Company: OFIX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061062
Chunk: 39

Company: Orthofix Medical Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 39
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11% performance-based stock options. The Committee’s approval of the sign-on award reflected that Mr. Reinhardt would be leaving a senior leadership position at another life sciences company where he was receiving, and expected to continue to receive, competing long-term incentives.

Mr. Vitale was appointed as the Company’s Chief People and Business Operations Officer effective March 15, 2024. Mr. Vitale’s offer compensation included an annual base salary of $460,000, a target bonus of 70% of salary, and target long-term incentives of $3,000,000, delivered via a mix of 40% three-year cliff-vesting restricted stock units, 30% performance-based restricted stock units, 15% time-based restricted stock units, and 15% performance-based stock options. The Committee’s approval of the award, with 40% designed as a three-year cliff-vesting grant and intended as a one-time sign-on component, reflected that Mr. Vitale would be leaving his position as Chief Human Resources Officer at another life sciences company, where he was receiving, and expected to continue to receive, competing long-term incentives.

In connection with the appointment of Mr. Calafiore and Ms. Andrews, the respective interim positions held by Ms. Burzik and Mr. Gillespie terminated. Mr. Gillespie continues to serve as Chief Accounting Officer.

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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. 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 2023 and 2024, and provided for a 12-month extension of her stock option exercise period from the length provided under her Change in Control and Severance Agreement. In determining to approve the terms of this separation and release agreement, including the additional equity acceleration and extended stock option exercise period, the Committee took into account that the separation and release agreement (i) required Ms. Elting to comply with certain post-closing restrictive covenants, and that her sever