Company: OFIX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061062
Chunk: 65

Company: Orthofix Medical Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 65
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 in the case of the Chief Executive Officer, and up to 12 months in the case of the other current executives.

The executive’s time-based vesting restricted stock units and stock options will partially accelerate (fully accelerate following death or disability or if the termination occurs during the 24 months following a Change in Control), and the executive will receive 18 months post-separation to exercise stock options (36 months if the termination occurs during the 24 months following a Change in Control), subject to any earlier expiration of the term of the option.

The Company’s obligation to pay or provide the cash severance and COBRA reimbursement benefits described above are conditioned upon the executive signing a release of claims in favor of the Company and its affiliates by a specified date following separation from employment.

The agreements also incorporates by reference, among other things, existing covenants that exist with respect to confidentiality, assignment of intellectual property, non-competition and non-solicitation of employees.

The agreements do not guarantee any minimum levels of cash or equity-based compensation levels during an executive’s employment with the Company. The term of the agreements continue in effect until the earlier of (i) the parties’ satisfaction of their respective obligations or (ii) the execution of a written agreement between the Company and the executive terminating the agreement.

Separation and Release Agreement with Kimberley A. Elting

Ms. Elting departed the Company as an employee and officer effective July 5, 2024, after eight years of executive officer service at the Company and executive leadership transition activities that provided her with the right to receive certain “good reason”-based severance payments and equity award acceleration rights upon resignation under her Change in Control and Severance Agreement. Specifically, Ms. Elting was entitled to receive a severance payment of $1,657,260 and a pro rata amount of incentive compensation for 2024 of $220,624, per the CIC terms described above, with each amount being paid in January 2025, and $18,750 for outplacement services. Ms. Elting also became entitled to acceleration of unvested time-based vesting restricted stock units and stock options granted in or prior to January 2023.

In connection with her separation, the Committee and Ms. Elting negotiated and entered into a separation and release agreement. This agreement memorialized Ms. Elting’s rights to receive payments and benefits under her Change in Control and Severance Agreement, accelerated certain time-based vesting equity awards granted in

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