Streamline Health Solutions, Inc. (NASDAQ:STRM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.

Appointment of Senior Vice President, Chief Sales & Marketing Officer

 

On February 5, 2020, the Board of Directors of the Company appointed Randolph Salisbury as Senior Vice President, Chief Sales & Marketing Officer of the Company, effective as of February 1, 2020 (the “Effective Date”).

Mr. Salisbury, age 65, served as Senior Vice President and Chief Marketing Officer of the Company for six (6) years prior to the expansion of his role to lead the Company’s sales efforts.  From February 1, 2014 until present-day, Mr. Salisbury has been responsible for all marketing and communications for the Company, including investor relations. His role was later expanded to include client relationship management. Mr. Salisbury will retain those responsibilities. With the introduction of the Company’s newest solution, the eValuator™ pre-bill coding analysis platform, Mr. Salisbury developed the initial brand positioning and sales presentations for the technology, and participated in the sales process for certain of the Company’s most significant client contracts to date. Prior to Streamline Health, Mr. Salisbury served as a founding partner of Mockingbird Partners Consulting Group, LLC, a marketing communications and investor relations consulting firm. During his time with Mockingbird Partners, Mr. Salisbury performed marketing functions on behalf of various clients and performed investor relations consulting services. Mr. Salisbury currently serves on the board of directors of Decooda, Inc., a private, software-as-a-service start-up company. Mr. Salisbury received his bachelor’s degree from Ohio Wesleyan University and his MBA from Goizueta Business School at Emory University.

There are no family relationships between Mr. Salisbury and any director or executive officer of the Company and there are no related party transactions required to be reported under Item 404(a) of Regulation S-K.

In connection with his appointment as Senior Vice President, Chief Sales & Marketing Officer, Mr. Salisbury entered into an employment agreement with the Company, effective as of February 1, 2020 (the “Employment Agreement”). The term of the Employment Agreement (the “Employment Period”) is one (1) year, commencing February 1, 2020, and renews automatically for subsequent six (6)-month periods, unless Mr. Salisbury or the Company provides written notice at least sixty (60) calendar days prior to the end of the applicable year to the other of his or its intention to not renew the employment. Mr. Salisbury will receive an annual base salary of $275,000 and will be eligible for an annual incentive bonus (at target equal to thirty percent (30%) of his annual base salary), based on individual and Company performance. Mr. Salisbury also received a one-time signing bonus of $10,000 and bonus compensation for the fiscal year ended January 31, 2020 of $68,500. Mr. Salisbury is also eligible to receive the standard employee benefits made available by the Company to its employees generally. Mr. Salisbury was also granted a restricted stock award of 100,000 shares on February 5, 2020. The shares of restricted stock will vest quarterly, in arrears, twenty-five percent (25%) per quarter through February 1, 2021, subject to the continued employment of Mr. Salisbury on each vesting date. The Employment Agreement contains customary confidentiality provisions and non-competition covenants.

If the Employment Agreement is terminated by the Company for reasons other than death, Continued Disability, or Good Cause, or if Mr. Salisbury terminates employment for Good Reason, Mr. Salisbury will generally be entitled to receive: (1) accrued but unpaid salary through the termination date through his termination date; (2) reimbursement of expenses incurred prior to his termination date; and (3) an amount equal to twelve (12) months’ base salary.

The foregoing description of the Employment Agreement is a summary only, does not purport to be complete, and is qualified in its entirety by reference to the complete text of the Employment Agreement which is attached hereto as Exhibit 10.1 and incorporated by reference as if fully set forth herein.

 

The following exhibits are filed herewith:

10.1	Employment Agreement, dated February 5, 2020, between the Company and Randolph Salisbury.

STREAMLINE HEALTH SOLUTIONS INC. Exhibit
EX-10.1 2 tm206963d1_ex10-1.htm EXHIBIT 10.1   Exhibit 10.1   EMPLOYMENT AGREEMENT   This EMPLOYMENT AGREEMENT (together with Exhibit A attached hereto,…
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About Streamline Health Solutions, Inc. (NASDAQ:STRM)

Streamline Health Solutions, Inc. is engaged in providing healthcare information technology through the licensing of its Electronic Health Information Management, Patient Financial, Coding and Clinical Documentation Improvement (CDI), and other Workflow software applications, and the use of such applications by software as a service. The Company also provides implementation and consulting services to complement its software solutions. The Company provides computer software-based solutions through its Looking Glass platform. The Company sells its solutions and services in North America to hospitals and health systems, including physician practices, through its direct sales force and its reseller partnerships. The Company’s software and services allow hospitals and integrated healthcare delivery systems in the United States and Canada to capture, store, manage, route, retrieve and process patient clinical, financial and other healthcare provider information.