr.Asarpota served as Chief Financial Officer and Chief Operating Officer of Cole-Parmer, a global marketer, distributor and manufacturer of laboratory products, and most recently, he served as Chief Financial Officer of Imaging Advantage, a provider of radiology technology solutions. Mr.Asarpota earned a Bachelor of Commerce degree from the University of Bombay in Bombay, India and an MBA from Marquette University in Milwaukee, Wisconsin.
As Executive Vice President and Chief Financial Officer, Mr.Asarpota’s annual base salary will be $460,000, and he will be eligible to receive an annual bonus payment at a target level of $414,000, which will be pro-rated for 2017 based on his hire date. Mr.Asarpota will also receive a one-time long-term incentive award in the form of restricted stock units (“RSUs”), to be granted on September1, 2017 with a grant date value of $700,000. The number of shares of the Company’s common stock subject to the RSUs will be calculated by dividing the grant date value by the Company’s closing stock price on September1, 2017. The shares subject to the RSUs will cliff vest on September1, 2020, subject to Mr.Asarpota’s continued service with the Company and compliance with the terms of the grant agreement. Mr.Asarpota will also be eligible to receive a one-time performance cash bonus of up to $300,000 payable in March 2018 based on Company performance relative to revenue and operating margin targets for the fiscal year ended December31, 2017.The performance cash bonus is subject to a repayment obligation to the Company in the event Mr.Asarpota voluntarily terminates his employment for any reason or is terminated for “cause” prior to September1, 2019. Mr.Asarpota will also be eligible for other health, welfare and financial benefits provided to Company executives, including participation in the Company’s Executive Severance Plan.
Item 5.02 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press release issued by NuVasive, Inc. on August15, 2017 |
NUVASIVE INC ExhibitEX-99.1 2 d412771dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 NEWS RELEASE NUVASIVE APPOINTS RAJESH J. ASARPOTA AS CHIEF FINANCIAL OFFICER Financial and operational veteran to support Company’s continued growth strategy and profitability goals SAN DIEGO,…To view the full exhibit click here
About NUVASIVE, INC. (NASDAQ:NUVA)
Nuvasive, Inc. is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion. The Company’s biologics product line offerings includes allograft (donated human tissue), FormaGraft (a collagen synthetic product), Osteocel Plus and Osteocel Pro (each an allograft cellular matrix containing viable mesenchymal stem cells (MSCs)), and AttraX (a synthetic bone graft material), all of which are used to aid the spinal fusion or bone healing process.
