HealthSouth Corporation (NYSE:HLS) 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
Directors (the Board) of HealthSouth Corporation (HealthSouth or
the Company), as administrator under the Company’s previously
adopted equity incentive plans, approved a change to the Company’s
outstanding non-qualified stock options as well as the form of
award agreement to be used for non-qualified stock options in the
future. The effect of the change is to permit the transfer of stock
options for limited estate planning purposes. The amended
transferability provision is set forth below and in the form of the
non-qualified stock option agreement attached hereto as Exhibit
10.1.
the Option is not transferable otherwise than by will or to the
laws of descent and distribution and is exercisable during Grantees
lifetime only by Grantee, provided, however, that transfers for
estate planning purposes are permitted so long as (w) the Grantee
has satisfied his or her stock ownership requirements, (x) the
Grantee gives the Committee advance written notice describing the
terms and conditions of the proposed transfer, (y) the transferee
qualifies as either an employee or a family member under those
definitions set forth in Form S-8 under the 1933 Act and agrees to
comply with all of the terms and conditions of the Award that are
or would have been applicable to the Grantee and to be bound by the
acknowledgments made by the Grantee in connection with the grant of
the Option, and (z) the transfer is not a modification or extension
of the Option that would give rise to a deferral of compensation
within the meaning of Section 409A of the Code.
intends to move his retirement date from Saturday, December 31,
2016, to Thursday, December 29, 2016, to allow Mr. Mark J. Tarr to
assume the role of President and Chief Executive Officer prior to
the last business day of 2016. Similarly, Mr. Grinney intends to
step down from the Board on his updated retirement date.
Accordingly, the Board has changed the effective date of Mr.
Tarr’s election as President and Chief Executive Officer and
member of the Board as well as Ms. Barbara Jacobsmeyer’s election
as Executive Vice President of Operations to Thursday, December 29,
2016. For additional discussion of these management succession
matters, see the Company’s Current Report on Form 8-K filed with
the United States Securities and Exchange Commission on October 27,
2016.
|
10.1
|
|
Form of Non-Qualified Stock Option Agreement.
|
About HealthSouth Corporation (NYSE:HLS)
HealthSouth Corporation (HealthSouth) is a provider of post-acute healthcare services, offering both facility-based and home-based post-acute services in over 30 states and Puerto Rico through its network of inpatient rehabilitation hospitals, home health agencies and hospice agencies. The Company’s segments include inpatient rehabilitation, and home health and hospice. The Company is an owner and operator of inpatient rehabilitation hospitals and provides specialized rehabilitative treatment on both an inpatient and outpatient basis. It provides specialized rehabilitative treatment on both an inpatient and outpatient basis. In addition to hospitals, the Company manages over three inpatient rehabilitation units through management contracts. The Company offers its home health and hospice services through Encompass Home Health and Hospice business (Encompass). Encompass is a provider of Medicare-certified skilled home health services. HealthSouth Corporation (NYSE:HLS) Recent Trading Information
HealthSouth Corporation (NYSE:HLS) closed its last trading session up +0.07 at 41.36 with 942,276 shares trading hands.
