Company: PIII
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001140361-25-014596
Chunk: 47

Company: P3 Health Partners Inc.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 47
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 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. 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 letter agreement, Mr. Kavthekar also was granted an option to purchase 600,000 shares of Common Stock (not reflecting the Reverse Stock Split), of which 25% vested on the first anniversary of his start date, and the remaining 75% were forfeited upon the termination of his employment with the Company on October 1, 2024. In addition, if Mr. Kavthekar’s employment is terminated without cause, he will be entitled to receive a lump-sum severance payment equal to six months of his base salary, subject to his execution and non-revocation of a general release of claims and continued compliance with restrictive covenants. Mr. Kavthekar received a