Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Promotion of Christine Archbold to Chief Accounting Officer and
Principal Accounting Officer
On March 10, 2023, AdaptHealth Corp. (the “Company”)
promoted Christine Archbold to Chief Accounting Officer and principal accounting officer of the Company. Prior to Ms. Archbold’s promotion, Jason Clemens, the Company’s Chief Financial Officer, served
as principal accounting officer of the Company since May 16, 2022. In connection with Ms. Archbold’s promotion, Mr. Clemens
will no longer serve as principal accounting officer of the Company effective March 10, 2023.
Prior to
the promotion, Ms. Archbold, age 48, served as the Company’s Senior Vice President of Corporate Accounting since October
15, 2022. Ms. Archbold previously has held a variety of senior financial management positions, including Chief Accounting Officer and Corporate
Controller at Clarivate from 2017 to 2022, Global Controller (from 2014 to 2017) and Director of Financial Reporting (from 2011 to 2014)
at Houghton International. In these roles, Ms. Archbold had overall responsibility for the controllership, financial reporting, and systems
of internal controls. Prior to joining Houghton International in 2011, Ms. Archbold was an auditor with the accounting firm of Ernst &
Young. Ms. Archbold holds a B.S. in Accounting from Saint Joseph’s University.
On
August 17, 2022, the Company entered into an offer letter with Ms. Archbold, that governed the terms of her employment as
the Company’s Senior Vice President of Corporate Accounting effective as of her start date on October 15, 2022. In connection
with her promotion to Chief Accounting Officer, the Compensation Committee of the Company (the “Compensation Committee”)
increased Ms. Archbold’s annual base salary to $350,000 and target annual bonus (for which Ms. Archbold will be eligible based
upon the achievement of performance targets established for the applicable year) to an amount equal to 50% of her base salary. Ms.
Archbold will also be eligible to receive annual grants of equity-based incentive compensation with a target grant value of $350,000
per annum under the Company’s 2019 Stock Incentive Plan. Ms. Archbold will continue to be eligible to participate in the
Company’s employee benefit programs offered to full-time employees.
There are no arrangements or understandings between Ms. Archbold and
any other person pursuant to which she was appointed as Chief Accounting Officer. Ms. Archbold has no family relationships subject to
disclosure under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
Promotion of Shaw Rietkerk to Chief Operating Officer
On March 13, 2023, the Company promoted Shaw Rietkerk to Chief Operating Officer of the Company.
Prior to the promotion, Mr. Rietkerk, age 48, served as the
Company’s Chief Operating Officer – Centralized Operations since February 1, 2021. Prior to his appointment as Chief
Operating Officer – Centralized Operations, Mr. Rietkerk served as the Company’s Chief Operating Officer since August 3,
2020 and the Company’s Chief Revenue Officer from November 8, 2019 until August 3, 2020. Mr. Rietkerk served as Executive Vice President of
Revenue Cycle Management at Brightree prior to joining the Company in 2019, and has over two decades of healthcare service
leadership experience, with an extensive background in revenue cycle management, operations, business process outsourcing, account
management and process. Prior to joining Brightree in 2015, Mr. Rietkerk was Senior Vice President, Worldwide Operations at M*Modal,
a leading healthcare technology provider of advanced clinical documentation solutions.
The Company
entered into an offer letter with Mr. Rietkerk, effective as of February 26, 2020, that governed the terms of his employment as the Company’s
Chief Operating Officer – Centralized Operations, which will remain in place. In connection with his promotion to Chief
Operating Officer, the Compensation Committee increased Mr. Rietkerk’s target annual bonus (for which Mr. Rietkerk will be eligible
based upon the achievement of performance targets established for the applicable year) to an amount equal to 100% of his base salary.
Mr. Rietkerk will also be eligible to receive annual grants of equity-based incentive compensation with a target grant value of $800,000
per annum under the Company’s 2019 Stock Incentive Plan. Mr. Rietkerk will continue to be eligible to participate in the Company’s
employee benefit programs offered to full-time employees.
There are no arrangements or understandings between Mr. Rietkerk and
any other person pursuant to which he was appointed as Chief Operating Officer. Mr. Rietkerk has no family relationships subject to disclosure
under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant
to Item 404(a) of Regulation S-K.
Transition
of Daniel Bunting to Special Advisor to CEO
Daniel Bunting
will transition from Chief Operating Officer – Field Operations of the Company to Special Advisor to CEO of the Company,
effective as of March 13, 2023.