Document:

nuva-ex1039_421.htm

 

Exhibit 10.39

June 19, 2018

 

 

 

Dear Nate,

 

Congratulations on your promotion to the role of Leader, General Counsel. Your external/ business card title is Senior Vice President, General Counsel and Corporate Secretary. Your commitment and dedication to your work and the continued success of NuVasive sets an example for our Shareowners and is instrumental in our efforts to transform spine surgery and change lives. In this role you will report to me, Greg Lucier, Chairman and CEO. We would like for you to begin your role in this capacity on June 29, 2018.  

 

I am pleased to present you with changes to your compensation package, effective June 29, 2018 and detailed below.

 

JOB TITLE, CAREER BAND, & NEW COMPENSATION 

Internal Job Title: Leader, General Counsel

Career Band: P12

 

Compensation and 2018 Annual Bonus target percentage: 

				
	
 
	
Current
	
New
	
Change

	
Annual Base Salary

(effective June 29, 2018)
	
$300,000 
	
$360,000
	
20%

	
 
	
 
	
 
	
 

	
Annual Bonus Target %* 

(effective June 29, 2018) 
	
35% 
	
60% 
	
35% 

	
 
	
 
	
 
	
 

	
Annual Target Total Cash Opportunity: 
	
$405,000
	
$576,000
	
42%

* Above table is for illustrative purposes only. You are eligible for the discretionary annual corporate bonus plan which depends upon the Company's successful achievement of its operational goals and your overall performance against your goals. This bonus requires that you be employed in good standing on the payout date (which is generally the first week of March, in the following year). Bonus target changes after April 1 of the plan year ore adjusted to account for changes during the plan year. Your Bonus Target amount shall equal the sum of your Eligible Earnings for the period of time in role multiplied by the respective Target Bonus Percentage for each bonus-eligible role you occupied during the plan year.

 

We expect to provide you with a 2019 annual LTI award that has a grant face value of $600,000, which is expected to be made in March 2019. The value and form of award is subject to approval by NuVasive' s Board of Directors or its delegate and will be governed by the terms of the applicable grant agreement(s).

 

Also, your individual Change-in-Control Agreement (which requires a "double-trigger" of events before any respective severance benefits are payable) has been amended to reflect a severance multiple of 1.5x (versus the current 1.0x).

 

    Main. 858.909.18007475 Lusk Boulevard, San Diego, CA 92121Fax. 858.909.2000

 

 

I appreciate your contributions in taking NuVasive forward in 2018 and look forward to the work our team will do in helping NuVasive own the spine market. If you have any questions regarding your compensation, please don't hesitate to reach out to me or your HR representative.

 

Keep up the great work and let's crush it!

 

To an outstanding 2018, 

 

 

/s/ Greg Lucier

Greg Lucier

Chairman and CEO

 

 

Please sign below indicating your understanding and acceptance of this new role and return the fully executed letter to Chris Collins. You should keep a copy of this letter for your records.

 

/s/ Nathaniel Sisitsky6/21/18

Nate SisitskyDate

 

 

    Main. 858.909.18007475 Lusk Boulevard, San Diego, CA 92121Fax. 858.909.2000nuva-ex1040_422.htm

 

Exhibit 10.40

February 25, 2019 

Dear Paul McClintock,

As a NuVasive Shareowner, you play an integral role in fulfilling our purpose, embodying our core values and driving towards our priorities. Your individual contributions and commitment fuel our organization, helping us outperform the competition and change more patient lives around the world. Thank you for your work this past year and we look forward to what we will build together in 2019!

 

2019 COMPENSATION

 

				
	
 
	
Current
	
New
	
Change

	
Annual Salary

(effective February 25, 2019)
	
$386,250
	
$398,000
	
3.0%

	
 
	
 
	
 
	
 

	
Annual Bonus Target %

(effective January 1, 2019)
	
75%
	
75%
	
 

	
Annual Total Target Cash
	
$675,938
	
$696,500
	
3.0%

*You will be eligible for the 2019 Annual Discretionary Company Bonus Plan which depends upon the Company's successful achievement of its operational goals and your overall performance against your goals. This bonus requires you be employed in good standing on the payout date (which is generally the first week of March, in the following year).

 

2018 ANNUAL DISCRETIONARY COMPANY BONUS

 

The NuVasive Annual Discretionary Company Bonus is dependent on a Shareowner’s overall performance against their individual goals and the Company’s successful achievement of its operational goals. Taking this into consideration, I am pleased to share the below details of your 2018 Annual Discretionary Company Bonus award in recognition of your contributions to the team and Company:

 

2018 Annual Discretionary Company Bonus Award

 

		
	
Eligible Earnings:
	
$386,250

	
Bonus Target %:
	
75%

	
Individual Modifier:
	
100%

	
Individual Bonus Calculation:
	
$289,687

	
Company Modifier:
	
95%

	
2018 Annual Bonus Award:

 

 

 

 

 

 

 
	
$275,203

 

 

 

 

LONG TERM INCENTIVE GRANT

 

Long-term incentive awards (LTI) recognize NuVasive Shareowners who exhibit outstanding performance and exceptional dedication to driving results. I am pleased to present you with a 2019 LTI award with an economic grant value of $750,000 USD which will cliff vest on the third anniversary of the grant date, subject to approval by NuVasive’s Board of Directors or its delegate. The grant date for this award is March 1, 2019, and the award will be delivered in the form of 50% Restricted Stock Units (RSUs), 25% Performance RSUs, and 25% Performance Cash. In the coming weeks, you will receive an email notification from E*TRADE with a confirmation of your 2019 LTI award and actions you need to take to accept the grant.

 

A summary of your 2019 LTI award, which will cliff vest on the third anniversary of the grant date, is as follows:

 

–RSUs: 50% of your award will be delivered in the form of time-based RSUs. The number of RSUs granted will be determined by dividing 50% of the economic grant value of your 2019 LTI award by NuVasive’s closing stock price on March 1, 2019.

 

–Performance RSUs: 25% of your award will be delivered in the form of performance-based RSUs (PRSUs). The target number of PRSUs granted will be determined by dividing 25% of the economic grant value of your 2019 LTI award by NuVasive’s closing stock price on March 1, 2019.

 

–Performance Cash: 25% of your award will be delivered in the form of performance cash. The target value of your Performance Cash award will be equal to 25% of the economic grant value of your 2019 LTI award.

 

On behalf of the Company, thank you for your hard work and dedication in 2018. I appreciate your contributions to our team and look forward to your continued growth and development in the year ahead. If you have any questions regarding your compensation, please don’t hesitate to reach out to me or your HR partner.

 

 

 

/s/ Chris Barry

Chris Barrynuva-ex1041_423.htm

 

Exhibit 10.41

November 11, 2019

 

Paul McClintock

 

 

Dear Paul, 

 

This letter is to confirm your new full-time, exempt role of Leader, Sales U.S. West with NuVasive, Inc. (territory to be defined).  Your external/business card title will be Vice President, Sales.  In this role you will report to the Americas Region Leader and we would like for you to begin your new role in this capacity effective January 1, 2020. 

 

The changes to your compensation package will be effective January 1, 2020 and are detailed below. 

 

JOB TITLE, CAREER BAND, & COMPENSATION 

Internal Job Title: Leader, Sales U.S. West 

Career Band: 11 

Target Direct Compensation Package: 

		
	
 
	
New 

	
Annual Salary/Hourly Rate 

(January 1, 2020) 
	
$398,000

	
Annual Bonus Target %* 

(January 1, 2020) 
	
50% 

	
 
	
 

	
Annual Target Total Cash Opportunity: 
	
$597,000

 

You will continue to be eligible for the 2019 Corporate Discretionary Bonus Plan through December 31, 2019, which is expected to be paid on or before March 15, 2020.  Any payment of a bonus under the 2019 Corporate Discretionary Bonus Plan is discretionary and shall be subject to and conditioned upon your compliance with the terms thereof, including your continued employment through the date of payment.  Effective January 1, 2020, you will be eligible to participate in the 2020 Global Commercial Leader Incentive Plan.  A copy of the plan will be provided in January 2020 once it has been finalized.

 

The target annual LTI award for Band 11 in 2020 is $240,000, and the grant is expected to be made in March 2020. The value and form of award is subject to approval by NuVasive’s Board of Directors or its delegate and will be governed by the terms of the applicable grant agreement(s).

 

Additionally, you will be eligible to earn a one-time special retention bonus of $360,000 USD, less applicable taxes and other withholdings, to be paid in accordance with NuVasive’s normal payroll practices on or about January 1, 2020 (“Retention Bonus”).  Payment of the Retention Bonus is subject to and conditioned upon your agreement to the Amended and Restated Proprietary Information, Inventions Assignment, Arbitration and Restrictive Covenant Agreement in form and substance satisfactory to NuVasive.  Further, the Retention Bonus shall be subject to your agreement to the Benefits Repayment Obligation, as outlined below.

 

 

The Benefits Repayment Obligation requires you to repay the Retention Bonus to NuVasive, if within 24 months following the date the Retention Bonus is paid to you, you (a) voluntarily terminate your employment for any reason or (b) are terminated for “cause.” In the event of such a termination, you agree repay to NuVasive the full gross amount of the Retention Bonus on the effective date of your termination of employment.

 

For purposes of the Benefits Repayment Obligation, “cause” means theft, dishonesty or misconduct with respect to your employment or otherwise relating to the business of NuVasive; material neglect of duties; falsification of any employment or NuVasive’s records; improper use or disclosure of NuVasive’s trade secret or confidential information; violation of or failure to comply with NuVasive’s Code of Conduct; conviction or plea of nolo contendere to a felony if such conviction or plea is likely to harm the business or reputation of NuVasive; or other conduct that is likely to have an adverse effect on the name or public image of NuVasive.

 

Also, as Leader, Sales U.S. West, you will continue to be eligible for NuVasive’s executive benefits package, which currently includes an annual executive physical, executive financial planning and eligibility to participate in a deferred compensation plan.  Further, as a Band 11, you will continue to be eligible for benefits under the NuVasive Executive Severance Plan, in accordance with the terms thereof. In addition, you will also be subject to NuVasive’s stock ownership guidelines, which require that you acquire and maintain ownership of NuVasive stock with a value equal to one times (1x) your base salary, subject to and in accordance with the terms of the guidelines.

 

The changes to your compensation package herein shall in no way modify or terminate your rights to your bonus under that certain Milestone Bonus Agreement, dated July 27, 2017, which is payable in 2020 (the “Milestone Bonus”) or your rights to your bonus under the 2018 Corporate Discretionary Bonus Plan, for which you elected to defer payment until 2020 (the “2018 Bonus”). In each case, you shall remain eligible to receive such bonus payments in accordance with the terms of the agreements therefor. You shall also remain eligible for the benefits afforded to you under that certain Change in Control Agreement dated as of April 2, 2019, between you and NuVasive, which shall remain in full force and effect in accordance with its terms (the “CIC Agreement”).   Further, to the extent benefits become payable to you under the CIC Agreement, such benefits shall be in addition to any amounts payable to you with respect to the Milestone Bonus and 2018 Bonus. For avoidance of doubt, such bonus payments shall not be treated as a severance plan, policy, contract or arrangement for purposes of the CIC Agreement.

 

Your employment with NuVasive remains “at-will.”  This means your employment is not for any specified period of time and can be terminated by you or NuVasive at any time for any reason, with or without cause or advance notice.

 

I look forward to your continued dedication to driving our purpose and priorities as we continue to build the future of NuVasive together. If you have any questions regarding your compensation, please don’t hesitate to reach out to me or your HR representative. 

  

Sincerely, 

  

 /s/ Matt Link

Matt Link

President

 

 

 

 

Acknowledged and Agreed

 

 

 

/s/ Paul McClintock____________11-14-19

Paul McClintockDate

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