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AMSG > SEC Filings for AMSG > Form 8-K on 7-Mar-2014All Recent SEC Filings

Show all filings for AMSURG CORP

Form 8-K for AMSURG CORP


7-Mar-2014

Change in Directors or Principal Officers


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

(e)

2014 Bonus Plan

The Compensation Committee (the "Committee") of the Board of Directors of AmSurg Corp. (the "Company") has approved the Company's Cash Bonus Plan for 2014. Pursuant to the 2014 Cash Bonus Plan, employees of the Company, including the Company's executive officers, are eligible to receive cash bonuses based upon the Company's attainment of certain earnings targets and other specific targets related to an employee's specific area of responsibility, including surgery center profits and earnings from new acquisition and development transactions, and the executive's achievement of personal performance goals, in each case as determined by the Committee. For 2014, cash bonuses for Christopher A. Holden, the Company's Chief Executive Officer and President, Claire M. Gulmi, the Company's Executive Vice President and Chief Financial Officer, and Kevin D. Eastridge, the Company's Senior Vice President and Chief Accounting Officer, will be based 30% upon the attainment of Company earnings targets, 30% upon the attainment of personal performance goals, 20% upon targets related to surgery center profits, and 20% upon the annual earnings before interest, income taxes and depreciation and amortization ("EBITDA") of surgery centers acquired and de novo surgery center partnerships formed during 2014. The cash bonus for Phillip
A. Clendenin, the Company's Executive Vice President - Operations, will be based 20% upon the attainment of Company earnings targets, 30% upon the attainment of personal performance goals, 30% upon targets related to surgery center profits, and 20% upon the annual EBITDA of surgery centers acquired and de novo surgery center partnerships formed during 2014. The maximum total bonus award that Messrs. Holden, Clendenin and Eastridge and Ms. Gulmi can receive in 2014 is 146% for Mr. Holden, 88% for Ms. Gulmi, 88% for Mr. Clendenin and 68% for Mr. Eastridge.

David L. Manning, the Company's Executive Vice President and Chief Development Officer, is eligible to receive a cash bonus of up to 47% of his base salary based 71% upon the attainment of Company earnings targets and 29% upon the attainment of personal performance goals. Mr. Manning is eligible to receive an additional cash bonus of up to 50% of his base salary based upon the annual EBITDA of surgery centers acquired and de novo surgery center partnerships formed during 2014 above a targeted amount.

In addition, each of the executive officers is entitled to receive an additional bonus in the event the Company completes an acquisition transaction that is not subject to the bonus provisions described above, such as the acquisition of another company. In the event of such a transaction, each of the executive officers would be eligible to receive a cash bonus based upon the annual EBITDA of the business acquired. The maximum cash bonus award as a percentage of base salary is 30% for Mr. Holden, 18% for Ms. Gulmi, 18% Mr. Manning, 18% for Mr. Clendenin and 14% for Mr. Eastridge.


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