Company: OFIX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061062
Chunk: 62

Company: Orthofix Medical Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 62
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 2025, and the remaining two-thirds are subject to vesting in substantially equal quarterly installments thereafter.

(12)One-third of these options are subject to vesting on March 15, 2025, and the remaining two-thirds are subject to vesting in substantially equal quarterly installments thereafter.

(13)The remaining unvested restricted stock units are subject to vesting on April 1, 2025.

(14)One-half of these unvested restricted stock units are subject to vesting on each of February 1, 2025 and 2026.

(15)One-half of these unvested restricted stock units are subject to vesting on each of January 5, 2025 and 2026.

(16)These amounts represent the number of performance stock unit awards granted in 2022 that were converted to restricted stock units. Under the applicable award agreements, in the event of a “change in control” (as defined in the applicable equity plan), (i) performance goals are deemed achieved at the greater of target or the percentage achievement that the awards were on pace to achieve as of the consummation of the change in control, and (ii) the awards become time-based awards that vest upon the (x) executive’s continued service through the end of the original performance period or (y) the executive’s earlier death, disability, termination by Orthofix without cause or termination by the executive for “good reason”. After review and consideration of the circumstances, the Company’s Board determined in October 2022 that the Company’s merger with SeaSpine, upon completion (which occurred in January 2023), would be deemed to constitute a “change in control” for purposes of the award agreements. In making this determination, the Board considered several factors, including, among other things, the general “merger of equals” approach that was negotiated by the parties in the merger agreement, the fact that the merger constitutes a change in control under applicable SeaSpine severance and equity plans, and the retention value of providing similar treatment to Orthofix executives given the uncertainty created for them by the pendency of the merger. The Board also took into account that SeaSpine’s then-current President and Chief Executive Officer would serve as President and Chief Executive Officer of the combined company, and that some additional executive offices would ultimately be held by then-current SeaSpine executives.

(17)These unvested restricted stock units are subject to vesting on October 15, 202