RadNet, Inc. (NASDAQ:RDNT) 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.
Jeffrey Linden, the former Executive Vice President and General Counsel of RadNet, Inc. (the “Company”), passed away on October 16, 2018. At the time of his death, Mr. Linden participated in several compensation arrangements with the Company, including: (1) an employment agreement, (2) participation in the management retention/bonus program, (3) participation in the RadNet Nonqualified Deferred Compensation Plan, and (4) receipt of equity compensation awards issued under the RadNet 2006 Equity Incentive Plan.
On February 21, 2019, the Company entered into an agreement with Mr. Linden’s heirs to address all compensatory rights and entitlements that Mr. Linden had with the Company. Under the terms of this agreement, the Company will pay to Mr. Linden’s heirs $600,000 in cash, less applicable tax withholdings, in exchange for: (a) settlement of any claims or amounts owed to Mr. Linden under his employment agreement or otherwise, including any annual bonus, and (b) the cancellation of all outstanding stock options awarded to Mr. Linden under the 2006 Equity Incentive Plan. Mr. Linden’s heirs also received 67,786 shares of the Company’s common stock as settlement of restricted stock units that Mr. Linden had deferred under the Nonqualified Deferred Compensation Plan.
About RadNet, Inc. (NASDAQ:RDNT)
RadNet, Inc. is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. The Company operates directly or indirectly through joint ventures with hospitals, approximately 300 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island. Its centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Its services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, ultrasound, diagnostic radiology (X-ray), fluoroscopy and other related procedures. It operates approximately 140 fixed-site, freestanding outpatient diagnostic imaging facilities in California, over 10 in Delaware, three in Florida, 50 in Maryland, 20 in New Jersey, 20 in the Rochester and Hudson Valley areas of New York, approximately 40 in New York City, as well as five in Rhode Island.
