Alphatec Holdings Inc. filed SEC Form 8-K: Leadership Update
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Salary Conversion Plan
On March 31, 2025, the Compensation Committee of the Board of Directors of Alphatec Holdings, Inc. (the “Company”) adopted a salary conversion plan (the “Plan”) under which the cash payment of base salaries for certain Company executives, including each Named Executive Officer (“NEO”), was reduced by 10%, 25%, or 50% and, in exchange, such Company executives, including each NEO, were granted restricted stock units (“RSUs”).
Under the terms of the Plan, each NEO was granted between 3,866 and 21,751 RSUs in lieu of that portion of their base salary compensation that would have been paid in cash for the period from March 31, 2025 through December 21, 2025. The number of RSUs granted was determined based on the closing price of the Company’s common stock on Monday, March 31, 2025. The RSUs will vest and be settled in shares of the Company’s common stock in two equal installments on August 5, 2025 and December 5, 2025, subject to the respective NEO’s continued employment with the Company on each vesting date.
The salary conversions do not constitute a change to, or amendment of, any employment agreement or similar arrangement between any NEO and the Company. Additionally, all applicable 2025 incentive compensation programs in which the NEOs participate will continue to reference and be based on each participating NEO’s base salary as in effect prior to the adoption of the Plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Alphatec Holdings. Inc. |
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Date: |
April 3, 2025 |
By: |
/s/ J. Todd Koning |
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J. Todd Koning |