Company: GMRE
Filing Date: 2025-03-31
Form Type: DEF 14A
Source: 0001104659-25-029872
Chunk: 72

Company: Global Medical REIT Inc.
Filing Date: 2025-03-31
Form: DEF 14A
Chunk 72
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 Severance Plan. The Severance Plan and the Employment Agreements contain similar restrictions on non-competition and non-solicitation. In addition, the Company may authorize discretionary severance payments, which are unknown at this time, to its NEOs upon termination. Time-Based LTIP Awards The Company’s benefit plans and award agreements generally refer to the terms and conditions of the Employment Agreements and Severance Plan with respect to accelerated vesting upon certain events. However, with respect to Mr. Barber and Ms. Holley, each award agreement generally provides for accelerated vesting upon the respective NEO’s termination of employment by the NEO for Good Reason (as defined below): 56 “Good Reason” generally means: (i) a material diminution in the NEO’s base salary; (ii) a material diminution or adverse change in the NEO’s title, duties or authority; (iii) a material breach by the Company or the Operating Partnership of any of its covenants or obligations under the relevant award agreement; or (iv) the relocation of the geographic location of the NEO’s principal place of employment by more than 50 miles from the location of the NEO’s principal place of employment. Annual and Long-Term Performance-Based Incentive Awards Qualified Termination— Earned LTIP Units will generally vest upon the date of a qualified termination (generally, a termination without cause, by executive for good reason, as a result of death or disability or retirement). Forfeiture restrictions are removed in the event of a termination of the executive’s position without “Cause” or for “Good Reason” or as a result of the executive’s retirement, although transfer and redemption restrictions remain until such dates as such executive’s awards would have vested absent such termination or retirement. With respect to any unearned LTIP Units as of the date of a qualified termination, the relevant performance metrics will be evaluated on the original valuation date for each plan as if such termination had not occurred and then, with respect to LTIP Units then earned, a partial service factor will be applied to determine that actual number of LTIP Units to issue to the NEO. Change-in-Control— Upon a Change-in-Control, with respect to the Annual Incentive Plan Awards, (i) if a Change-in-Control had occurred prior to the first anniversary of the effective date of the plan, the performance goals related to such plan would have been pro-rated based on the effective date of the Change-in-Control and the number of resulting earned LTIP Units would have been pro-rated based on the