UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 18, 2023 (the “Effective Date”), the Compensation Committee of the Board of Directors (the “Board”) of Inari Medical, Inc. (the “Company”) approved amended and restated employment agreements (the “Agreements”) between the Company and each of Andrew Hykes, the Company’s Chief Executive Officer, Mitch C. Hill, the Company’s Chief Financial Officer, and Dr. Tom Tu, the Company’s Chief Medical Officer, respectively (each, an “Executive”), to effect certain amendments to the Executives’ existing employment agreements (the “Old Agreements”).
The Agreements amend the Old Agreements to: (i) provide for automatic renewal on the fifth anniversary of the Effective Date for additional one-year terms, unless either the Company or an Executive gives notice of non-renewal of his Agreement within sixty days prior to the end of the then applicable term, (ii) permit Executives to serve on the board of directors of for-profit corporations, subject to the Board’s approval and the Company’s Corporate Governance Guidelines, (iii) provide for the cash severance to be payable in connection with a change in control to be a multiple of the sum of the Executive’s base salary and target bonus, not base salary only, and (iv) add the payment of an Executive’s pro rata bonus in the event of a qualifying termination not in connection with a change of control.
The foregoing description of the terms of the Agreements is a summary which does not purport to be complete and is subject to and qualified in its entirety by the Agreements, copies of which are filed as Exhibits 10.1, 10.2 and 10.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 10.1 | Amended and Restated Employment Agreement, effective September 18, 2023, by and between Inari Medical, Inc. and Andrew Hykes | |
| 10.2 | Amended and Restated Employment Agreement, effective September 18, 2023, by and between Inari Medical, Inc. and Mitchell Hill | |
| 10.3 | Amended and Restated Employment Agreement, effective September 18, 2023, by and between Inari Medical, Inc. and Thomas T. Tu, MD | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INARI MEDICAL, INC. | ||||||
| Date: September 22, 2023 | By: | /s/ Mitchell Hill | ||||
| Mitchell Hill Chief Financial Officer | ||||||