HENRY SCHEIN, INC. (NASDAQ:HSIC) 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.
On April23, 2018, Karen Prange decided to leave Henry Schein, Inc. (the “Company”) as Executive Vice President of the Company and Chief Executive Officer of Global Animal Health, Medical and Dental Surgical Group, effective on that date. Also on April23, 2018 Ms.Prange delivered to the Company a Release in favor of the Company and related parties (the “Release”), that provides, in exchange for a release of claims and non-revocation of the Release, the following payments and benefits as severance: (i)continued base salary for 18 months (the “Severance Period”); (ii) subject to her timely election under COBRA, continued health coverage with a waiver of applicable COBRA premiums for the Severance Period; (iii)her annual bonus at target for 2018 as if she had been employed through the bonus payment date on or about March 2019 plus a pro rata portion of her annual bonus at target for 2019 she would have earned through October23, 2019 and had she continued to be employed through the bonus payment date on or about March 2020; (iv) full vesting of the sign-on grant of restricted stock; (v)payment of the unpaid last installment of the sign-on bonus; (vi)payment of $85,000 to cover additional premium of the conversion of group life and disability policies to personal policies and miscellaneous transition items, and (vii)a cash payment equivalent in value to the 2017 LTIP grant that would have vested through the end of the Severance Period. The Release subjects Ms.Prange to various restrictive covenants for a restricted period between eighteen and thirty-six months following her resignation.
The foregoing description of the Release does not purport to be complete and is qualified in its entirety by the provisions of such document, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 5.02 | Financial Statements and Exhibits |
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Exhibit No. |
Description |
| 10.1 | Release, date April 23, 2018 |
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EXHIBIT INDEX
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ExhibitNo. |
Description |
| 10.1 | Release, dated April23, 2018 |
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HENRY SCHEIN INC ExhibitEX-10.1 2 d511472dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 RELEASE NOTICE: YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE TERMS,…To view the full exhibit click here
About HENRY SCHEIN, INC. (NASDAQ:HSIC)
Henry Schein, Inc. is a provider of health care products and services to office-based dental, animal health and medical practitioners. The Company’s segments include healthcare distribution, and technology and value-added services. The healthcare distribution segment aggregates its global dental, animal health and medical operating segments. This segment distributes consumable products, equipment, pharmaceuticals, infection-control products and vitamins. Its global dental group serves office-based dental practitioners, schools and other institutions. The technology and value-added services segment group provides software, technology and other value-added services to health care practitioners. Its technology group offerings include practice management software systems for dental and medical practitioners and animal health clinics. Its value-added practice solutions include financial services on a non-recourse basis, e-services, as well as education services for practitioners.
