Jeff Sherman, outgoing CFO of Brentwood, Tenn.-based LifePoint Hospitals, is set to receive millions in vested stock and bonuses as he leaves for another job in Dallas, according to his voluntary resignation agreement.
LifePoint posted the agreement on the Securities and Exchange Commission's website. Under the deal, Mr. Sherman, whose last day with LifePoint is Friday, will not compete with or disclose LifePoint information for the next two years. Mr. Sherman will also help his replacement, Leif Murphy, during the transition.
LifePoint also agreed that Mr. Sherman can vest 44,305 shares of the company's stock that he received during the course of his tenure. The value of the stock could be as much as $2 million. Mr. Sherman will also receive pro rata cash bonuses for fiscal year 2013, which will be disclosed next year.
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