Community Health Systems Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 December 31, 2024, CHSPSC, LLC, a wholly-owned subsidiary of Community Health Systems, Inc. (the “Company”), entered into a consultancy agreement (the “Consulting Agreement”) with Lynn T. Simon, M.D., the Company’s retiring President, Healthcare Innovation and Chief Medical Officer. As previously disclosed in a Current Report on Form 8-K filed by the Company on September 11, 2024, Dr. Simon is retiring as an executive officer effective December 31, 2024. Pursuant to the Consulting Agreement, Dr. Simon will advise the Company’s management team on innovation in healthcare, including identifying strategies, business opportunities and new technologies for the Company, and other matters as requested by Tim L. Hingtgen, Chief Executive Officer and/or his designee. The term of the Consulting Agreement will be January 1, 2025 to December 31, 2027. During the term of the Consulting Agreement, Dr. Simon will be entitled to receive consulting fees of $25,000 per month and will be subject to certain restrictions on competing, solicitation and conflicts of interest with CHSPSC, LLC or its affiliates. She will continue to vest in previously granted stock options and restricted stock of the Company in accordance with the applicable time-vesting schedule.
The foregoing summary of the Consulting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Consulting Agreement, which is filed as Exhibit 10.1 hereto and incorporated into this report by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
10.1 |
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Consultancy Agreement, dated December 31, 2024, by and between CHSPSC, LLC and Lynn T. Simon, M.D. |
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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COMMUNITY HEALTH SYSTEMS, INC. |
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Date: |
December 31, 2024 |
By: |
/s/ Tim L. Hingtgen |
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Tim L. Hingtgen |