SeaSpine Holdings Corporation (NASDAQ:SPNE) 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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 29, 2018, the Board of Directors of SeaSpine Holdings Corporation (the “Company”) approved the SeaSpine Holdings Corporation 2018 Employment Inducement Incentive Award Plan (the “Inducement Plan”). The terms of the Inducement Plan are substantially similar to the terms of the Company’s 2015 Incentive Award Plan with two principal exceptions: (1) incentive stock options may not be granted under the Inducement Plan; (2) there are no annual limits on awards that may be issued to an individual under the Inducement Plan; and (3) awards granted under the Inducement Plan are not required to be subject to any minimum vesting period. The Inducement Plan was adopted by the Company’s Board of Directors (the “Board”) without stockholder approval to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The Board has initially reserved 2,000,000 shares of the Company’s common stock for issuance to awards granted under the Inducement Plan. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the Board or of any board of directors of any parent or subsidiary of the Company, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary.
A complete copy of the Inducement Plan and the forms of award agreements to be used thereunder will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2018, and are hereby incorporated herein by reference. The above summary of the Inducement Plan does not purport to be complete and is qualified in its entirety by reference to such exhibits.
About SeaSpine Holdings Corporation (NASDAQ:SPNE)
SeaSpine Holdings Corporation is a medical technology company. The Company is focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. The Company operates through the development, manufacture and marketing of orthobiologics and spinal fusion hardware segment. It has a portfolio of orthobiologics and spinal fusion hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures in the lumbar, thoracic and cervical spine. It offers a portfolio of orthobiologics and spinal fusion hardware products for the treatment of patients suffering from spinal and other orthopedic disorders. Its orthobiologics products consist of a range of bone graft substitutes that are designed to improve bone fusion rates following a range of orthopedic surgeries, including spine, hip and extremities procedures.
