Company: OFIX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061062
Chunk: 66

Company: Orthofix Medical Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 66
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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 severance payment would not be made until 6 months following separation and would be subject to compliance with such covenants, and (ii) contained a general release of claims. In addition, the Committee took into account that, upon the departure of the Company’s prior interim Chief Legal Officer in November 2024, Ms. Elting had fulfilled the interim Chief Legal Officer function until April 2024, while also serving as the Company’s President, Orthopedics. The Committee also noted Ms. Elting’s important role in helping to integrate new leadership team members during the first half of 2024, and her continuing and ongoing cooperation with the Company with various transition activities related to the Orthopedics business unit and legal department.

Section 280G

These agreements reflect that the named executive officer is not entitled to a tax gross-up if the named executive officer incurs an excise tax due to the application of Section 280G of the Code.

Instead, to the extent that any payment or benefit received in connection with a change in control would be subject to an excise tax under Section 4999 of the Code, such payments and/or benefits will be subject to a “best net” reduction if such reduction would result in a greater net after-tax benefit to the executive than receiving the full amount of such payments.

2024 Potential Payments Upon Termination or Change in Control

The following table reflects the estimated payments and benefits that would be provided to each of Mr. Calafiore, Ms. Andrews, Mr. Cedrón,Mr. Gillespie, Mr. Reinhardt and Mr. Vitale, upon his or her termination or upon a change in control pursuant to the terms of his or her respective change in control and severance agreement and related equity award agreements. For purposes of this table, we assume that the triggering event took place on December 31, 2024, and the price per share of our common stock was $17.46, the closing market price as of that date. For any triggering event that presupposes a change in