UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date Of Report (Date Of Earliest Event Reported): May 13, 2008
SunLink Health Systems, Inc.
(Exact Name of Registrant as Specified in its Charter)
Commission File Number: 1-12607
| Ohio | 310621189 | |
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
900 Circle 75 Parkway
Suite 1120
Atlanta, Georgia 30339
(Address of Principal Executive Offices, Including Zip Code)
770-933-7000
(Registrant’s Telephone Number, Including Area Code)
(Former name or former address, if changed since last report)
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:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
5.02(e) Employment Agreement with George D. Shaunnessy
On May 13, 2008 SunLink Homecare Services, LLC (the “Company”), a wholly-owned subsidiary of SunLink Health Systems, Inc., and George D. Shaunnessy entered into an employment agreement (the “Agreement”), making Shaunnessy the President and CEO of the Company. The Agreement has a term of three years, subject to automatic renewal for additional one-year terms unless earlier terminated by the Company. The Agreement provides for an annual base salary for Mr. Shaunnessy of $285,000 and provides for additional benefits including, but not limited to: (i) an annual bonus of up to 60% of annual base salary based upon achievement of performance objectives established by the Company’s board, (ii) grants of stock options, (iii) a grant of 40,000 vested options with an exercise price of $5.50, (iv) a grant of 60,000 options with an exercise price of $5.50 to vest 1/3 on May 13, 2009, 1/3 on May 13, 2010 and 1/3 on May 13, 2011, (v) a grant of 100,000 options with an exercise price of $8.00 to vest 1/5 on May 13, 2009, 1/5 on May 13, 2010, 1/5 on May 13, 2011, 1/5 on May 13, 2012 and 1/5 on May 13, 2013, (vi) an immediately payable cash bonus of $100,000, and (vi) entitlement to participate in the Company’s benefit plans.
| Item 9.01 | Financial Statements and Exhibits |
Exhibits
| Exhibit No. |
Description | |
| 10.30 | Employment Agreement for George D. Shaunnessy signed May 13, 2008. |
Signature(s)
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.
| SunLink Health Systems, Inc. | ||||||
| Date: May 19, 2008 |
By: | /s/ Mark J. Stockslager | ||||
| Mark J. Stockslager | ||||||
| Chief Financial Officer | ||||||
Exhibit Index
| Exhibit No. |
Description | |
| 10.30 | Employment Agreement for George D. Shaunnessy signed May 13, 2008. |