0001193125-12-157361.txt : 20120410 0001193125-12-157361.hdr.sgml : 20120410 20120410171204 ACCESSION NUMBER: 0001193125-12-157361 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20120405 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120410 DATE AS OF CHANGE: 20120410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEDISYS INC CENTRAL INDEX KEY: 0000896262 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 113131700 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24260 FILM NUMBER: 12752497 BUSINESS ADDRESS: STREET 1: 5959 S SHERWOOD FOREST BLVD CITY: BATON ROUGE STATE: LA ZIP: 70816 BUSINESS PHONE: 2252922031 MAIL ADDRESS: STREET 1: 5959 S SHERWOOD FOREST BLVD CITY: BATON ROUGE STATE: LA ZIP: 70816 FORMER COMPANY: FORMER CONFORMED NAME: ANALYTICAL NURSING MANAGEMENT CORP DATE OF NAME CHANGE: 19940819 FORMER COMPANY: FORMER CONFORMED NAME: M&N CAPITAL CORP DATE OF NAME CHANGE: 19930125 8-K 1 d330144d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): April 10, 2012 (April 5, 2012)

Commission File Number: 0-24260

 

 

 

LOGO

Amedisys, Inc.

(Exact Name of Registrant as specified in its Charter)

 

 

 

Delaware   11-3131700

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Section 5 – Corporate Governance and Management

 

Item 5.02(e). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective as of April 5, 2012, Amedisys, Inc. (the “Company”) and Amedisys Holding, L.L.C. entered into a Retention Bonus Agreement (the “Agreement”) with each of William F. Borne, the Company’s Chief Executive Officer, Jeffrey D. Jeter, the Company’s Chief Compliance Officer, Michael O. Fleming, the Company’s Chief Medical Officer, and David R. Bucey, the Company’s General Counsel and Corporate Secretary. Pursuant to the terms of the Agreements, the Company has agreed to pay retention bonuses to each of the officers, as follows: Mr. Borne ($187,500), Mr. Jeter ($31,250), Dr. Fleming ($35,625) and Mr. Bucey ($32,500). The bonus payments, less applicable withholdings, will be paid contemporaneously with each officer’s next regularly-scheduled payroll payment after April 1, 2012.

The bonuses paid to Messrs. Jeter and Bucey and Dr. Fleming were upon the recommendation of Mr. Borne, and each of the four executive officer bonus payments were approved by the Company’s Board of Directors (the “Board”) upon the recommendation and approval of the Compensation Committee of the Board. Our President and Chief Financial Officer, Ronald A. LaBorde, was not awarded a retention bonus since he recently joined the Company as an employee in November 2011. The retention bonuses were paid in recognition of the value that each executive officer brings to Amedisys and in encouragement of their continued service to the Company.

Each of the Agreements contains a recoupment provision, requiring the executive officer to pay back to the Company, within five business days of written demand therefor:

 

  •  

100% of the retention bonus if he is terminated for “Cause” (as such term is defined in his Employment Agreement with the Company) or voluntarily resigns without “Good Reason” (as such term is defined in his Employment Agreement with the Company) before April 1, 2013;

 

  •  

66.67% of the retention bonus if he is terminated for “Cause” or voluntarily resigns without “Good Reason” on or after April 1, 2013 but before April 1, 2014; and

 

  •  

33.33% of the retention bonus if he is terminated for “Cause” or voluntarily resigns without “Good Reason” on or after April 1, 2014 but on or before April 1, 2015.

He/his estate would have no obligation to repay the retention bonus if he is terminated due to “Disability” (as such term is defined in his Employment Agreement with the Company) or upon “Retirement” (as such term is defined in his Employment Agreement with the Company) or death.

Copies of the Retention Bonus Agreements for Mr. Borne, Mr. Jeter, Dr. Fleming and Mr. Bucey are filed as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3 and Exhibit 10.4, respectively, to this Current Report on Form 8-K, and the description of the Agreements appearing above is qualified in its entirety by the provisions of the actual Agreements.

Section 9 – Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

10.1

    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and William F. Borne

10.2

    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and Jeffrey D. Jeter

 

2

10.3

    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and Michael O. Fleming

10.4

    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and David R. Bucey

 

3

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

AMEDISYS, INC.
By:  

/s/ Ronald A. LaBorde

  Ronald A. LaBorde
  President and Chief Financial Officer and Duly Authorized Officer
DATE:   April 10, 2012

 

4

Exhibit Index

 

Exhibit No.

   

Description

10.1    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and William F. Borne
10.2    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and Jeffrey D. Jeter
10.3    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and Michael O. Fleming
10.4    Retention Bonus Agreement dated April 5, 2012 by and among Amedisys, Inc., Amedisys Holding, L.L.C. and David R. Bucey

 

5

EX-10.1 2 d330144dex101.htm RETENTION BONUS AGREEMENT Retention Bonus Agreement

Exhibit 10.1

RETENTION BONUS AGREEMENT

This RETENTION BONUS AGREEMENT (this “Agreement”), dated as of April 5, 2012 (the “Effective Date”), is by and among Amedisys, Inc., a Delaware corporation (“Amedisys”), Amedisys Holding, L.L.C., a Louisiana limited liability company (“Holding,” and, collectively with Amedisys, the “Company”), and William F. Borne, an individual residing in the State of Louisiana (the “Executive”).

W I T N E S S E T H :

WHEREAS, the Company desires to offer the Executive a retention bonus (the “Retention Bonus”) as an incentive for the Executive to remain in the employment of the Company, upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows:

1. Certain Capitalized Terms. Capitalized terms used but undefined herein shall have the meanings assigned to them in the Amended and Restated Employment Agreement dated January 3, 2011 by and among Amedisys, Holding and the Executive (as amended by the First Amendment thereto dated December 29, 2011) (as so amended, the “Employment Agreement”).

2. Retention Bonus.

(a) Payment. The Retention Bonus shall be paid by the Company (in accordance with its normal payroll practices) to the Executive in a lump sum (less applicable withholdings and payroll deductions) within fifteen (15) days of the Effective Date of this Agreement, provided that the Executive remains employed by the Company as of the actual payment date.

(b) Amount. The amount (the “Amount”) of the Retention Bonus shall be One Hundred Eighty-Seven Thousand, Five Hundred Dollars ($187,500).

3. Repayment Obligations.

(a) If prior to April 1, 2013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(b) If on or after April 1, 2013 but before April 1, 2014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus

 

1

Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(c) If on or after April 1, 2014 but on or before April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(d) If after April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.

4. Death, Disability or Retirement. For purposes of clarification, the repayment obligations described in Section 3, above, shall not be triggered if the Executive’s employment is terminated (i) due to his death or Disability or (ii) upon his Retirement.

5. General.

(a) Withholding; Payroll Deductions. The Retention Bonus payable to the Executive shall be subject to applicable (i) taxes and withholding, as required by law, and (ii) payroll deductions, as required by any Company compensation, pension or welfare benefit plan.

(b) Severance and Other Benefits. This Agreement shall not affect the Executive’s eligibility or entitlement to receive nor shall it reduce benefits payable to the Executive under any severance, change of control or similar plan, policy or agreement with the Company, including but not limited to the Employment Agreement.

(c) Non-Salary Compensation. The parties represent, acknowledge and agree that the Retention Bonus constitutes non-salary compensation.

(d) Other Rights. This Agreement does not create any employment rights not specifically set forth in the Employment Agreement.

(e) Entire Agreement. This Agreement and the Employment Agreement contain the entire understanding of the Company and the Executive with respect to the subject matter hereof.

(f) Amendment. This Agreement may be amended or revised only by written agreement signed by an authorized officer of the Company and the Executive.

 

2

(g) Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Louisiana, without giving effect to the principles of conflict of laws thereof. The Company and the Executive hereby consent and irrevocably submit to the jurisdiction of any or all of the following courts for purposes of resolving any dispute under this Agreement: (i) the United States District Court for the Middle District of Louisiana or (ii) the Nineteenth Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. The parties hereto agree that to the extent permitted, any lawsuit involving a dispute under this Agreement shall be filed and may proceed only in these referenced courts. The Company and the Executive hereby waive, to the fullest extent permitted by applicable law, any jurisdictional, venue or inconvenient forum objection which it or he may now or hereafter have to these referenced courts. The Company and the Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.

(h) Section 409A. The Company intends that the Retention Bonus is not compensation paid under a “nonqualified deferred compensation plan” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

(i) Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

* * * *

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

 

AMEDISYS, INC.
By:  

/S/ Ronald A. LaBorde

Name:   Ronald A. LaBorde
Title:   President and Chief Financial Officer
AMEDISYS HOLDING, L.L.C.
By:  

/S/ Ronald A. LaBorde

Name:   Ronald A. LaBorde
Title:   Vice-President
EXECUTIVE

/S/ William F. Borne

William F. Borne

 

3

EX-10.2 3 d330144dex102.htm RETENTION BONUS AGREEMENT Retention Bonus Agreement

Exhibit 10.2

RETENTION BONUS AGREEMENT

This RETENTION BONUS AGREEMENT (this “Agreement”), dated as of April 5, 2012 (the “Effective Date”), is by and among Amedisys, Inc., a Delaware corporation (“Amedisys”), Amedisys Holding, L.L.C., a Louisiana limited liability company (“Holding,” and, collectively with Amedisys, the “Company”), and Jeffrey D. Jeter, an individual residing in the State of Louisiana (the “Executive”).

W I T N E S S E T H :

WHEREAS, the Company desires to offer the Executive a retention bonus (the “Retention Bonus”) as an incentive for the Executive to remain in the employment of the Company, upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows:

1. Certain Capitalized Terms. Capitalized terms used but undefined herein shall have the meanings assigned to them in the Amended and Restated Employment Agreement dated January 3, 2011 by and among Amedisys, Holding and the Executive (the “Employment Agreement”).

2. Retention Bonus.

(a) Payment. The Retention Bonus shall be paid by the Company (in accordance with its normal payroll practices) to the Executive in a lump sum (less applicable withholdings and payroll deductions) within fifteen (15) days of the Effective Date of this Agreement, provided that the Executive remains employed by the Company as of the actual payment date.

(b) Amount. The amount (the “Amount”) of the Retention Bonus shall be Thirty-One Thousand, Two Hundred Fifty Dollars ($31,250).

3. Repayment Obligations.

(a) If prior to April 1, 2013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(b) If on or after April 1, 2013 but before April 1, 2014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the

 

1

payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(c) If on or after April 1, 2014 but on or before April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(d) If after April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.

4. Death, Disability or Retirement. For purposes of clarification, the repayment obligations described in Section 3, above, shall not be triggered if the Executive’s employment is terminated (i) due to his death or Disability or (ii) upon his Retirement.

5. General.

(a) Withholding; Payroll Deductions. The Retention Bonus payable to the Executive shall be subject to applicable (i) taxes and withholding, as required by law, and (ii) payroll deductions, as required by any Company compensation, pension or welfare benefit plan.

(b) Severance and Other Benefits. This Agreement shall not affect the Executive’s eligibility or entitlement to receive nor shall it reduce benefits payable to the Executive under any severance, change of control or similar plan, policy or agreement with the Company, including but not limited to the Employment Agreement.

(c) Non-Salary Compensation. The parties represent, acknowledge and agree that the Retention Bonus constitutes non-salary compensation.

(d) Other Rights. This Agreement does not create any employment rights not specifically set forth in the Employment Agreement.

(e) Entire Agreement. This Agreement and the Employment Agreement contain the entire understanding of the Company and the Executive with respect to the subject matter hereof.

(f) Amendment. This Agreement may be amended or revised only by written agreement signed by an authorized officer of the Company and the Executive.

(g) Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Louisiana, without giving effect to the principles of conflict of laws thereof. The Company and the Executive hereby consent and irrevocably submit to the jurisdiction of

 

2

any or all of the following courts for purposes of resolving any dispute under this Agreement: (i) the United States District Court for the Middle District of Louisiana or (ii) the Nineteenth Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. The parties hereto agree that to the extent permitted, any lawsuit involving a dispute under this Agreement shall be filed and may proceed only in these referenced courts. The Company and the Executive hereby waive, to the fullest extent permitted by applicable law, any jurisdictional, venue or inconvenient forum objection which it or he may now or hereafter have to these referenced courts. The Company and the Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.

(h) Section 409A. The Company intends that the Retention Bonus is not compensation paid under a “nonqualified deferred compensation plan” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

(i) Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

* * * *

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

 

AMEDISYS, INC.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   Chief Executive Officer and Chairman
AMEDISYS HOLDING, L.L.C.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   President
EXECUTIVE

/S/ Jeffrey D. Jeter

Jeffrey D. Jeter

 

3

EX-10.3 4 d330144dex103.htm RETENTION BONUS AGREEMENT Retention Bonus Agreement

Exhibit 10.3

RETENTION BONUS AGREEMENT

This RETENTION BONUS AGREEMENT (this “Agreement”), dated as of April 5, 2012 (the “Effective Date”), is by and among Amedisys, Inc., a Delaware corporation (“Amedisys”), Amedisys Holding, L.L.C., a Louisiana limited liability company (“Holding,” and, collectively with Amedisys, the “Company”), and Michael O. Fleming, an individual residing in the State of Louisiana (the “Executive”).

W I T N E S S E T H :

WHEREAS, the Company desires to offer the Executive a retention bonus (the “Retention Bonus”) as an incentive for the Executive to remain in the employment of the Company, upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows:

1. Certain Capitalized Terms. Capitalized terms used but undefined herein shall have the meanings assigned to them in the Employment Agreement dated July 27, 2010 by and among Amedisys, Holding and the Executive (as amended by the First Amendment thereto dated January 3, 2011) (as so amended, the “Employment Agreement”).

2. Retention Bonus.

(a) Payment. The Retention Bonus shall be paid by the Company (in accordance with its normal payroll practices) to the Executive in a lump sum (less applicable withholdings and payroll deductions) within fifteen (15) days of the Effective Date of this Agreement, provided that the Executive remains employed by the Company as of the actual payment date.

(b) Amount. The amount (the “Amount”) of the Retention Bonus shall be Thirty-Five Thousand, Six Hundred Twenty-Five Dollars ($35,625).

3. Repayment Obligations.

(a) If prior to April 1, 2013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(b) If on or after April 1, 2013 but before April 1, 2014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus

 

1

Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(c) If on or after April 1, 2014 but on or before April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(d) If after April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.

4. Death, Disability or Retirement. For purposes of clarification, the repayment obligations described in Section 3, above, shall not be triggered if the Executive’s employment is terminated (i) due to his death or Disability or (ii) upon his Retirement.

5. General.

(a) Withholding; Payroll Deductions. The Retention Bonus payable to the Executive shall be subject to applicable (i) taxes and withholding, as required by law, and (ii) payroll deductions, as required by any Company compensation, pension or welfare benefit plan.

(b) Severance and Other Benefits. This Agreement shall not affect the Executive’s eligibility or entitlement to receive nor shall it reduce benefits payable to the Executive under any severance, change of control or similar plan, policy or agreement with the Company, including but not limited to the Employment Agreement.

(c) Non-Salary Compensation. The parties represent, acknowledge and agree that the Retention Bonus constitutes non-salary compensation.

(d) Other Rights. This Agreement does not create any employment rights not specifically set forth in the Employment Agreement.

(e) Entire Agreement. This Agreement and the Employment Agreement contain the entire understanding of the Company and the Executive with respect to the subject matter hereof.

(f) Amendment. This Agreement may be amended or revised only by written agreement signed by an authorized officer of the Company and the Executive.

(g) Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Louisiana, without giving effect to the principles of conflict of laws

 

2

thereof. The Company and the Executive hereby consent and irrevocably submit to the jurisdiction of any or all of the following courts for purposes of resolving any dispute under this Agreement: (i) the United States District Court for the Middle District of Louisiana or (ii) the Nineteenth Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. The parties hereto agree that to the extent permitted, any lawsuit involving a dispute under this Agreement shall be filed and may proceed only in these referenced courts. The Company and the Executive hereby waive, to the fullest extent permitted by applicable law, any jurisdictional, venue or inconvenient forum objection which it or he may now or hereafter have to these referenced courts. The Company and the Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.

(h) Section 409A. The Company intends that the Retention Bonus is not compensation paid under a “nonqualified deferred compensation plan” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

(i) Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

* * * *

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

 

AMEDISYS, INC.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   Chief Executive Officer and Chairman
AMEDISYS HOLDING, L.L.C.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   President
EXECUTIVE

/S/ Michael O. Fleming

Michael O. Fleming

 

3

EX-10.4 5 d330144dex104.htm RETENTION BONUS AGREEMENT Retention Bonus Agreement

Exhibit 10.4

RETENTION BONUS AGREEMENT

This RETENTION BONUS AGREEMENT (this “Agreement”), dated as of April 5, 2012 (the “Effective Date”), is by and among Amedisys, Inc., a Delaware corporation (“Amedisys”), Amedisys Holding, L.L.C., a Louisiana limited liability company (“Holding,” and, collectively with Amedisys, the “Company”), and David R. Bucey, an individual residing in the State of Louisiana (the “Executive”).

W I T N E S S E T H :

WHEREAS, the Company desires to offer the Executive a retention bonus (the “Retention Bonus”) as an incentive for the Executive to remain in the employment of the Company, upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows:

1. Certain Capitalized Terms. Capitalized terms used but undefined herein shall have the meanings assigned to them in the Employment Agreement dated July 27, 2010 by and among Amedisys, Holding and the Executive (as amended by the First Amendment thereto dated January 3, 2011) (as so amended, the “Employment Agreement”).

2. Retention Bonus.

(a) Payment. The Retention Bonus shall be paid by the Company (in accordance with its normal payroll practices) to the Executive in a lump sum (less applicable withholdings and payroll deductions) within fifteen (15) days of the Effective Date of this Agreement, provided that the Executive remains employed by the Company as of the actual payment date.

(b) Amount. The amount (the “Amount”) of the Retention Bonus shall be Thirty-Two Thousand, Five Hundred Dollars ($32,500).

3. Repayment Obligations.

(a) If prior to April 1, 2013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(b) If on or after April 1, 2013 but before April 1, 2014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus

 

1

Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(c) If on or after April 1, 2014 but on or before April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein).

(d) If after April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.

4. Death, Disability or Retirement. For purposes of clarification, the repayment obligations described in Section 3, above, shall not be triggered if the Executive’s employment is terminated (i) due to his death or Disability or (ii) upon his Retirement.

5. General.

(a) Withholding; Payroll Deductions. The Retention Bonus payable to the Executive shall be subject to applicable (i) taxes and withholding, as required by law, and (ii) payroll deductions, as required by any Company compensation, pension or welfare benefit plan.

(b) Severance and Other Benefits. This Agreement shall not affect the Executive’s eligibility or entitlement to receive nor shall it reduce benefits payable to the Executive under any severance, change of control or similar plan, policy or agreement with the Company, including but not limited to the Employment Agreement.

(c) Non-Salary Compensation. The parties represent, acknowledge and agree that the Retention Bonus constitutes non-salary compensation.

(d) Other Rights. This Agreement does not create any employment rights not specifically set forth in the Employment Agreement.

(e) Entire Agreement. This Agreement and the Employment Agreement contain the entire understanding of the Company and the Executive with respect to the subject matter hereof.

(f) Amendment. This Agreement may be amended or revised only by written agreement signed by an authorized officer of the Company and the Executive.

 

2

(g) Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Louisiana, without giving effect to the principles of conflict of laws thereof. The Company and the Executive hereby consent and irrevocably submit to the jurisdiction of any or all of the following courts for purposes of resolving any dispute under this Agreement: (i) the United States District Court for the Middle District of Louisiana or (ii) the Nineteenth Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. The parties hereto agree that to the extent permitted, any lawsuit involving a dispute under this Agreement shall be filed and may proceed only in these referenced courts. The Company and the Executive hereby waive, to the fullest extent permitted by applicable law, any jurisdictional, venue or inconvenient forum objection which it or he may now or hereafter have to these referenced courts. The Company and the Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.

(h) Section 409A. The Company intends that the Retention Bonus is not compensation paid under a “nonqualified deferred compensation plan” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

(i) Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument.

* * * *

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this Agreement as of the day and year first written above.

 

AMEDISYS, INC.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   Chief Executive Officer and Chairman
AMEDISYS HOLDING, L.L.C.
By:  

/S/ William F. Borne

Name:   William F. Borne
Title:   President
EXECUTIVE

/S/ David R. Bucey

David R. Bucey

 

3

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