RTI SURGICAL, INC (NASDAQ:RTIX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers
Stock Option and Restricted Stock Grants. On May3, 2017,
the Compensation Committee approved awards of stock options and
time-based restricted stock to certain executive officers of the
Company to the 2015 Equity Incentive Plan (the Plan). The options
are exercisable for $4.60 per share (the closing price on the
date of grant) and will vest in five equal annual installments
beginning on the first anniversary of the date of grant. The
time-based restricted stock will vest in three equal annual
installments beginning on the first anniversary of the date of
grant. The time-based restricted stock awards and stock options
are subject to accelerated vesting upon the occurrence of a
Change in Control or termination without cause subject to certain
conditions as provided in the Plan.
In 2016, the Company awarded performance-based restricted stock
as part of the annual equity grant. During the past year the
Company changed both the composition of its Board of Directors
and its President and Chief Executive Officer. As a result, the
Company is in the process of changing its strategies and the
related long-term plans. During this transition period, the
Compensation Committee agreed with managements recommendation
that the most appropriate approach to the annual equity award was
a combination of time-based restricted stock and stock options,
which would, they believe, promote both employee retention and
focus on long-term value creation.
The table below sets forth the number of stock options and
time-based restricted stock awarded to the Companys chief
executive officer, chief financial officer and named executive
officers as reflected in the Companys most recently-filed proxy
statement:
|
Name |
Office |
Numberof Options | Numberof Restricted Stock | |||||||
|
Camille Farhat |
President and Chief Executive Officer; Director | |||||||||
|
RobertP.Jordheim |
Executive Vice President and Chief Financial Officer | 61,674 | 30,435 | |||||||
|
Johannes W. Louw |
Vice President, Corporate Controller | 26,432 | 13,043 | |||||||
|
Roger W. Rose |
President, RTI Donor Services, Executive Vice President | 39,461 | 13,000 | |||||||
|
John N. Varela |
Executive Vice President Global Operations | 48,458 | 23,913 |
About RTI SURGICAL, INC (NASDAQ:RTIX)
RTI Surgical, Inc. is engaged in producing orthopedic and other surgical implants that repair and promote the natural healing of human bone and other human tissues. The Company uses natural tissues, metals and synthetics process to produce its products. The Company’s business primarily consists of six categories, such as spine, sports medicine, ortho fixation, bone graft substitutes and general orthopedic (BGS and general orthopedic), dental and surgical specialties. It processes donated human musculoskeletal and other tissue, including bone, cartilage, tendon, ligament, fascia lata, pericardium, sclera and dermal tissue, and bovine and porcine animal tissue in producing allograft and xenograft implants utilizing BIOCLEANSE, TUTOPLAST and CANCELLE SP sterilization processes, and manufactures metal and synthetic implants for distribution to hospitals and surgeons. The Company distributes its implants and services in approximately 50 states and in over 45 countries across the world. RTI SURGICAL, INC (NASDAQ:RTIX) Recent Trading Information
RTI SURGICAL, INC (NASDAQ:RTIX) closed its last trading session down -0.03 at 4.62 with 206,514 shares trading hands.