New CEO

Sure hope a guaranteed package of $1 million dollars in the first year will help our new CEO right this sinking ship we are on. Does anyone find it odd that appears he will not be moving to MN?

"On April 8, 2015, the Company executed an Employment Agreement with Mr. Leonard (the “Employment Agreement”) Mr. Leonard’s employment will commence on April 13, 2015. During the term, the Company will pay Mr. Leonard a base salary at an annual rate of $650,000, and he will be entitled to such increases (but not decreases) in base salary, if any, as may be determined from time to time in the sole discretion of the Board. With respect to each calendar year during the term, Mr. Leonard will be eligible to earn an annual cash bonus award of 100% of his base salary (“Target Bonus Opportunity”), based upon his achievements and the Company’s achievement of annual performance targets established by the Board. The annual bonus for calendar year 2015 is guaranteed to be at least 80% of the Target Bonus Opportunity. The Company has agreed to reimburse Mr. Leonard for expenses related to travel from his home in Encinitas, California to Minneapolis, MN and to reimburse him for all reasonable relocation expenses should Mr. Leonard elect to relocate his primary residence to the Minneapolis metropolitan area.

 

I agree, will UHS be paying for his travel expenses for as long as he is CEO? 5-10 years? or is he just going to make UHS look pretty before they sell?

 

Regardless of where he lives, if he does not get his head wrapped around the organization, that does not know what it wants to be, then the end is inevitable. Whether that be a return to the core business that got them there, a real hard look at the director level and above - lack of talent", or the seperation of the Surgical Services arm that is bleeding the company. In addition, the new CI initiative, which is beating down operations and making it extremely difficult for the field to service the current customer base, is draining the organization of needed "equipment purchasing" funds. Mr Simons and his band of troubadours are taking credit for savings that are not real, patting each other on the back, and relaying false information to the Board. Not sure why someone on the Board has not "checked" them on their figures.
UHS is in trouble, they have been there before, but not to this extent. Not sure if the current leadership has the moxy to right the ship. One thing is for certain- overpaying high level and mid level executives, and continuing to "press" the real workers, will not be a good mix for the long haul.

 

Blackford's salary was about $520k. Board decided to pay Leonard 25% more at $650k. Wow!

 

So why is Leonard at UHS? The main goal is to market and sell the company. That much we know.

UHS management and the board now thinks it needs to show a better net flow to bring in offers. They tried the top growth model to market the company, and it didn't work.

 

Hello???
Did everyone get fired?
Or are we in the lay low mode....

 

Most people were fired. But as long as management keeps their 150 a year salaries they don't care about the people below them. Mid level management/DSD are the most selfish, backstabbing, heartless people.

 

Boo hoo. If you can't take the heat... Find another healthcare company that doesn't have these unique problems.

 

Well, at least ONE person is good at hiding. Good luck and stay in the shadows!

 

Were there many people recently fired by UHS?

 

I guess we aren't paying him enough, we gave him a nearly $1,000,000 loan.

from:http://www.sec.gov/Archives/edgar/data/886171/000155837016005696/uhsi-20160331ex10212108f.htm

PROMISSORY NOTE



$983,194

Dated: April 13, 2016

FOR VALUE RECEIVED, the undersigned, Thomas Leonard, an individual residing at 3183 Wildflower Summit, Encinitas, California 92024 (the “Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of Universal Hospital Services, Inc. a Delaware corporation (the “Lender”), on the Termination Date (as defined below) the principal amount of 983,194 Dollars (US$983,194) plus accrued but unpaid interest in lawful money of the United States of America (“U.S. Dollars” or “US$”) and in same day funds or by certified check.

ARTICLE I.

 

That poor guy. Maybe we should take up a collection for him......

 

I guess 5 weeks vacation wasn't acceptable either!

AMENDMENT ONE TO THE

EMPLOYMENT AGREEMENT

This is Amendment One to the Employment Agreement between Thomas Leonard (“Executive”) and Universal Hospital Services, Inc. (“UHS”) originally effective April 13, 2015 (“Agreement”). This Amendment One is effective as of the last signature date below.

Capitalized terms used in this Amendment have the same meaning ascribed to them in the Agreement, unless otherwise indicated.



1.



Purpose. The purpose of this Amendment is to replace the vacation language.



2.



Vacation. The language in Section Six of the Agreement is hereby deleted and replaced with the following:

Executive will be entitled to vacation and sick time consistent with UHS’ executive paid time off policy.

All other terms and conditions of the Agreement remain unchanged. To the extent that there is any conflict between this Amendment and the Agreement, this Amendment will control.

ACCEPTED AND AGREED TO:












Thomas Leonard



Universal Hospital Services, Inc.




6625 West 78th St, Suite 300




Minneapolis, Minnesota 55439






/s/ Thomas J. Leonard



/s/ James Pekarek

Thomas J. Leonard



James Pekarek

Title: CEO



Title: CFO

Date: March 20, 2016



Date: March 29, 2016

 

I had the displeasure of going out to dinner with Mr. Leonard one evening (I almost backed out, but of course that would have been political suicide). The guy was a complete jackass. Incredibly arrogant (big-time short man syndrome) and surprisingly unprofessional (numerous F-bombs, sexual innuendos, etc.). He made mention several times that he didn't "need" the UHS job, but took the position because he thought that he could grow the business exponentially. Riiiiight.

 

He is the prototype Sociopathic, picked on as a kid, trying to fill the void with pretension, loser. This guy needs a can of whupass.

 

Go get another job, Tom is a good dude. You want blackford back, call him up. I'm sure he and dovenburg would love to talk about the good ole days when they raided the corporate coffers and there was no paper trail or repercussions. Better yet go get a ceo job if you all are so freakin brilliant and perfect.

 

Tom is a "good dude"? Spoken like a true UHS tool.........

 

You should have saved yourself and Tom Leonard from dinner. Why go to dinner with someone you don't want to go with. And better yet, go get another job. Clearly you are unhappy with your current one.

 

I just checked - turns out that indentured servitude is no longer a thing in the United States. So you are apparently free to go find a company that you admire to work for, and that will appreciate your positive, supportive, engaged, can-do attitude! I am sure they will be excited to have you...

In the meantime, I have been around a while and seen more than a few companies along the way. I am happy HERE. Not perfect. But trying at least.