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Quotes & Info
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| UHS > SEC Filings for UHS > Form 8-K on 18-Mar-2009 | All Recent SEC Filings |
18-Mar-2009
Change in Directors or Principal Officers
Officers.
2008 Annual Incentive Bonuses:
On March 12, 2009, the Compensation Committee (the "Committee") of the Board of
Directors of Universal Health Services, Inc. (the "Company") certified the level
of attainment of the 2008 performance goals under the Universal Health Services,
Inc. Executive Incentive Plan (the "Plan") and authorized the payment of an
annual incentive bonus to the Executive Officers, as indicated below.
% of
2008
Annual Annual
Incentive Bonus Base
Name Title for 2008 Salary
Alan B. Miller Chief Executive Officer, President
and Chairman of the Board $ 3,375,130 250 %
Steve G. Filton Senior Vice President and Chief
Financial Officer $ 468,500 112 %
Debra K. Osteen Senior Vice President $ 451,579 106 %
Michael Marquez Senior Vice President $ 468,500 99 %
Marc D. Miller Senior Vice President $ 453,523 106 %
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Consistent with previous years, the amounts of the annual incentive bonuses for Messrs. Alan B. Miller and Filton were derived as a percentage of their annual salaries based on the achievement of corporate performance criteria. Also consistent with previous years, the amounts of the annual incentive bonuses for Ms. Osteen and Messrs. Marquez and Marc D. Miller were derived as a percentage of their annual salaries based on the achievement of divisional and corporate performance criteria. After consultation with Mr. Alan B. Miller, the Committee agreed to modest reductions to the annual incentive bonuses, from the amounts as stipulated pursuant to the Plan, for certain of the Company's Senior Vice Presidents. The reductions, which have been factored into the respective amounts reflected above, were intended to provide for a relatively narrow range of annual incentive bonus amounts paid to each of the Company's Senior Vice Presidents in recognition of the equality of each individual's contributions to our 2008 financial results.
2009 Annual Cash Bonus Performance Goals
On March 12, 2009, the Committee approved specific bonus formulae for the determination of annual incentive compensation for the Company's executive officers pursuant to the Plan for the year ending December 31, 2009. Under the formulae approved by the Committee, each of the Company's executive officers was assigned a percentage of such executive officer's 2009 base salary as a target bonus. The target bonus award indicated below for Mr. Alan B. Miller is stipulated in his employment agreement dated December 27, 2007. The following table shows each executive officer's target bonus as a percentage of his or her base salary for 2009. The 2009 target awards for each individual are unchanged from the 2008 target awards.
Name Title Target Award
Alan B. Miller President, Chief Executive Officer &
Chairman of the Board 100 %
Steve G. Filton Senior Vice President & Chief Financial
Officer 50 %
Debra K. Osteen Senior Vice President 50 %
Michael Marquez Senior Vice President 50 %
Marc D. Miller Senior Vice President 50 %
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Pursuant 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 officer's target bonus based, either entirely or in part, on the Company's achievement of a combination
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