CENTENE CORPORATION (NYSE:CNC) 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 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
entered into an amendment to the executive employment agreement
(the Amendment) with Michael F. Neidorff, its Chairman, President
and Chief Executive Officer (the Executive). The Amendment
anticipates that Mr. Neidorffs successor as Chief Executive
Officer will be appointed on or prior to the date of the Companys
annual stockholder meeting in April 2020. The Amendment:
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provides that Mr. Neidorff will serve as Executive Chairman
for one year after his successor is appointed and as Non-Executive Chairman thereafter; |
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provides for the grant of 20,000 stock options; and
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provides for payments to Mr. Neidorff in the event of
termination on or prior to December 31, 2018. |
contract beyond the previous termination date in December 2017 to
ensure leadership continuity in the business under the current
regulatory environment and an orderly transition of leadership.
Mr. Neidorff will continue to serve as Chief Executive Officer
until his successor is appointed.
three equal annual installments on the anniversary of the grant
date beginning on December 14, 2017. If he is terminated on or
before December 31, 2017, the termination payment will be two
times his base salary plus his target bonus. If termination
occurs during 2018, the termination payment will be his base
salary plus a proportionate share of his target bonus.
description of the Amendment is qualified in its entirety by
reference to such exhibit, which is incorporated herein by
reference.
Centene Corporation and Michael F. Neidorff
About CENTENE CORPORATION (NYSE:CNC)
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments. The Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care (LTC), Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD). The Specialty Services segment consists of its specialty companies offering a range of healthcare services and products to state programs, correctional facilities, healthcare organizations, employer groups and other commercial organizations. CENTENE CORPORATION (NYSE:CNC) Recent Trading Information
CENTENE CORPORATION (NYSE:CNC) closed its last trading session down -0.81 at 56.21 with 1,295,900 shares trading hands.