The former chief executive of healthcare software company Athenahealth, who stepped down in June, will be paid $4.83 million if he participates in successful efforts to sell the company over the next nine months, according to a federal filing Sept. 5.
Jonathan Bush, whose resignation came as Athenahealth was already considering a sale, struck a separation agreement with the company Sept. 5, according to the filing. Among the stipulations of the agreement is a clause that entitles Bush to “a lump sum payment equal to $4,830,000” following a change in control of the company within the next nine months if he “make(s) himself available to participate in a strategic review of the company.”
Bush would also get another $2 million in 2020 if he complies with the terms of a non-compete agreement until that time.
The payments would come on top of severance payments Bush was already entitled to under his original contract.
In May, activist investor Elliott Management offered to buy Athenahealth for $6.4 billion, or $160 a share.
