Doug Rice has been appointed as MiMedx Group, Inc.’s (Nasdaq: MDXG) Chief Financial Officer, effective today. He joins the Company following his nearly decade-long tenure as Orthofix Medical’s CFO, after the company’s recent merger with SeaSpine.
Prior to his position at Orthofix, Rice was CFO at Vision Source, and also held several finance leadership roles with McAfee and Concentra. He is a Certified Public Accountant and received his BBA with honors and his MBA from Southern Methodist University. Pete Carlson, who had served as Chief Financial Officer since March 2020, has resigned today from the role.
We are delighted to announce that Doug Rice has joined the MIMEDX team as our new Chief Commercial Officer! After a comprehensive search that yielded a range of highly qualified candidates, Doug’s years of experience in the healthcare industry will be invaluable in helping MIMEDX reach new heights.
Doug is excited to join Joe and the rest of our terrific team and is confident we can capitalize on numerous strategic opportunities. He is committed to enhancing the Company’s strategic positioning and working collaboratively with our stakeholders in the future. We are thrilled to have Doug on board and look forward to the exciting times ahead!
Inducement Grants
The Company recently approved a generous package of inducement awards for its new Chief Financial Officer, Mr. Rice. This package includes 162,000 performance stock units, 97,200 restricted stock units, and a non-qualified stock option to purchase 94,000 shares of the Company’s common stock. The stock option will have an exercise price equal to the closing price per share on the NASDAQ on July 5, 2023.
The performance stock units will vest based on a three year performance period ending on December 31, 2025, pending Mr. Rice’s continued employment. If there is a Change in Control of the Company during the performance period, then vesting of the PSUs at the target level (or the actual performance, if it is higher) will be accelerated upon Mr. Rice’s termination of employment without Cause or for Good Reason within two years of the Change in Control.
The Company has granted Mr. Rice Restricted Stock Units (RSUs), Performance Stock Units (PSUs) and Options, approved by the Board of Directors in reliance on the NASDAQ Listing Rule 5635(c)(4) employment inducement exemption. The RSUs will vest over the course of a three year period, one third annually, subject to Mr. Rice’s continued employment.
The Options have a four year vesting period, 25% per year, with an additional one year exercise period and a seven year expiration date. They will also vest in the case of a termination of employment due to Change in Control prior to the end of the vesting period. By granting these awards, the Company is publicly announcing the inducement awards in compliance with the listing rule, allowing Mr. Rice to benefit from these incentives.
About MIMEDX
MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company’s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life.
MIMEDX Safe Harbor Statement
MIMEDX is at an exciting inflection point, having built entrenched market-leading positions in Wound and Surgical Care. We are now well-positioned to capitalize on a range of strategic opportunities and expand our reach in these two critical sectors. However, there are a number of risks and uncertainties that could cause our actual actions, results, financial condition, performance or achievements to differ materially from any future actions, results, financial condition, performance or achievements expressed or implied by any such forward-looking statements. Investors should closely consider these risks detailed in the Risk Factors section of the Company’s most recent annual report and quarterly reports filed with the Securities and Exchange Commission before making any investment decisions.