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Quotes & Info
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| HMA > SEC Filings for HMA > Form 8-K on 23-Feb-2009 | All Recent SEC Filings |
23-Feb-2009
Change in Directors or Principal Officers
On February 17, 2009, the Compensation Committee of the Board of Directors of Health Management Associates, Inc. (the "Company") granted long-term incentive compensation awards to certain of the Company's named executive officers for the year ending December 31, 2009 (the "2009 Program"). The 2009 Program provides for contingent long-term incentive compensation in the form of cash payments and equity awards.
Under the 2009 Program, the Company's named executive officers receiving awards each have a long-term incentive target that is predicated on a percentage of their base salary. Targeted incentive compensation awards were granted by the Compensation Committee as follows: (i) restricted stock that vests based on service; (ii) restricted stock that vests based on the satisfaction of performance criterion; and (iii) cash based on the satisfaction of the same performance criterion. The predetermined performance criterion that will be reviewed for vesting purposes is an operational fiscal measure of the Company. Full vesting of awards under the 2009 Program also requires continuous employment with the Company over a four-year period.
The table below summarizes the February 17, 2009 awards under the 2009 Program.
Shares of
Restricted Stock Targeted Cash
Executive Officer Awarded (1) Award
Gary D. Newsome,
President and Chief Executive Officer 750,000 $ 1,500,000
Robert E. Farnham,
Senior Vice President and Chief Financial
Officer 116,667 $ 233,333
Kelly E. Curry,
Executive Vice President and Chief
Administrative Officer 281,250 $ 562,500
Timothy R. Parry,
Senior Vice President, General Counsel and
Corporate Secretary 72,917 $ 145,833
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(1) One half of each restricted stock award vests based on service and one half vests based on achievement of the performance criterion and service.
The 2009 Program awards were made under the Company's Amended and Restated 1996 Executive Incentive Compensation Plan (the "EICP"), a comprehensive executive compensation plan in which the Company's named executive officers, among others, may participate. A summary of the EICP is contained in the Company's definitive proxy statement dated March 31, 2008 under the heading "Proposal Two: Proposal to Amend and Restate the Health Management Associates, Inc. 1996 Executive Incentive Compensation Plan - Summary of the EIPC," which summary is incorporated herein by reference. Such description is qualified in its entirety by reference to the actual EICP, which can be found at Exhibit A to the Company's definitive proxy statement dated March 31, 2008.
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