APOLLO MEDICAL HOLDINGS, INC. (OTCMKTS:AMEH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Termination of Employment Agreements
On May 31, 2018, Apollo Medical Management, Inc. (“AMM”) a wholly-owned subsidiary of Apollo Medical Holdings, Inc. (the “Company”), provided to Gary Augusta, the President of the Company, notice of termination (the “Augusta Notice of Termination”) of that certain Employment Agreement, dated December 20, 2016 (the “Augusta Employment Agreement”), between AMM and Mr. Augusta. to the Augusta Notice of Termination, and in accordance with the Augusta Employment Agreement, the effective date of termination of the Augusta Employment Agreement is thirty (30) days after the date on which the Augusta Notice of Termination is given to Mr. Augusta (the “Augusta Termination Date”). Mr. Augusta will continue in his current role with the Company until the Augusta Termination Date and, thereafter, will continue to serve as a director on the Company’s Board of Directors.
On May 31, 2018, AMM provided to Mihir Shah, the Chief Financial Officer of the Company, notice of termination (the “Shah Notice of Termination”) of that certain Employment Agreement, dated December 20, 2016 (as amended effective July 1, 2017, the “Shah Employment Agreement”), between AMM and Mr. Shah. to the Shah Notice of Termination, and in accordance with the Shah Employment Agreement, the effective date of termination of the Shah Employment Agreement is thirty (30) days after the date on which the Shah Notice of Termination is given to Mr. Shah (the “Shah Termination Date”). Mr. Shah will continue in his current role with the Company until the Shah Termination Date.
Appointment of new Chief Financial Officer
On June 5, 2018, Eric Chin entered into an employment agreement with the Company to which Mr. Chin will serve as the new Chief Financial Officer of the Company, effective upon the Shah Termination Date. Mr. Chin, the current Chief Financial Officer of Network Medical Management, Inc. (“NMM”), the Company’s wholly-owned subsidiary, will continue to serve as the Chief Financial Officer of NMM.
Mr. Chin, 38, joined NMM as its Chief Financial Officer in March 2018. From October 2015 to March 2018, Mr. Chin served as the Controller/Head of Finance – Real Estate of Public Storage, Inc., a New York Stock Exchange listed company and a member of the S&P 500. From May 2011 to October 2015, he served as Assistant Vice-President – Financial Reporting of Alexandria Real Estate Equities, Inc., a New York Stock Exchange listed company and a member of the S&P 500. Mr. Chin began his career at Ernst & Young LLP. In his role as an Assurance Senior Manager at Ernst & Young LLP, from October 2002 to May 2011, Mr.Chin provided assurance services to both publicly traded companies and private companies. Mr. Chin is a certified public accountant. Mr. Chin received his Bachelor of Arts degree in Business/Economics with Accounting and Computing from the University of California, Los Angeles.
Under the employment agreement between the Company and Mr. Chin, the Company agreed to (i) pay Mr. Chin an annual salary of $300,000, (ii) pay Mr. Chin a $30,000 guaranteed minimum bonus annually (prorated if he is terminated without cause), and (iii) grant Mr. Chin, on an annual basis, options to acquire such number of shares of common stock of the Company having an aggregate valuation in the amount of $30,000 based on the then-current fair market value of such common stock. Mr. Chin’s employment with the Company is “at-will” and will not be for any specific period of time.
It is expected that Mr. Chin will enter into the Company’s standard form of indemnity agreement, the form of which was filed as an exhibit to the Company’s Form 8-K filed on December 13, 2017 and is incorporated herein by reference.
There are no arrangements or understandings between Mr. Chin and any other persons to which he was chosen as an officer of the Company. There are no family relationships between Mr. Chin and any of the Company’s directors, executive officers, or persons nominated or chosen by the Company to become a director or executive officer. Mr. Chin is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K.
On June 6, 2018, the Company issued a press release announcing the appointment of its new Chief Financial Officer. A copy of the press release is attached hereto as Exhibit 99.1.
| Item 9.01 | Financial Statements And Exhibits |
(d)Exhibits.
Apollo Medical Holdings, Inc. ExhibitEX-99.1 2 tv495966_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 APOLLO MEDICAL HOLDINGS ANNOUNCES APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER Alhambra,…To view the full exhibit click here
About APOLLO MEDICAL HOLDINGS, INC. (OTCMKTS:AMEH)
Apollo Medical Holdings, Inc. is a patient-centered, physician-centric integrated population health management company working to provide coordinated, outcomes-based medical care. The Company operates in healthcare delivery segment. Its operations include Hospitalists, which include its contracted physicians focusing on the delivery of medical care to hospitalized patients; an accountable care organization (ACO), which focuses on providing care to Medicare fee-for-service patients; an independent practice association (IPA), which contracts with physicians and provides care to Medicare, Medicaid, commercial and dual-eligible patients on a risk- and value-based fee basis; approximately three clinics, which it owns or operates, and which provide specialty care in the greater Los Angeles area, and Palliative care, home health and hospice services, which include its at-home and end-of-life services.