LifePoint shareholders approve RCCH merger, reject $120M in payouts for top execs

LifePoint Health shareholders approved a proposed agreement to merge the Brentwood, Tenn.-based hospital operator with RCCH HealthCare Partners, which is owned by Apollo Global Management, according to a filing with the Securities and Exchange Commission.

The shareholders approved the merger agreement in a majority vote at a special meeting Oct. 29. LifePoint expects the deal to close in the fourth quarter of this year.

Although shareholders agreed to the merger, they did not affirm a proposed "golden parachute" compensation package that would pay out approximately $120 million to four of LifePoint's top executives after the transaction closes.

Because the vote on the compensation package is advisory, it is nonbinding as long as the LifePoint-RCCH merger is finalized, according to the SEC filing.

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