# EDGAR Filing Document

**Accession Number:** 0001770141
**File Stem:** 0001193125-23-008359
**Filing Date:** 2023-1
**Character Count:** 15272
**Document Hash:** e840995ff01e1a7e178025d2e2ee0959
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-008359.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001193125-23-008359

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230109

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UpHealth, Inc.
- **CENTRAL INDEX KEY:** 0001770141
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **IRS NUMBER:** 833838045
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38924
- **FILM NUMBER:** 23528892

**BUSINESS ADDRESS:**
- **STREET 1:** 14000 S. MILITARY TRAIL
- **STREET 2:** SUITE 203
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33484
- **BUSINESS PHONE:** 888.424.3646

**MAIL ADDRESS:**
- **STREET 1:** 14000 S. MILITARY TRAIL
- **STREET 2:** SUITE 203
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33484

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GigCapital2, Inc.
- **DATE OF NAME CHANGE:** 20190308

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### January 9, 2023

#### Date of Report (date of earliest event reported)

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## UpHealth, Inc.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38924** | **83-3838045** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

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#### 14000 S. Military Trail, Suite 203

#### Delray Beach, FL 33484

#### (Address of principal executive offices)
(888) 424-3646

#### (Registrant's telephone number, including area code)

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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 (*see* General Instruction A.2. below):

☐ 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 (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbols** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.0001 per share | UPH.BC | New York Stock Exchange |
| Redeemable Warrants, exercisable for one share of Common Stock at an exercise price of $115.00 per share | UPH.WS.BC | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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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.**  |

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#### Amendment to Employment Agreement with Chief Executive Officer
As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "<u>SEC</u>") on May 12, 2022, on May 10, 2022, UpHealth, Inc. (the "<u>Company</u>") entered into an employment agreement (the "<u>Employment Agreement</u>") with Samuel J. Meckey for Mr. Meckey to be employed as the Chief Executive Officer of the Company. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Employment Agreement.

On January 9, 2023, the Company's Board of Directors (the "<u>Board</u>") approved an Amendment to the Employment Agreement between Mr. Meckey and the Company, effective as of January 10, 2023 (the "<u>Amendment</u>"), to amend certain of the compensation terms of Mr. Meckey's employment as Chief Executive Officer of the Company. The Amendment amends the terms of the Employment Agreement as follows.

The Employment Agreement provided that the Company would grant restricted stock units ("<u>RSUs</u>") under the Company's 2021 Equity Incentive Plan to Mr. Meckey in the amount of 4,300,000 (pre-split basis) or 430,000 (post-split basis), with certain of the RSUs vesting subject to Mr. Meckey's continued provision of services to the Company as further detailed below (the "<u>Time-Based RSUs</u>"), and certain of the RSUs being subject to vesting based upon performance. None of the RSUs to be granted pursuant to the terms of the Employment Agreement had been granted prior to January 9, 2023. Pursuant to the terms of the Amendment, all of the 430,000 RSUs to be granted will be Time-Based RSUs, and subject to Mr. Meckey's continued provision of services to the Company through the applicable vesting dates, these Time-Based RSUs are eligible to vest in accordance with the following schedule, as described in the applicable restricted stock unit agreement: 25% will vest on June 1, 2023 (the "<u>Cliff Date</u>") and the remaining 75% will vest in equal quarterly installments on each subsequent August 1st, November 1st, February 1st and June 1st over the three years following the Cliff Date, such that these Time-Based RSUs will be 100% vested on the third anniversary of the Cliff Date and in each case subject to Mr. Meckey's continued services with the Company through each such applicable vesting date.

In addition, the Employment Agreement provided that Mr. Meckey was supposed to receive as additional consideration for his services as Chief Executive Officer, payment of $940,568 on January 1, 2023, subject to applicable withholding. Pursuant to the terms of the Amendment, this payment is being restructured to be made with one payment of $500,000 on January 13, 2023 and a second payment of $458,794.24 on May 31, 2023, with each subject to applicable withholding and provided that Mr. Meckey remains employed with the Company through each applicable payment date, and subject to the qualified termination severance benefit provisions in the Employment Agreement.

The Amendment further provides that all other terms and conditions of the Employment Agreement shall continue in full force and effect.

The foregoing summary of the terms and conditions of the Amendment and the Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the Amendment and the Employment Agreement, which are included as Exhibit 10.1 to this Current Report on Form 8-K and Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on August 15, 2022, respectively, and are incorporated herein by reference.

#### Restricted Stock Unit Award
On January 9, 2023, the Company's Board approved, upon the recommendation of the Compensation Committee of the Board (the "<u>Compensation Committee</u>"), the grant to Mr. Meckey of 430,000 RSUs as provided for in the above-discussed Amendment pursuant to and subject to the terms of the Company's 2021 Equity Incentive Plan. These RSUs will vest subject to Mr. Meckey's continued provision of services to the Company through the applicable vesting dates in accordance with the following schedule, as described in the applicable restricted stock unit agreement: 25% will vest on the Cliff Date and the remaining 75% will vest in equal quarterly installments on each subsequent August 1, November 1, February 1 and June 1 over the three years following the Cliff Date, such that the RSUs will be 100% vested on June 1, 2026, and in each case subject to Mr. Meckey's continued services with the Company through each such applicable vesting date.

#### Chief Financial Officer Base Salary Increase
On January 9, 2023, the Board approved, upon the recommendation of the Compensation Committee, an increase to the base salary payable to Martin Beck, the Company's Chief Financial Officer, effective as of January 1, 2023. As previously reported in the Current Report on Form 8-K filed by the Company with the SEC on October 25, 2021, prior to this increase, Mr. Beck's base salary was $350,000 per year, and effective as of January 1, 2023, Mr. Beck's base salary is $400,000 per year.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Item** |
| 10.1 | [Amendment to Employment Agreement, dated January 12, 2023, by and between UpHealth, Inc. and Samuel J. Meckey.](d382755dex101.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 13, 2023

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| | |
|:---|:---|
| By: | /s/ Samuel J. Meckey |
| Name: | Samuel J. Meckey |
| Title: | Chief Executive Officer |

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## Exhibit 10.1

**Exhibit 10.1** 

**AMENDMENT TO EMPLOYMENT AGREEMENT** 

This amendment (the "***Amendment***") is intended to amend that certain Employment Agreement by and between Mr. Samuel J. Meckey (the "***Executive***") and UpHealth, Inc. (the "***Company***"), dated May 10, 2022 (the "***Agreement***"). The Executive and the Company are collectively referred to herein as the "***Parties***". Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement. This Amendment is effective as of January 10, 2023.

WHEREAS, the Company desires to and the Executive has agreed to, subject to the terms and conditions of this Amendment, amend certain of the compensation terms of the Executive set forth in the Agreement.

NOW, THEREFORE, in consideration of mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 3.3.1.1 of the Agreement is hereby amended and replaced in its entirety to read as follows:

The Executive will be granted restricted stock units ("***RSUs***") under the Company's 2021 Equity Incentive Plan in the amount of 4,300,000 (pre-split basis) or 430,000 (post-split basis), as determined by reference to the 10 to 1 reverse split of the Company's common stock that the Company implemented in December 2022, RSUs that are eligible to vest subject to the Executive's continued provision of services to the Company as further detailed below (the "***Time-Based RSUs***"). Subject to the Executive's continued provision of services to the Company through the applicable vesting dates, the Time-Based RSUs are eligible to vest in accordance with the following schedule, as described in the applicable restricted stock unit agreement: 25% will vest on June 1, 2023 (the "***Cliff Date***") and the remaining 75% will vest in equal quarterly installments on each subsequent August 1st, November 1st, February 1st and June 1st over the three years following the Cliff Date, such that the Time-Based RSUs will be 100% vested on the third anniversary of the Cliff Date and in each case subject to the Executive's continued services with the Company through each such applicable vesting date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 3.3.1.2 is deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 3.7.2. is amended and replaced in its entirety to read as follows:

the vesting of any equity awards that may potentially be granted to Executive that would otherwise be eligible to vest based on achievement of performance milestones (the "***Performance-Based Equity Awards***") shall be fully accelerated at the target performance level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Section 3.8 is amended and replaced in its entirety to read as follows:

**Supplemental Compensation.** As additional consideration for the promises set forth above and hereunder, the Company shall pay to the Executive the below-listed amounts, subject to applicable withholding, on the corresponding dates, provided that the Executive remains employed with the Company through each applicable payment date, subject to the qualified termination severance benefit provisions in Section 4 herein:

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| | |
|:---|:---|
| Payment Amount | Payment Date |
| $500000.00 | January 13, 2023 |
| $458794.24 | May 31, 2023 |
| $1062347.00 | January 1, 2024 |
| $734115.00 | January 1, 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All other terms and conditions of the Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Amendment may be executed and delivered electronically in separate counterparts that, together, constitute
one instrument.

All issues and questions concerning the construction, validity, enforcement and interpretation of this Amendment shall be governed by, and construed in accordance with, the laws of the State of Minnesota, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Minnesota or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Minnesota. In the event of any dispute, this Amendment is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either Executive or the Company or the "drafter" of all or any portion of this Amendment. This Amendment may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

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IN WITNESS WHEREOF, the Parties have executed this Amendment effective on the date and year first above written.

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| | | | |
|:---|:---|:---|:---|
|  |  | **UPHEALTH, INC.** | **UPHEALTH, INC.** |
| Dated: | January 12, 2023 | By: | /s/ Dr. Avi Katz |
|  |  | Name: | Dr. Avi Katz |
|  |  | Title: | Chairman of the Board of Directors |
| Dated: | January 12, 2023 | By: | /s/ Samuel J. Meckey |
|  |  | Name: | Samuel J. Meckey |
|  |  | Title: | Chief Executive Officer |

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