Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

MOLINA HEALTHCARE, INC. : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

09/09/2021 | 07:07am EDT

Item 1.01. Entry into a Material Definitive Agreement.

Effective as of September 8, 2021, Molina Healthcare, Inc. (the "Company") has entered into an amended and restated employment agreement with Joseph M. Zubretsky, 64, our current President and Chief Executive Officer (the "amended agreement"). The amended agreement amends and restates the employment agreement originally entered into by the Company and Mr. Zubretsky on October 9, 2017 (the "original agreement"), as reported and described in the Company's Form 8-K current report filed on October 10, 2017.

The amended agreement continues Mr. Zubretsky's employment as President and Chief Executive Officer of the Company under the same general terms and conditions as was the case under the original agreement, but updates the original agreement with regard to unvested equity-based awards that are subject to performance-based vesting conditions (the "Performance-Based Awards") to better align the treatment of those Performance-Based Awards with the Company's subsequently adopted long-term equity-based incentive programs and practices.

If Mr. Zubretsky's employment with the Company terminates due to a termination without "Cause" or resignation for "Good Reason" (as such terms are defined in the amended agreement), in addition to his previously provided severance benefits, any Performance-Based Awards will now vest on a prorated basis, subject to the achievement then-to-date of the identified performance metrics at or above the specified threshold level for vesting. Such proration shall be based on the number of fiscal quarters that have elapsed over the relevant performance measurement period (typically 12 fiscal quarters) through the fiscal quarter in which termination occurs, multiplied by the projected final achievement level of the relevant metric based on straight-line extrapolation to the end of the full measurement period.

Also, if Mr. Zubretsky's services are terminated without Cause or by Mr. Zubretsky for Good Reason within 24 months following a Change in Control, in addition to his existing severance benefits, rather than vesting at target, any then unvested Performance-Based Awards will vest on his last day of employment based on the greater of: (i) target performance, and (ii) the projected final achievement of the performance metric through the measurement period based on the straight-line extrapolation of actual achievement through the end of the relevant performance measurement period.

If Mr. Zubretsky elects to voluntarily retire after reaching age 65, and provided that he gives the Company at least one-year's advance notice of his intended retirement, upon his retirement, rather than vesting at target, any then unvested Performance-Based Awards shall likewise vest at the greater of target and projected final achievement. In the event the Company were to give Mr. Zubretsky 90 days advance written notice of his termination by the Company without "Cause," Mr. Zubretsky may elect to exercise his retirement rights within such 90-day period.

The foregoing description of the amended agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the amended agreement. A copy of the amended agreement is being filed as Exhibit 10.1 hereto and is incorporated herein by reference.

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

The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated into this Item 5.02 by reference.

Item 7.01. Regulation FD Disclosure.

A copy of the press release relating to Mr. Zubretsky's amended agreement is attached hereto as Exhibit 99.1.

Note: The information furnished herewith pursuant to Item 7.01 of this current report shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing


 Item 9.01.   Financial Statements and Exhibits.

    (d)       Exhibits:

Exhibit No.    Description
  10.1           Amended and Restated Employment Agreement, dated September 8,
               2021, by and between Molina Healthcare, Inc. and Joseph M.
  99.1           Press release of Molina Healthcare, Inc., issued September 9,

104            Cover page information from Molina Healthcare, Inc.' Current Report
               on Form 8-K filed on September 9, 2021 formatted in iXBRL (Inline
               Extensible Business Reporting Language).


© Edgar Online, source Glimpses

10/20MOLINA HEALTHCARE : False Claims Act Complaint Against "Sophisticated" Medicaid Plan Allow..
10/07MOLINA HEALTHCARE : Deal Grows Molina's Medicaid Managed Long Term Care Presence in New Yo..
10/07MOLINA HEALTHCARE : to Buy Agewell New York's Medicaid Managed Long-Term Care Business for..
10/07MOLINA HEALTHCARE, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (for..
10/07MOLINA HEALTHCARE : to Acquire Certain Assets of AgeWell New York
10/07Molina Healthcare, Inc. entered into an agreement to acquire Medicaid Managed Long Term..
09/20MOLINA HEALTHCARE : Stephens Adjusts Price Target on Molina Healthcare to $280 From $260, ..
09/20MOLINA HEALTHCARE : Credit Suisse Raises Molina Healthcare's PT to $318 from $280, Keeps O..
09/20MOLINA HEALTHCARE : Truist Securities Adjusts Molina Healthcare PT to $330 From $300, Main..
09/20MOLINA HEALTHCARE : Mizuho Securities Raises Price Target on Molina Healthcare to $305 Fro..
More news
Analyst Recommendations on MOLINA HEALTHCARE, INC.
More recommendations