ATEC Announces Preliminary First Quarter 2021 Revenue Results and Provides Corporate Updates - Seite 3

“I am thrilled to welcome Todd to the ATEC Family,” said Miles. "He brings a wealth of med device experience, operational expertise, and international finance know-how that will be invaluable as ATEC evolves from a turnaround story into a global spine market share taker. Many of us worked with Todd in the past and we are eager to again leverage his prowess. We are grateful for Jeff’s contributions during his four years with the Company. He was instrumental in transforming the Company’s balance sheet and institutionalizing the shareholder base, enabling ATEC's ascent from a microcap stock to a billion-dollar enterprise. Given the strong foundation Jeff has established, we anticipate a seamless transition, and wish him the very best in his future pursuits.”

Quentin Blackford, Chairman of ATEC's Finance Committee, added, “I had the pleasure of working closely with Todd during our shared tenure at NuVasive. His track record of successfully building global organizations in rapid-growth environments will add considerable value to ATEC’s finance and accounting expertise as its business continues to expand. He is a trusted, accomplished leader who shares ATEC’s values of GRIT, integrity and accountability. He will be a great fit within the Company’s high-performance culture and I am excited about his prospective influence.”

Inducement Award 

As an inducement to entering into employment with the Company and in accordance with NASDAQ Listing Rule 5635(c)(4), effective as of April 19, 2021, the Compensation Committee of the Board of Directors has approved an inducement award to Mr. Koning of restricted stock units (RSUs) under the Company’s 2016 Employment Inducement Award Plan as follows: 150,000 RSUs of the Company’s common stock to vest in four equal annual installments on each of the first four anniversaries of date of employment; 40,000 RSUs of the Company’s common stock to vest in three equal annual installments on each of the first three anniversaries of February 18, 2021; and 10,000 Performance RSUs of the Company’s common stock to vest in three equal annual installments on each of the first three anniversaries of February 18, 2021, with such Performance RSUs leveraging from 0% to 500%, based on certain pre-defined metrics set by the Compensation Committee of the Board. Each of the foregoing inducement awards are conditioned upon Mr. Koning remaining continuously employed by the Company as of each such vesting date. In addition, the RSUs will vest fully upon a change of control.