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ORTHOPEDIATRICS CORP.

(KIDS)
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ORTHOPEDIATRICS CORP : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

11/04/2021 | 03:31pm EST

Item 1.01 Entry into a Material Definitive Agreement

On November 2, 2021, the Board of Directors of OrthoPediatrics Corp. (the "Company") adopted amendments to its Non-Employee Director Compensation Policy to be effective January 1, 2022. The changes will be to: (a) modify the annual restricted stock grant from 1,400 shares to a number of shares equivalent to $75,000 in value on the date of the annual shareholder meeting; (b) increase the cash quarterly meeting fee from $9,375 per each quarterly Board meeting attended to $18,750; (c) increase the annual fee for a person serving as chairperson of the Board, the Compensation Committee or the Corporate Governance Committee from $3,000 to $5,000; and (d) increase the annual fee for a person serving as chairperson of the Audit Committee from $3,000 to $10,000. This summary is qualified in its entirety by reference to the terms of the amended policy which is filed herewith as Exhibit 10.1.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective November 3, 2021, Bernie Berry, III has retired from the Company's Board of Directors after twelve years of service. The retirement was not as a result of any disagreement with the Company. The Board has appointed David R. Bailey, the Company's President and Chief Executive Officer, to fill the vacancy caused by Mr. Berry's retirement to serve in the Class of Directors whose terms expire at the annual shareholder meeting in 2024. Mr. Bailey has not been appointed to serve on any committees of the Board. Additional information relating to the background and business experience for Mr. Bailey is set forth in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 16, 2021, under the heading "Executive Officer and Director Compensation," which information is incorporated herein by reference. As an employee director, Mr. Bailey shall receive no compensation, nor participate in the Non-Employee Director Compensation Policy, for his services as a director. Mr. Bailey has not entered into any material plan, contract or arrangement (including any amendments or modifications thereto) in connection with his appointment as a director.

As part of Mr. Berry's retirement, the Board has agreed to grant to him an additional 2,119 shares of common stock under the Company's 2017 Incentive Award Plan and to accelerate the vesting of his remaining restricted stock grants.

Item 9.01. Financial Statements and Exhibits

  (d)   Exhibits
        Exhibit No.         Description
               10.1           OrthoPediatrics Corp. Non-Employee Director Compensation Policy,
                            effective January 1, 2022
                104         Cover Page Interactive Data File (embedded within the Inline XBRL
                            document).


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Financials (USD)
Sales 2021 98,0 M - -
Net income 2021 -23,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 -37,8x
Yield 2021 -
Capitalization 894 M 894 M -
Capi. / Sales 2021 9,13x
Capi. / Sales 2022 7,50x
Nbr of Employees 116
Free-Float 69,9%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 45,45 $
Average target price 77,17 $
Spread / Average Target 69,8%
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Managers and Directors
David R. Bailey President, Chief Executive Officer & Director
Fred L. Hite Director, Chief Operating & Financial Officer
Mark C. Throdahl Executive Chairman
Peter F. Armstrong Chief Medical Officer
Joel Batts Senior Vice President-Science & Technology
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