Adeptus Health Inc. (NYSE:ADPT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
As previously reported on November8, 2016, Gregory W. Scott was
appointed interim Chief Executive Officer of Adeptus Health,Inc.
(the Company), following the resignation of Thomas S. Hall. On
November22, 2016, the Company and Mr.Scott entered into a letter
agreement (the Offer Letter) providing for Mr.Scotts service as
the Companys interim Chief Executive Officer, effective
November7, 2016. The Offer Letter provides, among other things,
that as compensation for his services as interim Chief Executive
Officer, Mr.Scott will receive a monthly salary of $100,000, paid
bi-weekly per the Companys payroll practices, subject to standard
payroll deductions and withholdings. Mr.Scott also received a
grant of 35,377 shares of the Companys restricted stock to the
Amended and Restated Adeptus Health Inc. 2014 Omnibus Incentive
Plan (the Plan) on November7, 2016 vesting over a three-year
period, subject to continued employment. The restricted stock
will become fully vested upon the appointment of a permanent
Chief Executive Officer replacing Mr.Scott as interim Chief
On November22, 2016, the Company and Frank R. Williams Jr., the
Companys Chief Financial Officer, entered into an amendment to
the employment agreement between Mr.Williams and the Company
dated July28, 2016 (the Amendment). The Amendment increases the
annual base salary for Mr.Williams from $475,000 to $525,000. Mr.
Williams also received an additional grant of 117,924 shares of
the Companys restricted stock to the Plan on November 7, 2016
vesting over a three-year period, subject to continued
employment. The Amendment provides that in the event Mr.Williams
employment is terminated by the Company without Cause, as defined
in the Employment Agreement, within twelve months following the
appointment of a permanent Chief Executive Officer, the Severance
Period as defined in the Employment Agreement will be increased
from 12 months to 24 months and the grant of restricted stock
received on November7, 2016 will be subject to accelerated
The foregoing are summary descriptions of certain terms of the
Offer Letter and the Amendment and do not purport to be complete,
and they are qualified in their entirety by reference to the full
text of the Offer Letter and the Amendment, copies of which are
filed as Exhibit10.1 and Exhibit10.2, respectively, to this
Current Report and incorporated herein by reference.
Item9.01. Financial Statements and Exhibits.
Offer Letter dated November21, 2016 by and between Adeptus
First Amendment to Employment Agreement dated November22,
About Adeptus Health Inc. (NYSE:ADPT)
Adeptus Health Inc. is a patient-centered healthcare company. The Company is engaged in providing emergency medical care through a network of independent freestanding emergency rooms in the United States and partnerships with various healthcare systems. The Company has approximately 80 freestanding facilities and over two licensed general hospitals. It owns or operates facilities located in the Houston, Dallas/Fort Worth, San Antonio and Austin, Texas markets; Colorado Springs and Denver, Colorado markets, and Phoenix, Arizona market. Its freestanding emergency room facilities typically range from 6,000 to 7,000 square feet. Each facility has 6 to 9 emergency exam rooms, which include over two high-acuity suites, one child-friendly pediatric room, and a specialized obstetrics/gynecology room. Its radiology suites have in-house diagnostic imaging technology, including computerized tomography (CT) scanners, digital x-rays and ultrasounds, with final reads from on-call radiologists. Adeptus Health Inc. (NYSE:ADPT) Recent Trading Information
Adeptus Health Inc. (NYSE:ADPT) closed its last trading session up +0.19 at 10.00 with 1,243,174 shares trading hands.