Company: AMWL
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0000950170-25-057290
Chunk: 56

Company: American Well Corp
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 56
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. The

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Additional Award, to the extent it becomes vested, will be settled in cash, unless the Board or the Committee determines in its sole discretion that it shall be settled in shares of the Company’s common stock.

Subsequently, on December 18, 2024, the Company announced that Mr. Hirschhorn was promoted to the position of Executive Vice President, Chief Financial Officer and Chief Operating Officer, effective December 17, 2024. The Company entered into an amended employment agreement with Mr. Hirschhorn under which Mr. Hirschhorn’s annual base salary was increased to $575,000, and he became eligible for an annual target bonus of 125% of his year-end annual base salary beginning in the 2025 fiscal year. As set forth in the employment agreement entered upon his hire, the amended employment provided that Mr. Hirschhorn would receive a $500,000 bonus for the 2024 fiscal year.

Other Elements of Compensation

Employee Stock Purchase Plan

Under the terms of our 2020 Employee Stock Purchase Plan (the “ESPP”), eligible employees are provided the opportunity to purchase shares of our Class A common stock through the exercise of stock options granted during offering periods established by the administrator based on participants’ applied payroll deductions of up to a fixed dollar amount or percentage of their eligible compensation. The purchase price per share of our Class A common stock will equal 85% of the lower of either (a) the Common Stock’s fair market value on the first trading day of an offering period (in either case, the “enrollment date”) or (b) the Common Stock’s fair market value on the applicable “purchase date” of the offering period. Neither the CEO nor the Executive Vice Chairman are eligible employees under the ESPP.

Retirement Benefits

We maintain a tax-qualified defined contribution plan (the “401(k) Plan”), in which our employees, including our named executive officers, are eligible to participate. Under the 401(k) Plan, participants may defer a portion of their annual compensation on a pre-tax or after-tax Roth basis. In addition, we make a matching contribution of up to 3% of a participant’s contribution subject to IRS contribution limits.

We do not provide a pension plan for employees (other than as may be statutorily required by applicable law) and none of our named executive officers participate in a non-qualified deferred compensation plan.

Employee Benefits

All of our full-time employees, including our NEOs