Other Information
−Removed: On August 5, 2020, we entered into executive employment agreements with Kelly Huller, our Senior Vice President and General Counsel, and Keith Pfeil, our Senior Vice President and Chief Financial Officer.
−Removed: Huller’s and Mr.
−Removed: Pfeil’s employment is “at will,” meaning that their employment may be terminated by either party for any or no reason at any time.
−Removed: Huller’s and Mr.
−Removed: Pfeil’s employment agreements provide for a monthly car allowance.
−Removed: Huller and Mr.
−Removed: Pfeil are each eligible to earn a salary and also a non-equity cash incentive award by meeting certain company and individual performance targets.
−Removed: For 2020, Ms.
−Removed: Huller’s base salary is $315,000.00, and her target non-equity cash incentive award is $175,000.00.
−Removed: For 2020, Mr.
−Removed: Pfeil’s base salary is $339,900.00, and his target non-equity cash incentive award is $200,000.00.
−Removed: Huller and Mr.
−Removed: Pfeil, the base salary and non-equity incentive award are subject to adjustment from time to time in the sole discretion of Globus.
−Removed: Pfeil’s employment agreement also provides for reimbursement of relocation expenses of up to $50,000 in accordance with the Company’s relocation policy, which Mr.
−Removed: Pfeil must repay if he resigns or is terminated for cause within 24 months from his start date.
−Removed: Huller and Mr.
−Removed: Pfeil are each entitled to receive their respective base salary for 12 months and continued coverage under Globus’ group health, dental and vision plans for a period of 12 months in the event we terminate their employment without cause or in connection with a change of control or if he/she resigns for good reason.
−Removed: All severance payments are conditioned on the employee signing a general release of claims against Globus.
−Removed: Huller’s and Mr.
−Removed: Pfeil’s respective employment agreements, “good reason” is defined as (i) a materially adverse change or material diminution in the office, title, duties, powers, authority or responsibilities, (ii) our failure to pay base salary or a bonus that has become due and payable, (iii) a material reduction in base salary, (iv) a relocation of their principal worksite of more than 25 miles unless such relocation reduces his/her commute to such worksite, or (v) a material breach of the employment agreement by Globus;
−Removed: provided in each case that Globus did not correct such reason during a specified cure period.
+Added: Not applicable.
The following is a list of exhibits filed as part of this Quarterly Report on Form 10-Q.
2 unchanged sentences
Executive Employment Agreement, dated August 5, 2020, by and between Globus Medical, Inc.
−Removed: and Kelly Huller.
+Added: and Kelly Huller (incorporated by reference to Exhibit 10.1 of the Registrant’s Form 10-Q filed on August 5, 2020).
Executive Employment Agreement, dated August 5, 2020, by and between Globus Medical, Inc.
−Removed: and Keith Pfeil.
+Added: and Keith Pfeil (incorporated by reference to Exhibit 10.2 of the Registrant’s Form 10-Q filed on August 5, 2020).
+Added: Credit Agreement, dated as of August 6, 2020, by and among Globus Medical, Inc.
+Added: and Globus Medical North America, Inc., as borrowers, and Citizens Bank, N.A., as lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K filed on August 10, 2020).
Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13 unchanged sentences
GLOBUS MEDICAL, INC.
−Removed: August 5, 2020
+Added: October 28, 2020
Chief Executive Officer
(Principal Executive Officer)
−Removed: August 5, 2020
+Added: October 28, 2020
/s/ KEITH PFEIL
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.