- James (Jim) Duffy and Greg Rhinehart Named Area Vice Presidents of Sales
- New leaders add significant spine-industry experience in building and leading dedicated sales channels
Mr. Duffy holds a Bachelor of Science in Business Management from Westfield State University.Greg Rhinehart Named AVP Sales, East Region With over two decades of spine and orthopedic sales leadership experience, Mr. Rhinehart brings significant expertise to Alphatec in developing high-performing sales organizations, and driving expansion and revenue growth. Prior to joining Alphatec, Mr. Rhinehart was the Vice President of Sales at Medicrea. Before that, Mr. Rhinehart held senior sales leadership roles at Globus Medical, Inc., where he most recently served as the Vice President of Sales for the Central U.S. region—a position he held for nine years. Under his leadership at Globus, Mr. Rhinehart successfully built a new sales organization to continue Globus' expansion in the Central U.S., significantly growing annual revenues. Prior to joining Globus, Mr. Rhinehart held multiple sales leadership roles in spine and orthopedics at DePuy Spine, Medtronic, Sulzer-Spinetech and DePuy Orthotech. Mr. Rhinehart holds a Bachelor of Science in Business Administration from Ohio State University. Inducement Awards Granted As an inducement to entering into employment with the Company and in accordance with NASDAQ Listing Rule 5635(c)(4) under Alphatec Holdings Inc.'s 2016 Employment Inducement Award Plan (the "Plan"), on March 30, 2017, the Compensation Committee of the Board of Directors of Alphatec Holdings, Inc. approved the following inducement awards:
- Mr. Duffy: 25,000 restricted stock units (RSUs) and an option to purchase 25,000 shares of common stock.
- Mr. Rhinehart: 25,000 restricted stock units (RSUs) and an option to purchase 25,000 shares of common stock.
The stock options will have an exercise price equal to the closing price per share of Alphatec's common stock as reported by NASDAQ on the date of grant (the first date of employment). The stock options will vest over four years, with 25% of the options vesting on the first anniversary of the date of grant and the remainder of the options vesting monthly over the subsequent three years, assuming in each case the employee remains continuously employed by Alphatec as of such vesting date. In addition, the options will fully vest upon a change in control of Alphatec.Alphatec is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4). About Alphatec Spine Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec Holdings, Inc., is a medical device company that designs, develops and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. The Company's mission is to improve lives by delivering advancements in spinal fusion technologies. The Company markets products in the U.S. via independent sales agents and a direct sales force. Additional information can be found at www.alphatecspine.com. Forward Looking Statements This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Alphatec Spine cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include the Company's ability to successfully expand in certain geographic regions, launch new products, deepen surgeon engagement, build brand awareness and accelerate growth. The words "believe," "will," "should," "expect," "intend," "estimate" and "anticipate," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainties in the Company's ability to execute upon its strategic operating plan; the uncertainty of success in launching new products and developing new products or products currently in the Company's pipeline; the failure to achieve acceptance of the Company's products by the surgeon community; continuation of favorable third party payor reimbursement for procedures performed using the Company's products; the Company's ability to compete with other competing products and with emerging new technologies; and the Company's ability to meet its financial obligations under its credit agreements and the Orthotec settlement agreement. Please refer to the risks detailed from time to time in Alphatec Holdings' SEC reports, including its Annual Report Form 10-K, as well as its other filings on Form 10-Q and periodic filings on Form 8-K. Alphatec Spine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
CONTACT: Investor/Media Contact:Christine ZedelmayerInvestor RelationsAlphatec Spine, Inc.(760) email@example.com