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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Filed by the Registrant þ
Filed by a Party other than the Registrant o
Check the appropriate box:
o Preliminary Proxy Statement | ||||
o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||||
þ Definitive Proxy Statement | ||||
o Definitive Additional Materials | ||||
o Soliciting Material Pursuant to §240.14a-12 |
AmSurg Corp.
Payment of Filing Fee (Check the appropriate box):
þ | No fee required. |
o | Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |
(1) | Title of each class of securities to which transaction applies: |
(2) | Aggregate number of securities to which transaction applies: |
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
(4) | Proposed maximum aggregate value of transaction: |
(5) | Total fee paid: |
o | Fee paid previously with preliminary materials. |
o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) | Amount Previously Paid: |
(2) | Form, Schedule or Registration Statement No.: |
(3) | Filing Party: |
(4) | Date Filed: |
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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 17, 2007
1. | Election of three directors in Class I, each for a term of three years; | ||
2. | Approval of certain amendments to the AmSurg Corp. 2006 Stock Incentive Plan; | ||
3. | Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal 2007; and | ||
4. | Any other matters that may properly come before the meeting. |
April 18, 2007
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APPENDIX A: AMSURG CORP. 2006 STOCK INCENTIVE PLAN, AS AMENDED |
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20 BURTON HILLS BOULEVARD, SUITE 500
NASHVILLE, TENNESSEE 37215
• | by submitting written notice of revocation to the Secretary of the Company; | ||
• | by submitting another proxy that is later dated and properly signed; or | ||
• | by voting in person at the meeting. |
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• | for election of each of the nominated directors (see page 7); | ||
• | for approval of the amendments to the AmSurg Corp. 2006 Stock Incentive Plan (see page 26); and | ||
• | for ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm (see page 33). |
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Shares | Percent of | |||||||
Name and Address | Beneficially Owned | Class (1) | ||||||
FMR Corp. (2) 82 Devonshire Street Boston, MA 02109 | 3,964,931 | 13.1 | % | |||||
Wellington Management Company, LLP (3) 75 State Street, 19th Floor Boston, MA 02109 | 3,457,907 | 11.4 | % | |||||
Neuberger Berman Inc. (4) 605 Third Avenue New York, NY 10158-3698 | 3,291,135 | 10.9 | % | |||||
Wasatch Advisors, Inc. (5) 150 Social Hall Avenue Salt Lake City, UT 84111 | 2,653,389 | 8.8 | % | |||||
Barclays Global Investors, NA. (6) 45 Fremont Street San Francisco, CA 94105 | 1,975,133 | 6.5 | % |
(1) | Based on the number of shares outstanding at April 2, 2007. | |
(2) | This information is based upon a Schedule 13G/A filed on February 14,2007 by FMR Corp. The shares of common stock are beneficially owned by Fidelity Management & Research Company, a wholly-owned subsidiary of FMR Corp. and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, as a result of acting as investment adviser to various investment companies registered under Section 8 of the Investment Company Act of 1940. Fidelity Low Priced Stock Fund, one of the investment companies to which Fidelity Management & Research Company acts as an investment adviser, beneficially owns 2,550,012 shares of common stock. FMR Corp., through its control of Fidelity Management & Research Company, has sole voting power as to 354,400 shares of our common stock and sole dispositive power as to 3,964,931 shares of our common stock. Fidelity Management & Research Company carries out the voting of the shares of the investment companies to which it acts as investment adviser under written guidelines established by the companies’ Boards of Trustees. | |
(3) | This information is based upon a Schedule 13G/A filed on February 14, 2007 by Wellington Management Company, LLP, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Wellington Management Company, LLP reported shared voting power as to 2,111,757 shares of our common stock and shared dispositive power as to 3,457,907 shares of our common stock. | |
(4) | This information is based upon a Schedule 13G/A filed on February 13, 2007 by Neuberger Berman Inc. Certain mutual funds affiliated with Neuberger Berman Inc. beneficially own 3,291,135 shares of our common stock. Neuberger Berman, LLC, and Neuberger Berman Management Inc., each a wholly-owned subsidiary of Neuberger Berman Inc., serve as sub-adviser and investment manager, respectively, of the Neuberger affiliated mutual funds and are deemed to be beneficial owners of these shares. Neuberger Berman, LLC has shared voting power as to 2,750,234 shares of our common stock and shared dispositive power as to 3,291,135 shares of our common stock. Neuberger Berman Management Inc. has shared voting power and shared dispositive power as to 2,750,234 shares of our common stock. |
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(5) | This information is based upon a Schedule 13G/A filed on February 15,2007 by Wasatch Advisors, Inc., an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. |
(6) | This information is based upon a Schedule 13G filed on January 23, 2007 by Barclays Global Investors, NA. The shares of common stock are beneficially owned by (i) Barclays Global Investors, NA., a bank as defined in Section 3(a)(6) of the Securities Exchange Act of 1934, and (ii) Barclays Global Fund Advisors, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Barclays has sole voting power as to 1,851,624 shares of our common stock and sole dispositive power as to 1,975,133 shares of our common stock. |
Acquirable | ||||||||||||
Outstanding | Within 60 | Percent of | ||||||||||
Name | Shares (1) | Days (2) | Class (3) | |||||||||
Ken P. McDonald | 1,003 | 783,207 | 2.5 | % | ||||||||
Claire M. Gulmi | 2,000 | 338,500 | 1.1 | % | ||||||||
David L. Manning | 30,000 | 481,000 | 1.7 | % | ||||||||
Frank J. Coll | — | 40,750 | * | |||||||||
Royce D. Harrell | — | 202,500 | * | |||||||||
Thomas G. Cigarran | 236,106 | — | * | |||||||||
James A. Deal | 27,904 | — | * | |||||||||
Steven I. Geringer | 16,121 | — | * | |||||||||
Debora A. Guthrie | 3,091 | — | * | |||||||||
Henry D. Herr | 152,276 | — | * | |||||||||
Kevin P. Lavender | 1,423 | — | * | |||||||||
Bergein F. Overholt, M.D. | 28,985 | — | * | |||||||||
All directors and executive officers as a group (12 persons) | 498,909 | 1,845,957 | 7.3 | % |
* | Represents less than 1% of our outstanding common stock. | |
(1) | The number of shares shown includes shares that are individually or jointly owned, as well as shares over which the individual has either sole or shared investment or voting authority. Certain of our directors and executive officers disclaim beneficial ownership of some of the shares included in the table, as follows: |
• | Mr. McDonald – 3 shares of common stock held by Mr. McDonald’s wife; | ||
• | Mr. Deal – 100 shares of common stock held by Mr. Deal’s wife; | ||
• | Mr. Geringer – 5,000 shares of common stock held in family trusts; | ||
• | Mr. Herr – 32,464 shares of common stock held in grantor retained annuity trusts; and | ||
• | Dr. Overholt – 12,872 shares of common stock held by Dr. Overholt’s wife and 4,009 shares of common stock held by Gastrointestinal Associates, P.C., of which Dr. Overholt is President and a shareholder. |
(2) | Reflects the number of shares that could be purchased by exercise of options exercisable on April 2,2007 or within 60 days thereafter under our stock option plans. |
(3) | Pursuant to the rules of the Securities and Exchange Commission, or the SEC, shares of common stock that an individual owner has a right to acquire within 60 days pursuant to the exercise of stock options are deemed to be outstanding for the purpose of computing the ownership of that owner, but are not deemed outstanding for the purpose of computing the ownership of any other individual owner. Likewise, the shares subject to options held by our directors and executive officers that are exercisable within 60 days are all deemed outstanding for the purpose of computing the percentage ownership of all executive officers and directors as a group. |
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(TO BE ELECTED; TERMS EXPIRE IN 2010)
James A. Deal | Director since 1992 | |
Steven I. Geringer | Director since 1997 | |
Claire M. Gulmi | Director since 2004 | |
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(TERMS EXPIRE IN 2008)
Henry D. Herr | Director since 1992 | |
Ken P. McDonald | Director since 1996 | |
Kevin P. Lavender | Director since 2004 | |
(TERMS EXPIRE IN 2009)
Thomas G. Cigarran | Director since 1992 | |
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Debora A. Guthrie | Director since 1996 | |
Bergein F. Overholt, M.D. | Director since 1992 | |
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Name | Fees Paid in Cash | Stock Awards(1) | Total | |||||||||
Thomas G. Cigarran | $ | 75,000 | $ | 13,846 | $ | 88,846 | ||||||
James A. Deal | $ | 77,500 | $ | 13,846 | $ | 91,346 | ||||||
Steven I. Geringer | $ | 59,000 | $ | 13,846 | $ | 72,846 | ||||||
Debora A. Guthrie | $ | 72,000 | $ | 13,846 | $ | 85,846 | ||||||
Henry D. Herr | $ | 70,500 | $ | 13,846 | $ | 84,346 | ||||||
Kevin P. Lavender | $ | 49,000 | $ | 13,846 | $ | 62,846 | ||||||
Bergein F. Overholt, M.D. | $ | 48,000 | $ | 13,846 | $ | 61,846 |
(1) | Represents the dollar amount recognized for financial statement reporting purposes during 2006 in accordance with Statement of Financial Accounting Standards No. 123(R), or SFAS 123(R), and includes amounts from awards granted in and prior to 2006. |
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• | be able to represent the interests of AmSurg and all of its shareholders and not be disposed by affiliation or interest to favor any individual, group or class of shareholders or other constituency; | ||
• | meet the minimum qualifications for directors set forth in the Guidelines and fulfill the needs of the Board at that time; and | ||
• | possess the background and demonstrated ability to contribute to the Board’s performance of its collective responsibilities, through senior executive management experience, relevant professional or academic distinction, and/or a record of civic and community leadership. |
• | business or management for large consolidated companies or other large multi-facility institutions; | ||
• | accounting or finance for large consolidated companies or other multi-facility institutions; | ||
• | leadership, strategic planning or crisis response for large consolidated companies or other large multi-facility institutions; | ||
• | the health care industry; or | ||
• | other significant and relevant areas deemed by the Nominating and Corporate Governance Committee to be valuable to the Company. |
• | attendance at Board and Committee meetings; | ||
• | preparedness for Board and Committee meetings; | ||
• | quality of objectivity in exercising business judgment; | ||
• | participation at Board and Committee meetings; and | ||
• | candor toward other directors, management and professionals retained by AmSurg. |
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James A. Deal
Debora A. Guthrie
Henry D. Herr
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James A. Deal
Steven I. Geringer
Debora A. Guthrie
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• | to attract and retain talented executives by providing compensation that is, overall, highly competitive with the compensation provided to executives at companies of comparable position in the health care services industry, while maintaining compensation within levels that are consistent with our annual budget, financial objectives and operating performance; | ||
• | to provide appropriate incentives for executives to work toward the achievement of our annual financial performance and business goals based on our annual budget; and | ||
• | to closely align the interests of our executives with those of our shareholders and the long-term interests of our Company by providing long-term incentive compensation in the form of non-qualified stock options or other equity-based long-term incentive compensation. |
Name | 2006 Base Salary | 2005 Base Salary | ||||||
Ken P. McDonald | $ | 485,100 | $ | 462,000 | ||||
Claire M. Gulmi | $ | 325,000 | $ | 288,750 | ||||
David L. Manning | $ | 325,000 | $ | 288,750 | ||||
Frank J. Coll | $ | 260,000 | $ | 225,000 | ||||
Royce D. Harrell | $ | 218,500 | $ | 208,000 |
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• | 3% of the executives’ base salaries; | ||
• | 5% of the executives’ base salaries if the Company meets the Minimum earnings target; | ||
• | 8% of the executives’ base salaries if the Company meets the Target earnings; | ||
• | 13% of the executives’ base salaries if the Company meets the Level I earnings target; and | ||
• | 18% of the executives’ base salaries if the Company meets the Level II earnings target. |
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Value of | ||||||||||||
Stock Option | Percentage of 2006 | Shares Underlying | ||||||||||
Name | Grant | Base Salary (%) | Options (#) | |||||||||
Ken P. McDonald | $ | 1,067,005 | 220 | 93,433 | ||||||||
Claire M. Gulmi | $ | 552,500 | 170 | 48,380 | ||||||||
David L. Manning | $ | 552,500 | 170 | 48,380 | ||||||||
Frank J. Coll | $ | 501,500 | 193 | 43,914 | ||||||||
Royce D. Harrell | $ | 218,500 | 100 | 19,133 |
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Non-Equity | ||||||||||||||||||||||||
Option | Incentive Plan | All Other | ||||||||||||||||||||||
Name and Principal Position | Year | Salary | Awards(1) | Compensation(2) | Compensation(3) | Total | ||||||||||||||||||
Ken P. McDonald President and Chief Executive Officer | 2006 | $ | 485,000 | $ | 835,282 | $ | 269,878 | $ | 48,890 | $ | 1,639,050 | |||||||||||||
Claire M. Gulmi Executive Vice President, Chief Financial Officer and Secretary | 2006 | $ | 325,000 | $ | 444,932 | $ | 144,736 | $ | 33,850 | $ | 948,518 | |||||||||||||
David L. Manning Executive Vice President and Chief Development Officer | 2006 | $ | 325,000 | $ | 626,027 | $ | 167,314 | $ | 33,850 | $ | 1,152,191 | |||||||||||||
Frank J. Coll Senior Vice President, Operations | 2006 | $ | 260,000 | $ | 311,675 | $ | 86,710 | $ | 24,440 | $ | 682,825 | |||||||||||||
Royce D. Harrell Senior Vice President, Corporate Services | 2006 | $ | 196,650 | $ | 251,765 | $ | 65,583 | $ | 21,747 | $ | 535,745 |
(1) | Represents the dollar amount recognized for financial statement reporting purposes during 2006 in accordance with SFAS 123(R) and includes amounts from awards granted in and prior to 2006. See Note 1(m) to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 regarding the assumptions underlying valuation of equity awards. | |
(2) | Reflects bonuses earned during the fiscal year pursuant to our cash bonus plan. | |
(3) | Reflects (a) Company matching contributions to the 401(k) plan of $3,300 for Messrs. McDonald and Manning and Ms. Gulmi and $3,262 for Mr. Harrell and (b) Company contributions to the supplemental executive retirement savings plan of $45,590 for Mr. McDonald, $30,550 for Ms. Gulmi and Mr. Manning, $24,440 for Mr. Coll and $18,485 for Mr. Harrell. |
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Estimated Future Payouts | All Other | |||||||||||||||||||||||||||
Under Non-Equity Incentive | Option | |||||||||||||||||||||||||||
Plan Awards | Awards | |||||||||||||||||||||||||||
Exercise | ||||||||||||||||||||||||||||
Number of | Price of | Grant Date | ||||||||||||||||||||||||||
Securities | Option | Fair Value of | ||||||||||||||||||||||||||
Grant | Underlying | Awards | Option | |||||||||||||||||||||||||
Name | Date | Threshold | Target | Maximum | Options(#)(1) | ($/sh) | Awards(2) | |||||||||||||||||||||
Ken P. McDonald | 2/17/06 | $ | 121,250 | $ | 242,500 | $ | 485,000 | 105,000 | $ | 21.07 | $ | 910,770 | ||||||||||||||||
Claire M. Gulmi | 2/17/06 | $ | 65,000 | $ | 130,000 | $ | 260,000 | 70,000 | $ | 21.07 | $ | 607,180 | ||||||||||||||||
David L. Manning | 2/17/06 | $ | 64,320 | $ | 161,220 | $ | 266,620 | (3) | 100,000 | $ | 21.07 | $ | 867,400 | |||||||||||||||
Frank J. Coll | 2/17/06 | $ | 39,000 | $ | 78,000 | $ | 156,000 | 30,000 | $ | 21.07 | $ | 260,220 | ||||||||||||||||
Frank J. Coll | 3/16/06 | — | — | — | 25,000 | $ | 22.08 | $ | 228,950 | |||||||||||||||||||
Royce D. Harrell | 2/17/06 | $ | 29,498 | $ | 58,995 | $ | 117,990 | 37,500 | $ | 21.07 | $ | 325,275 |
(1) | The options granted during 2006 vest in five equal, annual installments beginning on the date of grant. | |
(2) | Represents the full grant date value computed in accordance with SFAS 123(R). | |
(3) | There was no maximum amount for the portion of Mr. Manning’s 2006 cash bonus based upon the number of surgery center acquisition and development transactions completed during the year. Mr. Manning’s maximum 2006 bonus amount shown above was calculated based upon the Company’s 2006 Level II bonus target for acquisition and development transactions. |
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Number of | Number of | |||||||||||||||
Securities | Securities | |||||||||||||||
Underlying | Underlying | |||||||||||||||
Unexercised | Unexercised | Option | Option | |||||||||||||
Options (#) | Options (#) | Exercise | Expiration | |||||||||||||
Name | (Exercisable) | (Unexercisable) | Price ($/sh) | Date | ||||||||||||
Ken P. McDonald | 150,000 | — | $ | 16.583 | 02/01/11 | |||||||||||
150,000 | — | $ | 14.667 | 11/15/11 | ||||||||||||
105,000 | — | $ | 16.200 | 01/24/12 | ||||||||||||
220,800 | 55,200 | $ | 14.780 | 02/06/13 | ||||||||||||
153,000 | 102,000 | $ | 24.100 | 01/28/14 | ||||||||||||
42,000 | 63,000 | $ | 25.760 | 01/27/15 | ||||||||||||
21,000 | 84,000 | $ | 21.070 | 02/17/16 | ||||||||||||
Claire M. Gulmi | 52,500 | — | $ | 16.583 | 02/01/11 | |||||||||||
60,000 | — | $ | 14.667 | 11/15/11 | ||||||||||||
30,000 | — | $ | 16.200 | 01/24/12 | ||||||||||||
64,800 | 16,200 | $ | 14.780 | 02/06/13 | ||||||||||||
45,000 | 30,000 | $ | 24.100 | 01/28/14 | ||||||||||||
18,000 | 27,000 | $ | 25.760 | 01/27/15 | ||||||||||||
14,000 | 56,000 | $ | 21.070 | 02/17/16 | ||||||||||||
David L. Manning | 90,000 | — | $ | 16.583 | 02/01/11 | |||||||||||
105,000 | — | $ | 14.667 | 11/15/11 | ||||||||||||
30,000 | — | $ | 16.200 | 01/24/12 | ||||||||||||
88,800 | 22,200 | $ | 14.780 | 02/06/13 | ||||||||||||
45,000 | 30,000 | $ | 24.100 | 01/28/14 | ||||||||||||
30,000 | 45,000 | $ | 25.760 | 01/27/15 | ||||||||||||
20,000 | 80,000 | $ | 21.070 | 02/17/16 | ||||||||||||
Frank J. Coll | 9,375 | 28,125 | $ | 24.160 | 02/28/15 | |||||||||||
6,000 | 24,000 | $ | 25.760 | 02/17/16 | ||||||||||||
5,000 | 20,000 | $ | 22.080 | 03/16/16 | ||||||||||||
Royce D. Harrell | 7,500 | — | $ | 6.087 | 02/23/08 | |||||||||||
13,500 | — | $ | 5.083 | 01/21/09 | ||||||||||||
15,000 | — | $ | 4.500 | 01/27/10 | ||||||||||||
12,000 | — | $ | 16.583 | 02/01/11 | ||||||||||||
30,000 | — | $ | 14.667 | 11/15/11 | ||||||||||||
22,500 | — | $ | 16.200 | 01/24/12 | ||||||||||||
33,600 | 8,400 | $ | 14.780 | 02/06/13 | ||||||||||||
22,500 | 15,000 | $ | 24.100 | 01/28/14 | ||||||||||||
15,000 | 22,500 | $ | 25.760 | 01/27/15 | ||||||||||||
7,500 | 30,000 | $ | 21.070 | 02/17/16 |
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Number of Shares Acquired | Value Realized on | |||||||
Name | Upon Exercise (#) | Exercise | ||||||
Ken P. McDonald | 60,000 | $ | 1,249,230 | |||||
Claire M. Gulmi | 26,100 | $ | 541,167 | |||||
David L. Manning | — | — | ||||||
Frank J. Coll | — | — | ||||||
Royce D. Harrell | — | — |
• | 3% of the executives’ base salaries; | ||
• | 5% of the executives’ base salaries if the Company meets the Minimum earnings target; | ||
• | 8% of the executives’ base salaries if the Company meets the Target earnings; | ||
• | 13% of the executives’ base salaries if the Company meets the Level I earnings target; and | ||
• | 18% of the executives’ base salaries if the Company meets the Level II earnings target. |
Executive | Aggregate | Aggregate | ||||||||||||||
Contributions in | Registrant | Earnings in | Balance at | |||||||||||||
Last Fiscal | Contributions in | Last Fiscal | Last Fiscal | |||||||||||||
Name | Year(1) | Last Fiscal Year(2) | Year | Year End | ||||||||||||
Ken P. McDonald | $ | 29,100 | $ | 45,590 | $ | 48,723 | $ | 405,402 | ||||||||
Claire M. Gulmi | $ | 9,750 | $ | 30,550 | $ | 24,926 | $ | 178,744 | ||||||||
David L. Manning | $ | 205,655 | $ | 30,550 | $ | 103,885 | $ | 905,569 | ||||||||
Frank J. Coll | — | $ | 24,440 | — | — | |||||||||||
Royce D. Harrell | $ | 13,766 | $ | 18,485 | $ | 28,682 | $ | 250,677 |
(1) | Reported as “Salary” in the 2006 Summary Executive Compensation Table on page 19. | |
(2) | Reported as “All Other Compensation” in the 2006 Summary Executive Compensation Table on page 19. |
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Number of Securities | ||||||||||||
Remaining Available For | ||||||||||||
Future Issuance Under | ||||||||||||
Number of Securities To | Weighted Average | Equity Compensation Plans | ||||||||||
Be Issued Upon Exercise | Exercise Price of | (excluding securities | ||||||||||
of Outstanding Options, | Outstanding Options, | reflected | ||||||||||
Plan Category | Warrants and Rights (1) | Warrants and Rights | in column (a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved by security holders | 4,589,532 | $ | 20.46 | 1,358,532 | ||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||
Total | 4,589,532 | $ | 20.46 | 1,358,532 | ||||||||
(1) | None of the outstanding options are transferable for consideration or have dividend rights attached. |
Involuntary | ||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||
Without | ||||||||||||||||||||||||||||
Cause or | Termination | |||||||||||||||||||||||||||
Executive Benefits and | Termination | upon a | ||||||||||||||||||||||||||
Payments Upon | Voluntary | for Good | For Cause | Change in | ||||||||||||||||||||||||
Separation | Termination | Retirement | Reason | Termination | Control | Disability | Death | |||||||||||||||||||||
Salary (1) | — | — | $ | 485,000 | — | $ | 485,000 | $ | 485,000 | — | ||||||||||||||||||
Accelerated Vesting of Deferred Compensation(2) | — | $ | 6,499 | — | — | $ | 6,499 | $ | 6,499 | $ | 6,499 | |||||||||||||||||
Accelerated Vesting of Options (3) | — | $ | 615,864 | — | — | $ | 615,864 | — | — | |||||||||||||||||||
Continuation of Insurance Benefits (4) | — | — | $ | 9,027 | — | $ | 9,027 | $ | 9,027 | — |
(1) | Pursuant to the terms of the employment agreement between the Company and the executive. | |
(2) | Accelerated vesting of Company contributions to our supplemental executive retirement plan. | |
(3) | Accelerated vesting of stock option amounts are calculated as the difference between the closing market price of our common stock on December 29, 2006 ($23.00 per share as reported on The Nasdaq Stock Market) and the exercise price of in-the-money unvested stock options. | |
(4) | Reflects the medical premiums the executive would be entitled to following the termination date. |
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Involuntary | ||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||
Without | ||||||||||||||||||||||||||||
Cause or | Termination | |||||||||||||||||||||||||||
Executive Benefits and | Termination | upon a | ||||||||||||||||||||||||||
Payments Upon | Voluntary | for Good | For Cause | Change in | ||||||||||||||||||||||||
Separation | Termination | Retirement | Reason | Termination | Control | Disability | Death | |||||||||||||||||||||
Salary (1) | — | — | $ | 325,000 | — | $ | 325,000 | $ | 325,000 | — | ||||||||||||||||||
Accelerated Vesting of Deferred Compensation(2) | — | $ | 4,721 | — | — | $ | 4,721 | $ | 4,721 | $ | 4,721 | |||||||||||||||||
Accelerated Vesting of Options (3) | — | $ | 241,244 | — | — | $ | 241,244 | — | — | |||||||||||||||||||
Continuation of Insurance Benefits (4) | — | — | $ | 4,853 | — | $ | 4,853 | $ | 4,853 | — |
(1) | Pursuant to the terms of the employment agreement between the Company and the executive. | |
(2) | Accelerated vesting of Company contributions to our supplemental executive retirement plan. | |
(3) | Accelerated vesting of stock option amounts are calculated as the difference between the closing market price of our common stock on December 29, 2006 ($23.00 per share as reported on The Nasdaq Stock Market) and the exercise price of in-the-money unvested stock options. | |
(4) | Reflects the medical premiums the executive would be entitled to following the termination date. |
Involuntary | ||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||
Without | ||||||||||||||||||||||||||||
Cause or | Termination | |||||||||||||||||||||||||||
Executive Benefits and | Termination | upon a | ||||||||||||||||||||||||||
Payments Upon | Voluntary | for Good | For Cause | Change in | ||||||||||||||||||||||||
Separation | Termination | Retirement | Reason | Termination | Control | Disability | Death | |||||||||||||||||||||
Salary (1) | — | — | $ | 325,000 | — | $ | 325,000 | $ | 325,000 | — | ||||||||||||||||||
Accelerated Vesting of Deferred Compensation(2) | — | $ | 4,139 | — | — | $ | 4,139 | $ | 4,139 | $ | 4,139 | |||||||||||||||||
Accelerated Vesting of Options (3) | — | $ | 336,884 | — | — | $ | 336,884 | — | — | |||||||||||||||||||
Continuation of Insurance Benefits (4) | — | — | $ | 12,001 | — | $ | 12,001 | $ | 12,001 | — |
(1) | Pursuant to the terms of the employment agreement between the Company and the executive. | |
(2) | Accelerated vesting of Company contributions to our supplemental executive retirement plan. | |
(3) | Accelerated vesting of stock option amounts are calculated as the difference between the closing market price of our common stock on December 29, 2006 ($23.00 per share as reported on The Nasdaq Stock Market) and the exercise price of in-the-money unvested stock options. | |
(4) | Reflects the medical premiums the executive would be entitled to following the termination date. |
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Involuntary | ||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||
Without | ||||||||||||||||||||||||||||
Cause or | Termination | |||||||||||||||||||||||||||
Executive Benefits and | Termination | upon a | ||||||||||||||||||||||||||
Payments Upon | Voluntary | for Good | For Cause | Change in | ||||||||||||||||||||||||
Separation | Termination | Retirement | Reason | Termination | Control | Disability | Death | |||||||||||||||||||||
Salary (1) | — | — | $ | 260,000 | — | $ | 260,000 | $ | 260,000 | — | ||||||||||||||||||
Accelerated Vesting of Options (2) | — | $ | 64,720 | — | — | $ | 64,720 | — | — | |||||||||||||||||||
Continuation of Insurance Benefits (3) | — | — | $ | 11,981 | — | $ | 11,981 | $ | 11,981 | — |
(1) | Pursuant to the terms of the employment agreement between the Company and the executive. | |
(2) | Accelerated vesting of stock option amounts are calculated as the difference between the closing market price of our common stock on December 29, 2006 ($23.00 per share as reported on The Nasdaq Stock Market) and the exercise price of in-the-money unvested stock options. | |
(3) | Reflects the medical premiums the executive would be entitled to following the termination date. |
Involuntary | ||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||
Without | ||||||||||||||||||||||||||||
Cause or | Termination | |||||||||||||||||||||||||||
Executive Benefits and | Termination | upon a | ||||||||||||||||||||||||||
Payments Upon | Voluntary | for Good | For Cause | Change in | ||||||||||||||||||||||||
Separation | Termination | Retirement | Reason | Termination | Control | Disability | Death | |||||||||||||||||||||
Salary (1) | — | — | $ | 196,650 | — | $ | 196,650 | $ | 196,650 | — | ||||||||||||||||||
Accelerated Vesting of Deferred Compensation(2) | — | $ | 3,393 | — | — | $ | 3,393 | $ | 3,393 | $ | 3,393 | |||||||||||||||||
Accelerated Vesting of Options (3) | — | $ | 126,948 | — | — | $ | 126,948 | — | — | |||||||||||||||||||
Continuation of Insurance Benefits (4) | — | — | $ | 8,924 | — | $ | 8,924 | $ | 8,924 | — |
(1) | Pursuant to the terms of the employment agreement between the Company and the executive. | |
(2) | Accelerated vesting of Company contributions to our supplemental executive retirement plan. | |
(3) | Accelerated vesting of stock option amounts are calculated as the difference between the closing market price of our common stock on December 29, 2006 ($23.00 per share as reported on The Nasdaq Stock Market) and the exercise price of in-the-money unvested stock options. | |
(4) | Reflects the medical premiums the executive would be entitled to following the termination date. |
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Shares of Common | ||||||||
Stock Subject to | Weighted Average | |||||||
Name | Options | Exercise Price Per Share | ||||||
Ken P. McDonald | 93,433 | $ | 22.84 | |||||
Claire M. Gulmi | 48,380 | $ | 22.84 | |||||
David L. Manning | 48,380 | $ | 22.84 | |||||
Frank J. Coll | 43,914 | $ | 22.84 | |||||
Royce D. Harrell | 19,133 | $ | 22.84 | |||||
All executive officers as a group (5 persons) | 253,240 | $ | 22.84 | |||||
All other employees as a group (54 persons) | 269,553 | $ | 22.74 |
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Secretary
AmSurg Corp.
20 Burton Hills Boulevard, Suite 500
Nashville, TN 37215
(615) 665-1283
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Section 1. | Purpose | 1 | ||||
Section 2. | Definitions | 1 | ||||
Section 3. | Administration | 4 | ||||
Section 4. | Shares Available For Awards | 5 | ||||
Section 5. | Eligibility | 6 | ||||
Section 6. | Stock Options And Stock Appreciation Rights | 6 | ||||
Section 7. | Restricted Shares And Restricted Share Units | 7 | ||||
Section 8. | Performance Awards | 8 | ||||
Section 9. | Other Stock-Based Awards | 9 | ||||
Section 10. | Non-Employee Director Awards | 9 | ||||
Section 11. | Provisions Applicable To Covered Officers And Performance Awards | 10 | ||||
Section 12. | Termination Of Employment | 11 | ||||
Section 13. | Change In Control | 12 | ||||
Section 14. | Amendment And Termination | 12 | ||||
Section 15. | General Provisions | 12 | ||||
Section 16. | Term Of The Plan | 14 |
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2006 STOCK INCENTIVE PLAN, AS AMENDED
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(a) | earnings or earnings before interest, taxes, depreciation and/or amortization; | ||
(b) | operating income or profit; | ||
(c) | operating efficiencies; | ||
(d) | return on equity, assets, capital, capital employed or investment; | ||
(e) | after tax operating income; | ||
(f) | net income; | ||
(g) | earnings or book value per Share; | ||
(h) | cash flow(s); | ||
(i) | revenues or revenue growth; | ||
(j) | production (separate work units or SWUs); | ||
(k) | stock price or total shareholder return; | ||
(l) | dividends; | ||
(m) | debt reduction; |
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(n) | strategic business objectives, consisting of one or more objectives based on meeting specified cost targets, business expansion goals and goals relating to acquisitions, divestitures or development activities; or | ||
(o) | any combination thereof. |
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The undersigned hereby appoints Ken P. McDonald and Claire M. Gulmi, and each of them, as proxies, with full power of substitution, to vote all shares of common stock of the undersigned as shown below on this proxy at the Annual Meeting of Shareholders of AmSurg Corp. (the “Company”), to be held on Thursday, May 17, 2007, at our corporate headquarters at 20 Burton Hills Boulevard, Suite 500, Nashville, Tennessee at 9:00 a.m., central daylight savings time (CDT), and any adjournments or postponements thereof.
Your shares will be voted in accordance with your instructions.(If no choice is specified, your shares will be voted FOR approval of all of the proposals set forth herein.)
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C123456789 | ||
Using ablack ink pen, mark your votes with anXas shown in this example. Please do not write outside the designated areas. | X |
Annual Meeting Proxy Card | ||||||||
+ | ||||||||||||||||||||||||
1. ELECTION OF CLASS I DIRECTORS: | For | Withhold | For | Withhold | For | Withhold | ||||||||||||||||||
01 - James A. Deal | o | o | 02 - Steven I. Geringer | o | o | 03 - Claire M. Gulmi | o | o |
For | Against | Abstain | |||||||||
2. | APPROVAL OF THE AMENDMENTS TO THE AMSURG CORP. 2006 STOCK INCENTIVE PLAN. | o | o | o | |||||||
3. | RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL 2007. | o | o | o | |||||||
4. | IN THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF. | ||||||||||
B Non-Voting Items Change of Address — Please print new address below. |
C Authorized Signatures — This section must be completed for your vote to be counted. — Date and Sign Below | |||||||||
Please sign exactly as your name appears herein. If registered in the names of two or more persons, each should sign. Executors, administrators, trustees, guardians, attorneys, and corporate officers should show their full titles. | |||||||||
Date (mm/dd/yyyy) — Please print date below. | Signature 1 — Please keep signature within the box. | Signature 2 — Please keep signature within the box. | |||||||
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