Company: PIII
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001140361-25-016302
Chunk: 45

Company: P3 Health Partners Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 45
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 bonus of 100% of base salary. Dr. Bacchus is entitled to participate in any employee benefit plan that the Company and its affiliates adopt, and the Company has agreed to maintain short-term and long-term disability insurance coverage for Dr. Bacchus during the employment term. The Bacchus Employment Agreement includes customary confidentiality and mutual non-disparagement provisions, as well as a standard non-compete restriction effective during employment and for 18 months thereafter and service provider/customer non-solicitation restrictions effective during employment and for 24 months thereafter. Under the terms of the Bacchus Employment Agreement, if his employment is terminated by the Company without “cause” or by Dr. Bacchus for “cause” (as defined in the Bacchus Employment Agreement), then, in addition to any accrued benefits through the date of termination, Dr. Bacchus will be entitled to receive the following severance payments and benefits, subject to his and the Company’s timely execution (and non-revocation) of a mutual release of claims: (i) cash severance in an aggregate amount equal to one-and-one-half times the sum of his (a) annual base salary then in effect and (b) target annual bonus amount, payable in equal monthly installments over an 18-month period following the date of termination; and (ii) Company-subsidized COBRA premiums for up to 18 months. If he terminates his employment without “cause”, then, in addition to any accrued benefits through the date of termination, he will be entitled to receive cash severance in an aggregate amount equal to one-and-one-half times the sum of his (i) annual base salary then in effect and (ii) target annual bonus amount, payable in equal monthly installments over an 18-month period following the date of termination. In addition, if his employment is terminated due to his death, then, in addition to any accrued benefits through the date of termination, he will be entitled to receive a pro-rated portion of his target bonus for the year of termination. Leif Pedersen Letter Agreement In connection with Mr. Pedersen’s appointment as Chief Financial Officer of the Company effective October 1, 2024, we entered into an Offer Letter, dated as of July 23, 2024 (the “CFO Offer Letter”), with him. The CFO Offer Letter provides for (i) a $440,000 annual base salary and (ii) eligibility to earn a target annual bonus equal to 50% of base