UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Exact name of registrant as specified in its charter)
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported):
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(address of principal executive offices)
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(Former name or former address, if changed since last report.)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective as of August 18, 2020, AdaptHealth Corp. (the “Company”) entered into a Transition, Separation and Release Agreement (the “Separation Agreement”) with Gregg Holst, the Company’s former Chief Financial Officer, in connection with Mr. Holst’s anticipated retirement on September 1, 2020. In consideration of Mr. Holst’s general release of claims in favor of the Company and its affiliates, Mr. Holst will be eligible to receive (i) $500,000, payable in substantially equal installments over the 12 month period immediately following the effective date of the release in accordance with the Company’s regular payroll practices, and (ii) subject to Mr. Holst’s timely election of “COBRA” continuation coverage, continued participation in the Company’s group health insurance plan through June 30, 2023 (or such earlier date as he becomes eligible to receive any health benefits from a subsequent employer), with his COBRA premiums being paid by the Company (collectively (i) and (ii), the “Severance Benefits”). Mr. Holst’s right to receive the Severance Benefits is conditioned on his continued compliance with all existing restrictive covenants to which he is currently subject, including, without limitation, the restrictive covenants set forth in that certain Employment Agreement between AdaptHealth Holdings LLC and Mr. Holst, dated November 10, 2014, and his continued compliance with his obligations under the Separation Agreement (including his future cooperation obligations thereunder).
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety to the full text thereof, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 10.1 | Transition, Separation and Release Agreement, dated August 10, 2020, between the Company and Gregg Holst. |
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AdaptHealth Corp. | ||
| By: | /s/ Jason Clemens | |
| Jason Clemens | ||
| Chief Financial Officer | ||
Dated: August 21, 2020
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