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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BrightSpring Health Services Inc | NASDAQ:BTSGU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.045 | -0.07% | 64.255 | 25.71 | 102.81 | 64.255 | 63.73 | 63.73 | 3,677 | 18:00:09 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 29, 2024, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of BrightSpring Health Services, Inc. (the “Company”) adopted a Senior Executive Cash Incentive Bonus Plan (the “Bonus Plan”). The Bonus Plan provides for cash bonus payments based upon the attainment of performance targets established by the Compensation Committee, or its delegee. The performance targets may be related to financial and operational measures or objectives with respect to the Company (the “Corporate Performance Goals”), as well as individual performance objectives. The Bonus Plan is to be administered by the Compensation Committee, which will have full power and authority to administer and interpret the Bonus Plan, and under the terms of the Bonus Plan, the Compensation Committee has delegated to the Chief Executive Officer full power and authority to administer and interpret the Bonus Plan and any cash bonuses awarded under the Bonus Plan with respect to Non-Executive Participants (as defined in the Bonus Plan).
Each key employee who is selected to participate in the Bonus Plan (a “Covered Participant”) will have a target bonus opportunity set for each performance period. The bonus formulas will be adopted in each performance period by the Compensation Committee and communicated to each Covered Participant at the beginning of each performance period. The Corporate Performance Goals will be measured at the end of each performance period. If the Corporate Performance Goals and individual performance objectives are met, payments will be made as soon as practicable following the end of each performance period, but in no event later than two and one-half months after the end of the fiscal year in which such performance bonus is deemed earned by the Compensation Committee or its delegee. Subject to the rights contained in any agreement between the Covered Participant and the Company or unless otherwise determined by the Compensation Committee, a Covered Participant must be employed by the Company on the bonus payment date to be eligible to receive a bonus payment.
The foregoing description of the Bonus Plan does not purport to be complete and is qualified in its entirety by the full text of the Bonus Plan, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number |
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Description |
10.1 |
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BrightSpring Health Services, Inc. Senior Executive Cash Incentive Bonus Plan |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BRIGHTSPRING HEALTH SERVICES, INC. |
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Date: |
May 31, 2024 |
By: |
/s/ Jennifer Phipps |
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Name: Title: |
Jennifer Phipps |
Exhibit 10.1
BRIGHTSPRING HEALTH SERVICES, INC.
SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN
This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an incentive for superior work and to motivate eligible employees of BrightSpring Health Services, Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Incentive Plan is for the benefit of Covered Participants (as defined below).
From time to time, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board”) may select certain key employees (the “Covered Participants”) to be eligible to receive bonuses hereunder. Participation in the Incentive Plan does not change the “at will” nature of a Covered Participant’s employment with the Company.
The Incentive Plan is administered by the Compensation Committee. The Compensation Committee shall have the full power and authority to administer and interpret the Incentive Plan, including, without limitation, the power to: (a) prescribe, amend, and rescind rules and procedures relating to the Incentive Plan and to define terms not otherwise defined herein; (b) certify the level at which those Corporate Performance Goals (as defined below) approved by the Board are attained for an applicable Performance Period, including in excess of one hundred percent (100%); (c) determine which employees qualify as Covered Participants in the Incentive Plan and which Covered Participant shall be paid cash bonuses under the Incentive Plan; (d) determine whether, to what extent, and under what circumstances cash bonuses awarded under the Incentive Plan may be forfeited or suspended; (e) correct any defect, supply any omission, or reconcile any inconsistency in the Incentive Plan or any cash bonus awarded under the Incentive Plan in the manner and to the extent that the Compensation Committee shall deem appropriate; (f) adjust or modify the calculation of a Corporate Performance Goal for a Performance Period so as to avoid unanticipated consequences or address unanticipated events; provided that while the Compensation Committee may equitably adjust the percentages allocated to any Corporate Performance Goal, changes in the Corporate Performance Goals should be approved by the Board; (g) make all determinations necessary and advisable in administering the Incentive Plan; and (h) periodically review and amend the Incentive Plan. For purposes of this Incentive Plan, the term “Performance Period” means the period for which performance is calculated, which unless otherwise indicated by the Compensation Committee, will be a calendar year.
The Compensation Committee hereby delegates to the Chief Executive Officer of the Company (the “CEO”) full power and authority to administer and interpret the Incentive Plan and any cash bonuses awarded under the Incentive Plan with respect to Non-Executive Participants (as defined below), and references to the “Compensation Committee” as used herein shall be deemed to include the CEO with respect to Non-Executive Participants. The Compensation Committee hereby delegates to and authorizes the head of Human Resources and his or her agents to determine the treatment (including any
proration) of awards for Non-Executive Participants who take any leave of absence, join the Company after the applicable Performance Period has commenced, who change job grades or geographic work location or have a similar change in status during a Performance Period, to assist in the day-to-day administration of the Plan and to communicate the terms of the Plan and bonus awards to Participants. The determinations of the Compensation Committee and its delegates with respect to the Plan will be final, binding, and conclusive on all interested parties. For purposes of this Section 3, the term “Non-Executive Participant” means any Covered Participant other than the CEO and any Executive Participant. For purposes of this Section 3, the term “Executive Participant” means certain key executives as designated by the Compensation Committee to be eligible to receive bonuses hereunder.
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The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion.
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