SEC Contract Filing

Filing Date: 2016-07-08

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ofix-ex103_58.htm
<DESCRIPTION>EX-10.3
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ORTHOFIX INTERNATIONAL N.V.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-variant: normal;"><font style="text-decoration:underline;">CHANGE IN CONTROL AND SEVERANCE AGREEMENT</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This AGREEMENT (the &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is made and entered into as of July 7, 2016 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), by and between Orthofix International N.V., a company organized under the laws of Cura&#231;ao (together with its direct and indirect subsidiaries, the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), and Douglas Rice (the &#8220;<font style="text-decoration:underline;">Executive</font>&#8221;).</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-variant: normal;"><font style="text-decoration:underline;">RECITALS</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Executive is expected to make significant contributions to the profitability, growth and financial strength of the Company;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company believes that it is important to provide the Executive with severance benefits upon certain terminations of employment to provide the Executive with enhanced financial security and incentive and encouragement to remain with the Company; </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company recognizes that the possibility of a Change in Control (as hereinafter defined) and the uncertainty that it would cause could result in the departure or distraction of the Executive, to the detriment of the Company and its stockholders; </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company desires to encourage the continued employment of the Executive by the Company and wants assurance that it shall have the continued dedication, loyalty and service of, and the availability of objective advice and counsel from, the Executive notwithstanding the possibility, threat or occurrence of a Change in Control; and</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Executive is currently party to an employment agreement,&#160;entered into and effective as of April 24, 2015, between the Company and the Executive (the &#8220;<font style="text-decoration:underline;">Prior Employment Agreement</font>&#8221;), and the parties desire that this Agreement shall constitute a novation of such Prior Employment Agreement, such that effective upon execution and delivery of this Agreement, such Prior Employment Agreement shall be deemed null and void. </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Definitions</font>.&nbsp;&nbsp;As used in this Agreement, the following terms have the following meanings which are equally applicable to both the singular and plural forms of the terms defined:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="color:#000000;">&#8220;</font><font style="text-decoration:underline;color:#000000;">2012 LTIP</font><font style="color:#000000;">&#8221; shall mean the Company&#8217;s 2012 Long-Term Incentive Plan, as amended from time-to-time (including after the Effective Date).</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: no