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 Officers
On September 30, 2019, upon the recommendation of the Nominating and Corporate Governance Committee of the Board of Directors (the “Board”) of Apollo Medical Holdings, Inc. (the “Company”), the Board appointed (i) Kenneth Sim, M.D. to serve as Co-Chief Executive Officer of the Company, and (ii) Thomas Lam, M.D. to serve as President of the Company to fill the vacant position following Gary Augusta’s termination. In addition to such appointments, Dr. Sim will continue to serve as the Company’s Executive Chairman, and Dr. Lam will continue to serve as its Co-Chief Executive Officer.
On September 30, 2019, upon the recommendation of the Compensation Committee of the Board, the Board approved the payment by the Company to Kenneth Sim, M.D. and Thomas Lam, M.D. of cash bonuses and the grant by the Company to each of them of restricted shares of the Company’s common stock and non-qualified stock options to purchase the Company’s common stock, as set forth in the table below. In furtherance thereof, Dr. Sim and Dr. Lam have each entered into a Restricted Stock Agreement and a Stock Option Agreement with the Company, as applicable.
For each of Dr. Sim and Dr. Lam, the restricted shares of common stock were granted under the Company’s 2015 Equity Incentive Plan (the “2015 Plan”), subject to vesting one-third after year one (on September 30, 2020), one-third after year two (on September 30, 2021), and the final one-third after year three (on September 30, 2022). In addition, for each of Dr. Sim and Dr. Lam, the options to purchase the Company’s common stock were granted under the 2015 Plan, which options will vest and become exercisable one-third after year one (on September 30, 2020), one-third after year two (on September 30, 2021), and the final one-third after year three (on September 30, 2022), subject to expiration on the date that is five years from the date of grant (i.e., on September 30, 2024). The exercise price for each share subject to the stock options granted is $17.62, the closing price of the Company’s common stock on the date of grant (i.e., September 30, 2019).
On October 2, 2019, the Company issued a Press Release announcing that it has entered into a new Management Services Agreement (“MSA”), effective January 1, 2020, to provide management services, via a subcontract agreement, to an independent practice association (“IPA group”). The IPA group currently serves approximately 145,000 members in three main markets within Southern California; South Los Angeles, San Fernando Valley, and Antelope Valley. The majority of the members are enrolled in Medi-Cal, with members also enrolled in Medicare Advantage and Commercial health plans, and are supported by a network of hundreds of primary care physicians and nearly a thousand specialists.
A copy of the Press Release is provided as Exhibit 99.1 to this Current Report.
|99.1||Press Release of Apollo Medical Holdings, Inc., dated October 2, 2019.|
Apollo Medical Holdings, Inc. Exhibit
EX-99.1 2 tv530664_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 APOLLO MEDICAL HOLDINGS ADDS APPROXIMATELY 145,…
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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.