UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
2017 Annual Incentive Bonus Performance
Goals
On March29, 2017, the Compensation Committee of the Board of
Directors of Universal Health Services, Inc. (the Committee)
approved specific bonus formulae for the determination of annual
incentive compensation for the Companys executive officers to the
Executive Incentive Plan (the Plan) for the year ending
December31, 2017. Under the formulae approved by the Committee,
each of the Companys executive officers was assigned a percentage
of such executive officers 2017 base salary as a target bonus
based upon corporate performance criteria. The corporate
performance criteria target bonus award indicated below for
Mr.AlanB. Miller is stipulated in his employment agreement dated
July24, 2013.
The following table shows each executive officers corporate
performance criteria target bonus as a percentage of his or her
base salary for 2017. The 2017 corporate performance criteria
target awards for each of the executive officers are unchanged
from the 2016 target awards. With respect to Messrs. Alan B.
Miller, Marc D. Miller and Steve G. Filton, 50% of their annual
incentive bonus for 2017 will be determined using the corporate
performance criteria, as described below. With respect to
Ms.Osteen and Mr.Pember, their 2017 annual incentive bonus will
be determined utilizing: (i)25% of their annual salary based upon
the achievement of the corporate performance criteria, and;
(ii)75% of their annual salary based upon the achievement of the
divisional income targets, as described below.
|
Name |
Title |
TargetAward | ||||
| Alan B. Miller | ChiefExecutiveOfficerandChairmanof the Board | % | ||||
| Marc D. Miller | President | % | ||||
| Steve G. Filton | Executive Vice President and Chief Financial Officer | % | ||||
| Debra K. Osteen | Executive Vice President | % | ||||
| Marvin G. Pember | Executive Vice President | % |
to the Plan and the formulae approved by the Committee, each
executive officer will be entitled to receive between 0% and 250%
of that executive officers target bonus based, either entirely or
in part, on the Companys achievement of a combination of: (i)a
specified range of target levels of adjusted net income per
diluted share attributable to UHS (as set forth in our Proxy
Statement), and; (ii)a specified range of target levels of return
on capital (adjusted net income attributable to UHS divided by
quarterly average net capital) for the year ending December31,
2017. The adjusted net income per diluted share attributable to
UHS generally excludes, among other things, the impact of the
depreciation and amortization expenses incurred in connection
with the implementation of electronic health records applications
at our acute care hospitals, as well as other amounts that may be
nonrecurring or non-operational in nature or amounts that may be
reflected in the current year financial statements that relate to
prior years.
The divisional income targets consist of the projected aggregate
pre-tax income for our Acute Care and Behavioral Health Services
segments, net of deductions for the allocation of corporate
overhead expenses and a charge for the estimated cost of capital.
The divisional income targets generally exclude, among other
things, the impact of amounts that may be nonrecurring or
non-operational in nature or amounts that may be reflected in the
current year financial statements that relate to prior years. The
divisional income targets may be adjusted to include the impact
of acquisitions or divestitures made during the year, if
material.
To the extent that the actual divisional results exceeded the
targets, Ms.Osteen and Mr.Pember are entitled to 75% of the
following (as applied to their annual base salary) as the portion
of their annual bonus that is based upon divisional income
targets: (i)25% if actual results meet divisional income targets;
(ii)50% if actual results exceed divisional income targets by the
greater of 5% or $10 million; (iii)75% if actual results exceed
divisional income targets by the greater of 10% of $20 million,
and; (iv)50% if actual results exceed divisional income targets
by the greater of 15% or $30 million.
About UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID)
Universal Health Services, Inc. is a holding company. The Company, through its subsidiaries, is engaged in owning and operating acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. Its segment is acute care hospital services and behavioral healthcare services. The Other segment includes centralized services, including information services, purchasing, reimbursement, accounting, taxation, legal, advertising, design and construction and patient accounting, as well as the operating results for its other entities, including outpatient surgery and radiation centers. Its services include general and specialty surgery, internal medicine, obstetrics, radiology, oncology, diagnostic care, coronary care, pediatric services and pharmacy. It operates over 20 inpatient acute care hospitals, over three free-standing emergency departments, and over 210 inpatient and over 20 outpatient behavioral healthcare facilities. UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID) Recent Trading Information
UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID) closed its last trading session 00.00 at 106.43 with 100 shares trading hands.