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Quotes & Info
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| NUVA > SEC Filings for NUVA > Form 8-K on 9-Oct-2012 | All Recent SEC Filings |
9-Oct-2012
Change in Directors or Principal Officers, Financial Statements and Exhibits
(b) On October 4, 2012, Jeffrey P. Rydin resigned from his position as President, Global Sales of NuVasive, Inc. (the "Company"). His resignation is effective March 31, 2013. Effective immediately, Mr. Rydin's U.S. sales responsibilities will be assumed on an interim basis by our Chairman and Chief Executive Officer, Alex Lukianov. Mr. Rydin's international sales responsibilities will be assumed by Russell Powers, who has been newly promoted to Executive Vice President of International. The Company has initiated a search for a full time President of Sales.
(e) On October 5, 2012, we entered into a letter agreement with Mr. Rydin in connection with his resignation as President, Global Sales of the Company. Pursuant to the agreement Mr. Rydin will remain as President, Global Sales of the Company through March 31, 2013 at his current salary and benefits. Mr. Rydin will not be eligible for a bonus under the Company's 2012 Executive Performance Bonus Program or for performance-based restricted stock units under the Company's 2012 Long Term Incentive Plan. Mr. Rydin will transition to a consultant role for the Company on April 1, 2013 at which time he will be paid consulting fees for approximately 20 hours of work per week as follows: $38,500 per month (through September 30, 2014); $10,000 per month (through September 30, 2015); and $5,000 per month (through September 30, 2016). Mr. Rydin's previously granted equity awards will continue to vest so long as Mr. Rydin is providing services to the Company under the consulting agreement.
The foregoing information is a summary of the agreement, is not complete, and is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached as an exhibit to this Current Report on Form 8-K.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits.
Exhibit
Number Description
10.1 Letter Agreement by and between NuVasive, Inc. and Jeffrey P. Rydin,
dated October 5, 2012.
99.1 Press release issued by NuVasive, Inc. on October 8, 2012 announcing
details relating to its third quarter 2012 earnings announcement and
relating to the transition of its President, Global Sales.
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