On October 4, 2023, Nicole Lambert, Chief Operating Officer of Myriad Genetics, Inc. and the Company mutually reached an agreement that Ms. Lambert would step down from such position, effective October 31, 2023. In connection with Ms. Lambert?s departure, the Company and Ms. Lambert entered into a Separation and Consulting Agreement and Release of Claims (the ?Separation Agreement?). Pursuant to the terms of the Separation Agreement, effective as of the Transition Date, Ms. Lambert will transition to providing consulting and advisory services to the Company until March 31, 2024 (the ?Separation Date?
and such period, the ?Consulting Period?). During the Consulting Period, Ms. Lambert will receive a weekly consulting fee of $4,951.92. In consideration for, among other things, her compliance with certain restrictive covenants, including customary non-compete and non-solicitation covenants, and a typical release of claims, (1) Ms. Lambert will be entitled to continued vesting of all outstanding performance and time-based restricted stock units previously granted to Ms. Lambert that are scheduled to vest during the Consulting Period (?Equity Awards Vesting During the Consulting Period?) and (2) all outstanding performance and time-based restricted stock units previously granted to Ms. Lambert that were scheduled to vest on or before the date one year following the Separation Date, other than Equity Awards Vesting During the Consulting Period, will be accelerated as of the Separation Date provided that any performance-based restricted stock units (?PSUs?) with an unsatisfied performance condition will remain outstanding and, if the applicable performance condition is satisfied during such one-year period, then, to the extent so earned, such PSUs will vest to the extent scheduled to vest within such one-year period.
Ms. Lambert will also be eligible to receive an annual bonus for fiscal year 2023, as determined by the Compensation and Human Capital Committee of the Board of Directors of the Company. Ms. Lambert's departure is not the result of any disagreement with the Company on any matter related to the Company's operations, policies or procedures.