Company: PIII
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001140361-25-016302
Chunk: 43

Company: P3 Health Partners Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 43
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ill” and will continue until terminated in accordance with the CEO Employment Agreement. The CEO Employment Agreement provides for (i) a $750,000 annual base salary, (ii) eligibility to earn a target or maximum annual bonus, as applicable, equal to up to 75% and 90%, respectively, of base salary, (iii) eligibility to participate in customary health and welfare benefit plans that the Company provides to its employees and senior executive officers, including short-term and long-term disability insurance coverage, and (iv) a jet card that entitles its holder to 40 hours of air time per calendar year, to be utilized for purposes directly related to the Company’s business interests. In connection with entering into the Employment Agreement, Dr. Coffman was granted awards under the Company’s 2024 Employment Inducement Incentive Award Plan (the “Inducement Plan”), covering an aggregate of 16,500,000 shares of the Company’s Common Stock (which amount does not reflect the Reverse Stock Split). Of this amount, (i) 12,100,000 shares (not reflecting the Reverse Stock Split) are subject to a non-qualified stock option (the “Option”), which vest and become exercisable based solely on the passage of time and (ii) 4,400,000 shares (not reflecting the Reverse Stock Split) will be subject to an RSU award (together with the option, the “Coffman Awards”), which will vest upon the attainment of both service-vesting and performance-vesting conditions. Under the terms of the CEO Employment Agreement, if Dr. Coffman’s employment is terminated by the Company without “cause” or by Dr. Coffman for “cause” (each, as defined in the CEO Employment Agreement), then in addition to the accrued benefits through the date of termination, he will be entitled to receive the following severance payments and benefits:

| • | continued Company-subsidized health care coverage for up to 12 months following the termination date; and |

| • | if such termination occurs within one year following certain qualifying corporate transactions, full accelerated vesting of the Coffman Awards. |

The severance payments and benefits described above are subject to Dr. Coffman’s execution and non-revocation of a general release of claims in favor of the Company and are in addition to any accrued amounts through the date of termination. In addition, if Dr. Coffman’s employment is terminated due to his death, then, in addition to any accrued benefits