# EDGAR Filing Document

**Accession Number:** 0001637761
**File Stem:** 0001193125-23-001942
**Filing Date:** 2023-1
**Character Count:** 65160
**Document Hash:** 7a02a139a2a19b056e0954a8e9123568
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-001942.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001193125-23-001942

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230104

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SeaSpine Holdings Corp
- **CENTRAL INDEX KEY:** 0001637761
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 473251758
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36905
- **FILM NUMBER:** 23509700

**BUSINESS ADDRESS:**
- **STREET 1:** 5770 ARMADA DRIVE
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008
- **BUSINESS PHONE:** (760) 727-8399

**MAIL ADDRESS:**
- **STREET 1:** 5770 ARMADA DRIVE
- **CITY:** CARLSBAD
- **STATE:** CA
- **ZIP:** 92008

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 4, 2023

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## SeaSpine Holdings Corporation

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36905** | **47-3251758** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **5770 Armada Drive**<br> **Carlsbad, California** | **92008** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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#### 760-727-8399

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share | SPNE | The Nasdaq Global Select Market |

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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 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Selection 13(a) of the Exchange Act. ☐

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#### Introductory Note
At 12:01 a.m. Eastern Time on January 5, 2023, SeaSpine Holdings Corporation, a Delaware corporation ("<u>SeaSpine</u>"), and Orthofix Medical, Inc., a Delaware corporation ("<u>Orthofix</u>"), completed their previously announced merger. Pursuant to the Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), dated as of October 10, 2022, by and among Orthofix, Orca Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Orthofix ("<u>Merger Sub</u>"), and SeaSpine, Merger Sub merged with and into SeaSpine (the "<u>Merger</u>"), with SeaSpine continuing as the surviving company and a wholly-owned subsidiary of Orthofix following the transaction.

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| | |
|:---|:---|
| **Item 1.02** | **Termination of a Material Definitive Agreement.**  |

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In connection with the Merger, on January 5, 2023, SeaSpine is repaying all of the outstanding obligations in respect of principal, interest and fees under the Amended and Restated Credit Agreement (the "<u>Credit Agreement</u>"), dated July 27, 2018, among SeaSpine and Project Maple Leaf Holdings ULC, as guarantors, and SeaSpine Orthopedics Corporation, SeaSpine, Inc., ISOTIS, Inc., SeaSpine Sales LLC, ISOTIS Orthobiologics, Inc., Theken Spine, LLC, SeaSpine Orthopedics Intermediate Co, Inc., 7D Surgical USA Inc. and 7D Surgical ULC, as borrowers, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, and terminated all applicable commitments under the Credit Agreement.

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| | |
|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.**  |

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The information set forth in the Introductory Note is incorporated herein by reference.

At the effective time and as a result of the Merger, each share of SeaSpine common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive 0.4163 fully paid and nonassessable shares of Orthofix common stock (and, if applicable, cash in lieu of fractional shares), or the merger consideration, less any applicable withholding taxes. Also at the effective time of the merger, outstanding restricted stock units to acquire shares of SeaSpine common stock will be assumed by Orthofix and converted into restricted stock units to acquire shares of Orthofix common stock, and outstanding options to purchase shares of SeaSpine common stock will be assumed by Orthofix and converted into options to purchase shares of Orthofix common stock, in each case with necessary adjustments to reflect the exchange ratio.

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| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

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On January 5, 2023, SeaSpine requested that the NASDAQ Stock Market file with the SEC an application on Form 25 to withdraw the SeaSpine common stock from listing on the NASDAQ Global Select Market and terminate the registration of SeaSpine common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). In addition, SeaSpine intends to file with the SEC a certification and notice of termination on Form 15 to terminate the registration of its common stock under the Exchange Act and to suspend its reporting obligations under Section 15(d) of the Exchange Act.

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to the Rights of Security Holders.**  |

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The information set forth in the Introductory Note, Item 2.01, Item 3.01, Item 3.03 and Item 5.03 is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of Registrant.**  |

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As a result of the Merger, a change in control of SeaSpine occurred and the surviving entity of the Merger, SeaSpine, became a wholly-owned subsidiary of Orthofix. Immediately after the closing of, and giving effect to, the Merger, former SeaSpine stockholders own approximately 43.5% of Orthofix on a fully diluted basis and existing Orthofix stockholders own approximately 56.5% of Orthofix on a fully diluted basis.

The information about the Merger in the Introductory Note and Item 2.01, Item 3.01, Item 3.03 and Item 5.02 of this report is incorporated herein by reference.

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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.**  |

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As a result of the Merger and as of the effective time of the Merger, all of the current directors of the SeaSpine board of directors resigned from their directorships of SeaSpine and any committees of which they were a member. This was not a result of any disagreements between SeaSpine and its directors or officers on any matter relating to SeaSpine's operations, policies or practices. Each of Keith Valentine, Stuart M. Essig, John B. Henneman III and Shweta Singh Maniar will continue as directors of Orthofix in accordance with the provisions of the Merger Agreement.

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| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**  |

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Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, the Certificate of Incorporation of SeaSpine was amended and restated in the form of the Certificate of Incorporation that is filed as Exhibit 3.1 hereto and is incorporated herein by reference.

Pursuant to the terms of the Merger Agreement, the bylaws of Merger Sub as in effect at the effective time of the Merger became the bylaws of SeaSpine. The Amended and Restated Bylaws of SeaSpine are attached as Exhibit 3.2 hereto and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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On January 4, 2023, SeaSpine and Orthofix issued a joint press release announcing the completion of the Merger, effective at 12:01 a.m. Eastern Time. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Amended and Restated Certificate of Incorporation of SeaSpine Holdings Corporation](d447415dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Amended and Restated Bylaws of SeaSpine Holdings Corporation](d447415dex32.htm) |
| 99.1 | [Press Release, dated January 4, 2023](d447415dex991.htm) |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |

---

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#### 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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| | | |
|:---|:---|:---|
|  | **SEASPINE HOLDINGS CORPORATION** | **SEASPINE HOLDINGS CORPORATION** |
| Date: January 5, 2023 | By: | /s/ Patrick Keran |
|  | Name: | Patrick Keran |
|  | Title: | Senior Vice President, General Counsel |

---

## Exhibit 3.1

**Exhibit 3.1** 

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION** 

**OF** 

**SEASPINE HOLDINGS CORPORATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is: SeaSpine Holdings Corporation (the "Corporation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The address of the Corporation's registered office in the State of Delaware is 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware, 19808. The name of its registered agent at such address is: Corporation Service Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The nature of the business and the purposes to be conducted and promoted by the Corporation are to conduct any lawful business, to promote any lawful purpose and to engage in any lawful act or activity for which corporations may be organized under the Delaware General Corporation Law (the "<u>DGCL</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The total number of shares of stock which the Corporation shall have authority to issue is one thousand (1,000) shares of common stock, $0.001 par value per share (the "<u>Common Stock</u>"). Shares of the Common Stock may be issued from time to time as the Board of Directors of the Corporation (the "<u>Board</u>") shall determine and on such terms and for such consideration as shall be fixed by the Board. The amount of the authorized Common Stock of the Corporation may be increased or decreased by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock of the Corporation entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Elections of directors need not be by written ballot unless required by the Bylaws of the Corporation. Any director may be removed from office either with or without cause at any time by the affirmative vote of the holders of a majority of the outstanding Common Stock of the Corporation entitled to vote, given at a meeting of the stockholders called for that purpose, or by the consent of the holders of a majority of the outstanding Common Stock of the Corporation entitled to vote, given in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In furtherance and not in limitation of the powers conferred upon the Board by law, the Board shall have the power to make, adopt, alter, amend and repeal from time to time the Bylaws of the Corporation subject to the right of the stockholders entitled to vote with respect thereto to alter, amend and repeal Bylaws made by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a. To the maximum extent permitted by the DGCL, as the same exists or as may hereafter be amended, a director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the DGCL is amended after the date this Certificate of Incorporation becomes effective to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Corporation, to the fullest extent permitted by law, may indemnify and advance expenses to any person made or threatened to be made a party to an action, suit or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he or she, or his or her testator or intestate, is or was a director, officer, employee or agent of the Corporation or any predecessor of the Corporation, or serves or served at any other enterprise as a director, officer, employee or agent at the request of the Corporation or any predecessor to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Neither any amendment nor repeal of this <u>Section</u> <u>7</u>, nor the adoption of any provision of the Corporation's certificate of incorporation inconsistent with this <u>Section</u> <u>7</u>, shall eliminate or reduce the effect of this <u>Section</u> <u>7</u> in respect of any matter occurring, or any action or proceeding accruing or arising (or that, but for this <u>Section</u> <u>7</u>, would accrue or arise) prior to such amendment or repeal or adoption of an inconsistent provision.

*\*\*\**

## Exhibit 3.2

**Exhibit 3.2** 

**BYLAWS** 

**OF** 

**SeaSpine Holdings Corporation** 

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **ARTICLE I OFFICES** | **ARTICLE I OFFICES** | **1** |
| Section 1.1. | Registered Office | 1 |
| Section 1.2. | Other Offices | 1 |
| **ARTICLE II MEETINGS OF STOCKHOLDERS** | **ARTICLE II MEETINGS OF STOCKHOLDERS** | **1** |
| Section 2.1. | Place of Meetings | 1 |
| Section 2.2. | Annual Meetings | 1 |
| Section 2.3. | Special Meetings | 1 |
| Section 2.4. | Notice of Meeting | 1 |
| Section 2.5. | Quorum | 2 |
| Section 2.6. | Adjournments | 2 |
| Section 2.7. | Voting | 2 |
| Section 2.8. | Proxies | 2 |
| Section 2.9. | Inspectors of Election | 2 |
| **ARTICLE III BOARD OF DIRECTORS** | **ARTICLE III BOARD OF DIRECTORS** | **2** |
| Section 3.1. | Number | 2 |
| Section 3.2. | Election and Term of Office | 3 |
| Section 3.3. | Vacancies and Additional Directorships | 3 |
| Section 3.4. | Regular Meetings | 3 |
| Section 3.5. | Special Meetings | 3 |
| Section 3.6. | Waiver of Notice | 3 |
| Section 3.7. | Quorum and Manner of Acting | 3 |
| Section 3.8. | Telephonic Meetings | 4 |
| Section 3.9. | Resignation of Directors | 4 |
| Section 3.10. | Removal of Directors | 4 |
| Section 3.11. | Compensation of Directors | 4 |
| Section 3.12. | General Powers | 4 |
| **ARTICLE IV COMMITTEES OF THE BOARD** | **ARTICLE IV COMMITTEES OF THE BOARD** | **5** |
| Section 4.1. | Designation, Power, Alternate Members and Term of Office | 5 |
| Section 4.2. | Executive Committee | 5 |
| Section 4.3. | Meetings, Notices and Records | 5 |
| Section 4.4. | Quorum and Manner of Acting | 6 |
| Section 4.5. | Resignations | 6 |
| Section 4.6. | Removal | 6 |
| Section 4.7. | Vacancies | 6 |
| Section 4.8. | Compensation | 6 |
| **ARTICLE V OFFICERS** | **ARTICLE V OFFICERS** | **6** |
| Section 5.1. | Officers | 6 |
| Section 5.2. | Election, Term of Office and Qualifications | 6 |
| Section 5.3. | Subordinate Officers and Agents | 7 |
| Section 5.4. | Resignations | 7 |

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| | | |
|:---|:---|:---|
| Section 5.5. | Removal | 7 |
| Section 5.6. | Vacancies | 7 |
| Section 5.7. | General Duties of Officers | 7 |
| Section 5.8. | Salaries | 7 |
| **ARTICLE VI EXECUTION OF INSTRUMENTS AND DEPOSIT OF CORPORATE FUNDS** | **ARTICLE VI EXECUTION OF INSTRUMENTS AND DEPOSIT OF CORPORATE FUNDS** | 7 |
| Section 6.1. | Execution of Instruments Generally | 7 |
| Section 6.2. | Borrowing | 7 |
| Section 6.3. | Deposits | 8 |
| Section 6.4. | Checks, Drafts, etc. | 8 |
| Section 6.5. | Proxies | 8 |
| Section 6.6. | Other Contracts and Instruments | 8 |
| **ARTICLE VII RECORD DATES** | **ARTICLE VII RECORD DATES** | 8 |
| Section 7.1. | Record Dates | 8 |
| **ARTICLE VIII CORPORATE SEAL** | **ARTICLE VIII CORPORATE SEAL** | 9 |
| Section 8.1. | Corporate Seal | 9 |
| **ARTICLE IX FISCAL YEAR** | **ARTICLE IX FISCAL YEAR** | 9 |
| Section 9.1. | Fiscal Year | 9 |
| **ARTICLE X AMENDMENTS** | **ARTICLE X AMENDMENTS** | 9 |
| Section 10.1. | Amendments | 9 |
| **ARTICLE XI ACTION WITHOUT A MEETING** | **ARTICLE XI ACTION WITHOUT A MEETING** | 9 |
| Section 11.1. | Action Without A Meeting | 9 |
| **ARTICLE XII INDEMNIFICATION** | **ARTICLE XII INDEMNIFICATION** | 10 |
| Section 12.1. | Right to Indemnification | 10 |
| Section 12.2. | Advancement of Expenses | 10 |
| Section 12.3. | Claims | 10 |
| Section 12.4. | Non-Exclusivity of Rights | 10 |
| Section 12.5. | Amendment or Repeal | 11 |
| Section 12.6. | Other Indemnification and Advancement of Expenses | 11 |

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**ARTICLE I** 

**<u>OFFICES</u>**

Section 1.1. <u>Registered Office</u>. The corporation shall maintain a registered office in the State of Delaware. The registered office of the corporation and the registered agent of the corporation at such office may be changed from time to time by the corporation in the manner specified by the General Corporation Law of the State of Delaware, as amended (the "DGCL").

Section 1.2. <u>Other Offices</u>. The corporation may also have such other offices at such other places both within or outside of the State of Delaware as the Board of Directors may from time to time determine.

**ARTICLE II** 

**<u>MEETINGS OF STOCKHOLDERS</u>**

Section 2.1. <u>Place of Meetings</u>. Meetings of stockholders shall be held at any place, within or outside the State of Delaware, designated by the Board of Directors. The Board of Directors may, in its sole discretion, determine that any such meeting shall not be held at any physical place, but may instead be held by means of remote communication as authorized by Section 211 of the DGCL. In the absence of any such designation, stockholders' meetings shall be held at the registered office of the corporation.

Section 2.2. <u>Annual Meetings</u>. The annual meeting of the stockholders for the election of directors and for the transaction of such other business as properly may come before such meeting shall be held each year on such date, and at such time and place within or without the State of Delaware, as may be designated by the Board of Directors.

Section 2.3. <u>Special Meetings</u>. Special meetings of the stockholders for any proper purpose or purposes may be called at any time by the Board of Directors to be held on such date, and at such time and place within or without the State of Delaware, as the Board of Directors shall direct. A special meeting of the stockholders shall be called by the president or the secretary of the Corporation whenever stockholders owning a majority of the shares of the Corporation then issued and outstanding and entitled to vote on matters to be submitted to stockholders of the Corporation shall make application therefor in writing. Any such written request shall state a proper purpose or purposes of the meeting and shall be delivered to the president or the secretary of the Corporation.

Section 2.4. <u>Notice of Meeting</u>. Written notice, signed by the president, the secretary or any assistant secretary of the Corporation, of every meeting of stockholders stating the date and time when, and the place where, such meeting is to be held, shall be delivered either personally or by mail to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of such meeting, except as otherwise provided by law. The purpose or purposes for which such meeting is called may, in the case of an annual meeting, and shall in the case of a special meeting, also be stated in such notice. If mailed, such notice shall

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be directed to a stockholder at such stockholder's address as it shall appear on the stock books of the Corporation, unless such stockholder shall have filed with the president or secretary of the Corporation a written request that notices intended for such stockholder be mailed to some other address, in which case it shall be mailed to the address designated in such request. Whenever any notice is required to be given under the provisions of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or these Bylaws, a waiver thereof, signed by the stockholder entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent thereto. Attendance of a stockholder at the meeting shall be deemed equivalent to a written waiver of notice of such meeting.

Section 2.5. <u>Quorum</u>. The presence at any meeting of stockholders, in person or by proxy, of the holders of record of a majority of the shares then issued and outstanding and entitled to vote shall be necessary and sufficient to constitute a quorum for the transaction of business, except as otherwise provided by law.

Section 2.6. <u>Adjournments</u>. In the absence of a quorum, a majority in interest of the stockholders entitled to vote, present in person or by proxy, or, if no stockholder entitled to vote is present in person or by proxy, any officer entitled to preside at or act as secretary of a meeting of stockholders, may adjourn such meeting from time to time until a quorum shall be present.

Section 2.7. <u>Voting</u>. Directors shall be chosen by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of Directors, and, except as otherwise provided by law or by the Certificate of Incorporation, in all matters other than the election of Directors, the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders.

Section 2.8. <u>Proxies</u>. Any stockholder entitled to vote may vote by proxy, provided that the instrument authorizing such proxy to act shall have been executed in writing (which shall include telegraphing or cabling) by the stockholder himself or by such stockholder's duly authorized attorney.

Section 2.9. <u>Inspectors of Election</u>. The Board of Directors shall appoint one of more inspectors of election to serve at any election of directors and at balloting on any other matter that may properly come before a meeting of stockholders. If no such appointment shall be made, or if any of the inspectors so appointed shall fail to attend, or refuse or be unable to serve, then such appointment may be made by the presiding officer at the meeting.

**ARTICLE III** 

**<u>BOARD OF DIRECTORS</u>**

Section 3.1. <u>Number</u>. The number of directors which shall constitute the whole Board of Directors shall be fixed from time to time by resolution of the Board of Directors or stockholders (any such resolution of either the Board of Directors or stockholders being subject to any later resolution of either of them). The first Board of Directors and subsequent Boards of Directors shall consist of one director until changed as herein provided.

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Section 3.2. <u>Election and Term of Office</u>. Directors shall be elected at the annual meeting of the stockholders, except as provided in Section 3.3. Each director (whether elected at an annual meeting or to fill a vacancy or otherwise) shall continue in office until such Director's successor shall have been elected and qualified or until such Director's earlier death, resignation or removal in the manner hereinafter provided.

Section 3.3. <u>Vacancies and Additional Directorships</u>. If any vacancy shall occur among the directors by reason of death, resignation or removal, or as the result of an increase in the number of directorships, a majority of the directors then in office, or a sole remaining director, though less than a quorum, may fill any such vacancy.

Section 3.4. <u>Regular Meetings</u>. A regular meeting of the Board of Directors shall be held for organization, for the election of officers and for the transaction of such other business as may properly come before such meeting, within thirty days after each annual meeting of stockholders. The Board of Directors by resolution may provide for the holding of other regular meetings and may fix the times and places at which such meetings shall be held. Notice of regular meetings shall not be required to be given, provided that whenever the time or place of regular meetings shall be fixed or changed, notice of such action shall be mailed promptly to each director who shall not have been present at the meeting at which such action was taken, addressed to such director at such director's residence or usual place of business.

Section 3.5. <u>Special Meetings</u>. Special meetings of the Board of Directors shall be held upon call by or at the direction of the president or the secretary of the Corporation. Except as otherwise required by law, notice of each special meeting shall be mailed to each director, addressed to such director at such director's residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to such director at such place by electronic transmission, facsimile transmission or telephoned or delivered to him or her personally, not later than the day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation or these Bylaws.

Section 3.6. <u>Waiver of Notice</u>. Whenever any notice is required to be given under the provisions of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or these Bylaws, a waiver thereof, signed by the director entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent thereto. Attendance of a director at a meeting shall be deemed equivalent to a written waiver of notice of such meeting.

Section 3.7. <u>Quorum and Manner of Acting</u>. At each meeting of the Board of Directors the presence of a majority of the total number of members of the Board of Directors as constituted from time to time shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when the Board of Directors consists of one or two directors, then the one or two directors, respectively, shall constitute a quorum. In the absence of a quorum, a majority of those present at the time and place of any meeting may adjourn the

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meeting from time to time until a quorum shall be present and the meeting may be held as so adjourned without further notice or waiver. A majority of those present at any meeting at which a quorum is present may decide any question brought before such meeting, except as otherwise provided by law, the Certificate of Incorporation or these Bylaws. The Board of Directors may also act without a meeting so long as such action is taken with the unanimous written consent of the Board of Directors.

Section 3.8. <u>Telephonic Meetings</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.9. <u>Resignation of Directors</u>. Any director may resign at any time by giving written notice of such resignation to the Board of Directors. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.

Section 3.10. <u>Removal of Directors</u>. At any special meeting of the stockholders, duly called as provided in these Bylaws, any director or directors may be removed from office, either with or without cause, as provided by law. At such meeting a successor or successors may be elected by a plurality of the votes cast, or if any such vacancy is not so filled, it may be filled by the directors as provided in Section 3.3.

Section 3.11. <u>Compensation of Directors</u>. Directors shall receive such reasonable compensation for their services whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

Section 3.12. <u>General Powers</u>. The Board of Directors shall have all powers necessary or appropriate to the management of the business and affairs of the Corporation, and, in addition to the power and authority conferred by these Bylaws, may exercise all powers of the Corporation and do all such lawful acts and things as are not by statute, these Bylaws or the Certificate of Incorporation directed or required to be exercised or done by the stockholders. Notwithstanding anything in these Bylaws to the contrary, except to the extent prohibited by law, the Board of Directors shall have the right (which, to the extent exercised, shall be exclusive) to establish the rights, powers, duties, rules and procedures that from time to time shall govern the Board of Directors and each of its members, including without limitation, the vote required for any action by the Board of Directors, and that from time to time shall affect the directors' power to manage the business and affairs of the Corporation; and no Bylaw shall be adopted by stockholders which shall impair or impede the implementation of the foregoing.

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**ARTICLE IV** 

**<u>COMMITTEES OF THE BOARD</u>**

Section 4.1. <u>Designation, Power, Alternate Members and Term of Office</u>. The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. Any such committee, to the extent provided in such resolution and permitted by law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation or a facsimile thereof to be affixed to or reproduced on all such papers as said committee shall designate. The Board of Directors may designate one or more directors as alternate members of any committee who, in the order specified by the Board of Directors, may replace any absent or disqualified member at any meeting of such committee. If at a meeting of any committee one or more of the members thereof should be absent or disqualified, and if either the Board of Directors has not so designated any alternate member or members, or the number of absent or disqualified members exceeds the number of alternate members who are present at such meeting, then the member or members of such committee (including alternates) present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another director to act at such meeting in the place of any such absent or disqualified member. The term of office of the members of each committee shall be as fixed from time to time by the Board of Directors, subject to these Bylaws; provided, however, that any committee member who ceases to be a member of the Board of Directors shall *ipso facto* cease to be a committee member. Each committee shall appoint a secretary, who may be a Director or an officer of the Corporation.

Section 4.2. <u>Executive Committee</u>. If an Executive Committee is designated by the Board of Directors in accordance with the provisions of Section 4.1 hereof, the Executive Committee shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but the Executive Committee shall not have power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation's property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, amending the Bylaws of the Corporation, declaring a dividend or authorizing the issuance of stock. The provisions of Article III of these Bylaws shall apply to the Executive Committee.

Section 4.3. <u>Meetings, Notices and Records</u>. Each committee may provide for the holding of regular meetings, with or without notice, and may fix the times and places at which such meetings shall be held. Special meetings of each committee shall be held upon call by or at the direction of its chairman or, if there be no chairman, by or at the direction of any one of its members. Except as otherwise provided by law, notice of each special meeting of a committee shall be mailed to each member of such committee, addressed to such member at such member's residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to him at such place by telex, facsimile transmission, telegram, radio or cable, or telephoned or delivered to such member personally, not later than the

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day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these Bylaws. Notice of any meeting of a committee need not be given to any member thereof who shall attend such meeting in person or who shall waive notice thereof, before or after such meeting, in a signed writing. Each committee shall keep a record of its proceedings.

Section 4.4. <u>Quorum and Manner of Acting</u>. At each meeting of any committee the presence of a majority of its members then in office shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when a committee consists of one member, then the one member shall constitute a quorum. In the absence of a quorum, a majority of the members present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present and the meeting may be held as so adjourned without further notice or waiver. The act of a majority of the members present at any meeting at which a quorum is present shall be the act of such committee. Subject to the foregoing and other provisions of these Bylaws and except as otherwise determined by the Board of Directors, each committee may make rules for the conduct of its business.

Section 4.5. <u>Resignations</u>. Any member of a committee may resign at any time by giving written notice of such resignation to the Board of Directors. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.

Section 4.6. <u>Removal</u>. Any member of any committee may be removed at any time with or without cause by the Board of Directors.

Section 4.7. <u>Vacancies</u>. If any vacancy shall occur in any committee by reason of death, resignation, disqualification, removal or otherwise, the remaining member or members of such committee, so long as a quorum is present, may continue to act until such vacancy is filled by the Board of Directors.

Section 4.8. <u>Compensation</u>. Committee members shall receive such reasonable compensation for their services as such, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any committee member from serving the Corporation in any other capacity and receiving compensation therefor.

**ARTICLE V** 

**<u>OFFICERS</u>**

Section 5.1. <u>Officers</u>. The Corporation shall have such officers as are appointed from time to time by the Board of Directors.

Section 5.2. <u>Election, Term of Office and Qualifications</u>. Each officer (except such officers as may be appointed in accordance with the provisions of Section 5.3) shall be elected by the Board of Directors. Each such officer shall hold such office until such officer's successor shall have been elected and shall qualify, or until such officer's death, or until such officer shall have resigned in the manner provided in Section 5.4 or shall have been removed in the manner provided in Section 5.5.

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Section 5.3. <u>Subordinate Officers and Agents</u>. The Board of Directors may delegate to any officer or agent the power to appoint any subordinate officers or agents and to prescribe their respective terms of office, authorities and duties.

Section 5.4. <u>Resignations</u>. Any officer may resign at any time by giving written notice of such resignation to the Board of Directors. Unless otherwise specified in such written notice, such resignation shall take effect upon receipt thereof by the Board of Directors, and the acceptance of such resignation shall not be necessary to make it effective.

Section 5.5. <u>Removal</u>. Any officer may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors then in office. Any officer or agent appointed in accordance with the provisions of Section 5.3 may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors present at such meeting, or at any time by any superior officer or agent upon whom such power of removal shall have been conferred by the Board of Directors.

Section 5.6. <u>Vacancies</u>. A vacancy in any office by reason of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the manner prescribed by these Bylaws for regular election or appointment to such office.

Section 5.7. <u>General Duties of Officers</u>. Each officer shall perform those duties and have such powers as from time to time may be assigned to him by the Board of Directors.

Section 5.8. <u>Salaries</u>. The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors, except that the Board of Directors may delegate to any person the power to fix the salaries or other compensation of any officers or agents appointed in accordance with the provisions of Section 5.3. No officer shall be prevented from receiving such salary by reason of the fact that such officer is also a director of the Corporation.

**ARTICLE VI** 

**<u>EXECUTION OF INSTRUMENTS AND DEPOSIT OF CORPORATE FUNDS</u>**

Section 6.1. <u>Execution of Instruments Generally</u>. The Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation, and such authorization may be general or confined to specific instances.

Section 6.2. <u>Borrowing</u>. No loans or advance shall be obtained or contracted for, by or on behalf of the Corporation and no negotiable paper shall be issued in its name, unless and except as authorized by the Board of Directors. Such authorization may be general or confined to specific instances. Any officer or agent of the Corporation thereunto so authorized

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may obtain loans and advances for the Corporation, and for such loans and advances may make, execute and deliver promissory notes, bonds, or other evidences of indebtedness of the Corporation. Any officer or agent of the Corporation thereunto so authorized may pledge, hypothecate or transfer as security for the payment of any and all loans, advances, indebtedness and liabilities of the Corporation, any and all stocks, bonds, other securities and other personal property at any time held by the Corporation, and to that end may endorse, assign and deliver the same and do every act and thing necessary or proper in connection therewith.

Section 6.3. <u>Deposits</u>. All funds of the Corporation not otherwise employed shall be deposited from time to time to its credit in such banks or trust companies or with such bankers or other depositaries as the Board of Directors may select, or as may be selected by any officer or officers or agent or agents authorized so to do by the Board of Directors. Endorsements for deposit to the credit of the Corporation in any of its duly authorized depositaries shall be made in such manner as the Board of Directors from time to time may determine.

Section 6.4. <u>Checks, Drafts, etc</u>. All checks, drafts or other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers or agent or agents of the Corporation, and in such manner, as from time to time shall be determined by the Board of Directors.

Section 6.5. <u>Proxies</u>. Proxies to vote with respect to shares of stock of other corporations owned by or standing in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the President or by any other person or persons thereunto authorized by the Board of Directors.

Section 6.6. <u>Other Contracts and Instruments</u>. All other contracts and instruments binding the Corporation shall be executed in the name and on the behalf of the Corporation by those officers, employees or agents of the Corporation as may be authorized by the board of Directors. That authorization may be general or confirmed to specific instances.

**ARTICLE VII** 

**<u>RECORD DATES</u>**

Section 7.1. <u>Record Dates</u>. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall be not more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. Only those stockholders of record on the date so fixed shall be entitled to any of the foregoing rights, notwithstanding the transfer of any such stock on the books of the Corporation after any such record date fixed by the Board of Directors.

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**ARTICLE VIII** 

**<u>CORPORATE SEAL</u>**

Section 8.1. <u>Corporate Seal</u>. The Corporation may adopt a corporate seal in such form as the Board of Directors may from time to time determine. The Board of Directors may authorize the use of one or more facsimile forms of the corporate seal. In lieu thereof, the Corporation may use an impression or writing bearing the words "Corporate Seal" or "Seal" (which may but need not be enclosed in parenthesis, brackets or scroll), which shall be deemed to be the seal of the Corporation. The corporate seal need not be used unless its use is required by law, by these Bylaws, or by the Certificate of Incorporation.

**ARTICLE IX** 

**<u>FISCAL YEAR</u>**

Section 9.1. <u>Fiscal Year</u>. The financial year end of the Corporation may be determined by resolution of the Board of Directors and, failing such resolution, shall be December 31st of each year.

**ARTICLE X** 

**<u>AMENDMENTS</u>**

Section 10.1. <u>Amendments</u>. The Bylaws of the Corporation may be amended or repealed, and new Bylaws may be made, by the stockholders entitled to vote for the election of Directors at any Annual Meeting or Special Stockholder Meeting upon compliance with the notice of meeting, quorum and stockholder approval provisions of these Bylaws. The stockholders may also amend or repeal these Bylaws or adopt new Bylaws by an action by written consent taken in accordance with these Bylaws, or by an affirmative vote of a majority of the directors present at any organizational, regular, or special meeting of the Board of Directors.

**ARTICLE XI** 

**<u>ACTION WITHOUT A MEETING</u>**

Section 11.1. <u>Action Without A Meeting</u>. Any action which might have been taken under these Bylaws by a vote of the stockholders at a meeting thereof may be taken without a meeting, without prior notice and without a vote, if a consent in writing setting forth the action so taken, shall be individually signed by the holders of outstanding shares of stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Any action which might have been taken under these Bylaws by vote of the directors at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if all the members of the Board of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the Board of Directors or such committee.

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**ARTICLE XII** 

**<u>INDEMNIFICATION</u>**

Section 12.1. <u>Right to Indemnification</u>. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a "Covered Person") who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "proceeding"), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in Section 12.3, the Corporation shall be required to indemnify a Covered Person in connection with a proceeding (or part thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors of the Corporation.

Section 12.2. <u>Advancement of Expenses</u>. The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by a Covered Person in defending any proceeding in advance of its final disposition, provided, however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled to be indemnified under this Article XI or otherwise.

Section 12.3. <u>Claims</u>. If a claim for indemnification under this Article XI (following the final disposition of such proceeding) is not paid in full within sixty (60) days after the Corporation has received a claim therefor by the Covered Person, or if a claim for any advancement of expenses under this Article XI is not paid in full within thirty (30) days after the Corporation has received a statement or statements requesting such amounts to be advanced, the Covered Person shall thereupon (but not before) be entitled to file suit to recover the unpaid amount of such claim. If successful in whole or in part, the Covered Person shall be entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by law. In any such action, the Corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law.

Section 12.4. <u>Non-Exclusivity of Rights</u>. The rights conferred on any Covered Person by this Article XI shall not be exclusive of any other rights which such Covered Person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

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Section 12.5. <u>Amendment or Repeal</u>. Any right to indemnification or to advancement of expenses of any Covered Person arising hereunder shall not be eliminated or impaired by an amendment to or repeal of these Bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought.

Section 12.6. <u>Other Indemnification and Advancement of Expenses</u>. This Article XI shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify and to advance expenses to persons other than Covered Persons when and as authorized by appropriate corporate action.

## Exhibit 99.1

**Exhibit 99.1** 

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| ![LOGO](g447415g0105041234128.jpg) | ![LOGO](g447415g0105041234331.jpg) |

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**Orthofix and SeaSpine Announce Completion of Merger of Equals to Create a Leading Global Spine and Orthopedics Company** 

*Orthofix and SeaSpine Stockholders Approve Merger* 

**Lewisville, Texas — January 4, 2023 —** Orthofix Medical Inc. (NASDAQ: OFIX) and SeaSpine Holdings Corporation today announced the successful completion of their previously announced merger of equals following the approval of each company's stockholders at respective special meetings of stockholders held today. Of votes cast, 99% of SeaSpine common shares were voted in approval of the merger, and 98% of Orthofix common shares were voted in approval of the merger.

The merger will officially become effective as of 12:01 a.m. Eastern Standard Time on January 5, 2023, at which time, under the terms of the merger, a wholly-owned subsidiary of Orthofix will merge with and into SeaSpine, with SeaSpine continuing as the surviving company and a wholly-owned subsidiary of Orthofix. SeaSpine shares will cease trading on the Nasdaq Global Select Market at 8:00 p.m. Eastern Standard Time today, and holders of SeaSpine common stock will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. Orthofix, as the corporate parent entity in the combined company structure, will continue to trade on NASDAQ under the symbol "OFIX." The combined company will be renamed at a later date and until then will continue to be known as Orthofix Medical Inc.

The combined Orthofix is a leading global spine and orthopedics company with a complementary portfolio of biologics, innovative spinal hardware solutions, market-leading bone growth therapies, specialized orthopedic solutions and a leading surgical navigation system. The Company has approximately 1,600 employees, products distributed in 68 countries world-wide, and a global R&D, commercial and manufacturing footprint.

"The completion of this merger catalyzes our ambition to be an industry leader in spine and orthopedics," said Keith Valentine, President and CEO of Orthofix effective as of the closing. "I'm privileged to lead this talented team and excited for all of the opportunities that lie ahead. Together we are stronger and better positioned to deliver innovative, quality-driven solutions for surgeons in their work to improve patients' lives."

Jon Serbousek, Executive Chairman of the combined company's Board of Directors, said, "With broad, differentiated technologies, extensive commercial reach and a strong financial profile, we expect our combined company to drive meaningful market share gains, sustainable growth and value creation. We look forward to setting new standards of innovation and delivering on the many benefits we expect to provide for our shareholders, surgeons and employees."

**Board of Directors and Executive Leadership Team** 

Effective as of the closing of the merger, Orthofix's nine-member Board of Directors includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jon Serbousek, Executive Chairman (most recently President and CEO, Orthofix)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keith Valentine, Director, President and CEO (most recently President and Chief Executive Officer, SeaSpine)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cathy Burzik, Lead Independent Director (former President, and CEO, Kinetic Concepts, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stuart Essig, Ph.D., Independent Director (Managing Director, Prettybrook Partners LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jason Hannon, Independent Director (President, and CEO, Mainstay Medical International plc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• John Henneman, III, Independent Director (former Chief Financial Officer, Integra Lifesciences Holdings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• James Hinrichs, Independent Director (Co-Founder, Atmas Health)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shweta Singh Maniar, Independent Director (Global Leader, Healthcare & Life Science Solutions and
Strategy, Google Cloud)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael Paolucci, Independent Director (Executive Vice President, Chief People Officer, Mirati Therapeutics)

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In addition to Mr. Valentine, previously announced members of the combined company's executive leadership team include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suzanne Armstrong, Chief Human Resources Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• John Bostjancic, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roberto Donadello, Senior Vice President, Global Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kim Elting, President, Global Orthopedics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ehab Esmail, Senior Vice President, Global Quality, Regulatory and Clinical Affairs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Kenny, President, Global Spine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patrick Keran, Chief Legal Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tyler Lipschultz, President, Global Biologics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beau Standish, President, Global Enabling Technologies

**About the Combined Company** 

The newly merged Orthofix-SeaSpine organization is a leading global spine and orthopedics company with a comprehensive portfolio of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions and a leading surgical navigation system. Its products are distributed in 68 countries worldwide.

The Company is headquartered in Lewisville, Texas, and has primary offices in Carlsbad, CA, with a focus on spinal product innovation and surgeon education, and Verona, Italy, with an emphasis on product innovation, production, and medical education for Orthopedics. The combined company's global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, CA, Toronto, Canada, Sunnyvale, CA, Wayne, PA, Olive Branch, MS, Maidenhead, UK, Munich, Germany, Paris, France and Sao Paulo, Brazil.

**Inducement Grants Related to Merger with SeaSpine**

As inducements to enter into employment with Orthofix and its subsidiaries following the merger with SeaSpine, Mr. Valentine, Mr. Bostjancic and Mr. Keran are respectively being granted restricted stock units that settle into 140,515; 35,128; and 35,128 shares of Orthofix common stock, and options to purchase 338,264; 84,566; and 84,566 shares of Orthofix common stock, and 64 additional employees joining from SeaSpine are in the aggregate being granted restricted stock units that settle into 244,362 shares of Orthofix common stock and options to purchase 369,644 shares of Orthofix common stock. All awards vest over three years, with the first one-third tranche of each award vesting on the first anniversary of grant, and are conditioned on the applicable employee's continued service with Orthofix and its subsidiaries through the applicable vesting dates. The grants, which were approved by the Compensation & Talent Development Committee of Orthofix's Board of Directors (as constituted prior to the merger), are being made effective as of January 5, 2023 under a standalone inducement plan approved pursuant to Nasdaq Marketplace Rule 5635(c)(4), but on terms substantially the same as grants made in the ordinary course under the Company's 2012 Long Term Incentive Plan, as amended.

**Advisors** 

Perella Weinberg Partners LP served as financial advisor to Orthofix, and Hogan Lovells US LLP served as its legal counsel. Piper Sandler & Co. served as financial advisor to SeaSpine, and DLA Piper LLP (US) served as its legal counsel.

**Forward-Looking Statements** 

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes,"

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"estimates," "projects," "intends," "predicts," "potential," or "continue" or other comparable terminology. Forward-looking statements in this press release include, but are not limited to, statements about the benefits of the merger that combines SeaSpine Holdings Corporation with and into Orthofix Medical Inc.; the combined company's growth opportunities, path for profitability and long-term value for stockholders and its future financial outlook, including future revenues and cost synergies. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the failure to integrate the businesses and realize synergies and cost-savings from the transaction or delay in realization thereof; operating costs and business disruption following the transaction, including adverse effects on employee retention and on business relationships with third parties; transaction costs; actual or contingent liabilities; the adequacy of the combined company's capital resources; other business effects, including the effects of industry, economic or political conditions outside of the combined company's control; failure to achieve the anticipated benefits of new products, and the risks identified under the heading "Risk Factors" in Orthofix Medical Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 25, 2022, and SeaSpine Holdings Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 15, 2022, as well as both companies' subsequent Quarterly Reports on Form 10-Q and other information filed by each company with the SEC. Investors should not place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Orthofix's and SeaSpine's past filings with the SEC, as well as Orthofix's current and future filings (as parent in the combined company structure), available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this release, and Orthofix undertakes no obligation to update or revise any of these statements. The combined company's business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. Any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise.

**Contacts** 

Alexa Huerta

Investor Relations

Tel 214 937 3190

Denise Landry

Media Relations

Tel 214 937 2529