Company: INSP
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001140361-25-009249
Chunk: 63

Company: Inspire Medical Systems, Inc.
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 63
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 greater after-tax payment amount to the NEO. The employment agreements also contain non-competition and employee non-solicitation covenants that apply through one year following termination of employment. Timothy P. Herbert. We entered into an employment agreement with Mr. Herbert (the “Herbert Employment Agreement”), which provides for an indefinite term and is terminable at will by us or Mr. Herbert, provided that one month’s advance notice must be provided by the terminating party in the event of a termination of employment without “Cause” by us or a resignation without “Good Reason” by Mr. Herbert (each as defined in the Herbert Employment Agreement). The Herbert Employment Agreement provides for Mr. Herbert’s eligibility to receive discretionary annual bonuses (expressed as a target percentage of base salary) based upon achievement of annual performance targets, and/or long term incentive compensation. Pursuant to the Herbert Employment Agreement, upon termination of employment by us without Cause or by Mr. Herbert for Good Reason, Mr. Herbert will receive the sum of his (x) then current annual base salary and (y) a pro rata portion of his target annual bonus, with such amount payable in installments over the 12-month period following such termination, as well as subsidized COBRA premiums for 12 months following his termination of employment. Notwithstanding the foregoing, in the event such a termination of employment occurs on or within the 12-month period following a Change of Control, Mr. Herbert will be entitled to receive: (A) the sum of (x) 18 months of his then current base salary and (y) target annual bonus, payable in substantially equal installments for 18 months following his termination of employment, (B) subsidized COBRA premiums for 18 months following his termination of employment and (C) acceleration in full of the vesting of his outstanding equity awards. Mr. Herbert will be required to execute a release of claims in favor of us in order to receive his severance benefits. Other NEOs. We have entered into employment agreements with Messrs. Buchholz, Ban, Phillips and Weatherby, each of which provides for an indefinite term and is terminable at will by us or the NEO, provided that one month’s advance notice must be provided by us in the event of a termination of employment without “Cause” (as defined in the applicable employment agreement) and two weeks’ advance notice must be provided by the NEO in the event of a resignation for any reason. The employment agreements provide for each NEO’s eligibility to receive discretionary