UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 7, 2020, MEDNAX, Inc., a Florida corporation (the “Company”), announced that as part of its efforts to mitigate the financial impact of the COVID-19 pandemic on the Company, the Company’s Board of Directors, named executive officers and other members of its senior leadership team have agreed to various temporary reductions in cash compensation.
The members of the Company’s Board of Directors have agreed to forego their annual cash retainer and cash meeting payments until such fees are reinstated by the Board.
Stephen D. Farber, the Company’s Executive Vice President and Chief Financial Officer, Dominic J. Andreano, the Company’s Executive Vice President, General Counsel and Secretary, John C. Pepia, the Company’s Chief Accounting Officer, and Nikos Nikolopoulos, the Company’s Chief Strategy and Growth Officer, have each agreed to forego 50% of their annual base salary for the period April 1, 2020 through June 30, 2020, which may be extended by mutual agreement between the Company and such executive. The Company and each of the executives have agreed that such reduction in annual base salary does not constitute “Good Reason” under their respective employment agreements with a wholly-owned subsidiary of the Company and will not apply for any other purposes under such employment agreements. Roger J. Medel, M.D., the Company’s Chief Executive Officer, currently receives an annual base salary of $1.00.
Other members of the Company’s senior leadership team have also agreed to forego portions of their annual base salaries for the period April 1, 2020 through June 30, 2020, and the Company anticipates that additional members of its senior leadership team will also agree to such reductions, retroactive to April 1, 2020.
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.
| MEDNAX, INC. | ||||||
| Date: April 7, 2020 |
By: |
/s/ Stephen D. Farber | ||||
| Stephen D. Farber Chief Financial Officer | ||||||