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Quotes & Info
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| MDRX > SEC Filings for MDRX > Form 8-K on 5-Jun-2012 | All Recent SEC Filings |
5-Jun-2012
Change in Directors or Principal Officers
On May 30, 2012, Allscripts Healthcare Solutions, Inc. (the "Company") established an incentive program for a group of ten of its executives (the "Program"). The Program will be administered by the Company's Compensation Committee. The Company's Chief Executive Officer will not participate in the Program.
The awards under the Program are comprised of a potential cash payment and an award of restricted stock units under the Company's 2011 Stock Incentive Plan. The potential cash payment is contingent upon the Company meeting a non-GAAP earnings per share performance target during the period from June 1, 2012 through December 31, 2012. If earned, the cash payments will be made after December 31, 2012. Each participant's target amount for the cash payment equals 75% of the executive's standard annual bonus target, with potential payment ranging from 10% under the target amount to 10% over the target amount in direct correlation to threshold performance of 90% of the performance target to performance that reaches or exceeds 110% over the performance target. Payment at target for the ten participants ranges from $112,500 to $450,000, with the Company's President and the Company's Executive Vice President, Culture and Talent having a target of $450,000 and $337,500 respectively. If performance does not reach at least 90% of the performance target, then no cash payment will be made under the Program.
The restricted stock unit awards will vest over three years in equal annual tranches. The grant-date value of the restricted stock unit awards to the ten participants range from $900,000 to $250,000, with the Company's President and the Company's Executive Vice President, Culture and Talent each receiving an award with a grant-date value of $750,000. Per the terms of the awards, upon a termination without Cause, the next tranche of restricted stock units will vest to the participant, provided, however, that if the participant has an employment agreement that provides for more generous vesting upon a termination without Cause, then the terms of the employment agreement will govern.
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