Company: PIII
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001140361-25-016302
Chunk: 46

Company: P3 Health Partners Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 46
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 salary, in each case, subject to annual review by the Compensation and Nominating Committee of the Company. In connection with entering into the CFO Offer Letter, Mr. Pedersen was granted awards under the 2021 Plan, covering an aggregate of 1,500,000 shares of the Company’s Common Stock (which amount does not reflect the Reverse Stock Split). Of this amount, (i) 750,000 shares (not reflecting the Reverse Stock Split) are subject to a non-qualified stock option (the “Option”), which will vest and become exercisable based solely on the passage of time and (ii) 750,000 shares (not reflecting the Reverse Stock Split) are subject to an RSU award (together with the option, the “Pedersen Awards”), which will vest upon the attainment of both service-vesting and performance-vesting conditions. 29 TABLE OF CONTENTS Under the terms of the CFO Offer Letter, if Mr. Pedersen’s employment is terminated by the Company without cause after at least six months of employment with the Company, then Mr. Pedersen will be entitled to receive cash severance in an aggregate amount equal to six months of Mr. Pedersen’s annual base salary; provided that such amount will be subject to mitigation upon Mr. Pedersen’s employment with a subsequent employer. Atul Kavthekar Letter Agreement In connection with his appointment as Chief Financial Officer, on November 27, 2022, the Company entered into an offer letter agreement with Mr. Kavthekar (the “Kavthekar Letter Agreement”), effective as of December 12, 2022. Under the Kavthekar Letter Agreement, Mr. Kavthekar’s annual base salary was $450,000 and his target annual bonus was 50% of his base salary. In August 2023, Mr. Kavthekar’s annual base salary was increased to $500,000 and his target annual bonus was increased to 75% of his base salary, effective August 6, 2023. In addition, pursuant to the Kavthekar Letter Agreement, Mr. Kavthekar received a $50,000 signing bonus on the six-month anniversary of his start date (the “Signing Bonus”). The Signing Bonus was subject to repayment by Mr. Kavthekar on a pro-rata basis if his employment terminated for any reason before the 18-month anniversary of his start date. Pursuant to his