Wright Medical Group (NASDAQ: WMGI) disclosed that on June 10, 2016, Terry M. Rich resigned as President, Upper Extremities of Wright Medical Group N.V. (“Wright”), effective immediately. Kevin Cordell, Wright’s President, Lower Extremities and Biologics, has assumed Mr. Rich’s responsibilities.
In connection with Mr. Rich’s departure, Wright and Mr. Rich entered into a resignation agreement . Under the terms of the Resignation Agreement and in consideration of Mr. Rich’s agreement, among other things, to perform, if requested, various transition activities, to refrain from hiring Wright personnel for a period of 18 months (in addition to his one-year non-competition and non-solicitation covenants), and to provide a release, and the other terms and conditions of the Resignation Agreement, Wright agreed to make the following payments to Mr. Rich in lieu of any severance or other payments or benefits:
• $699,756.75 payable in a lump sum as soon as practicable after the effectiveness of the release; 
• $199,930.50 payable in 24 equal bi-monthly installments commencing December 9, 2016;
• $109,961.78 payable in a lump sum on December 9, 2017; and
• reimbursement for the cost of health and dental coverage as provided for under the United States Consolidated Omnibus Budget Reconciliation Act (“COBRA”), terminating on the earlier of (a) December 9, 2017 or (b) the date on which Mr. Rich accepts employment with another employer or is no longer eligible for COBRA coverage.