Tenon Medical terminates exclusive distributor SpineSource; expects $4.6M Q4 charge

Tenon Medical, Inc.

Paid SpineSource $1M cash, plus $85K/mo for 6 months and commissions (20% net sales through 2023, then 10% until $3.6M).
Entered consulting agreement with SpineSource at $700K/yr plus quarterly performance bonus of $62.5K.
Company assumes all commercial distribution activities; SpineSource supports transition for 6 months.
Expects ~$4.6M charge in Q4 fiscal year from accrual of payments to SpineSource.
Termination follows April IPO; company aims to scale own commercial organization.

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