Ardent Health revokes $4.5 million severance for former CEO Martin Bonick
Ardent Health, Inc. (NYSE: ARDT) has recharacterized the departure of former President and Chief Executive Officer Martin J. Bonick as a termination for Cause, triggering the forfeiture of his remaining severance benefits. The company disclosed in an 8-K filing on October 23, 2026, that its Board of Directors determined on October 19, 2026, that facts discovered after Bonick's original separation date provided grounds for such a termination. This determination follows a review process that included notice to Bonick and a hearing where he was afforded an opportunity to be heard.
Ardent Health, Inc. (NYSE: ARDT) has recharacterized the departure of former President and Chief Executive Officer Martin J. Bonick as a termination for Cause, triggering the forfeiture of his remaining severance benefits. The company disclosed in an 8-K filing on October 23, 2026, that its Board of Directors determined on October 19, 2026, that facts discovered after Bonick's original separation date provided grounds for such a termination. This determination follows a review process that included notice to Bonick and a hearing where he was afforded an opportunity to be heard.
Bonick's employment as CEO and his service on the Board ended effective June 2, 2026. At that time, Bonick and AHS Management Company, Inc., a subsidiary of Ardent Health, entered into a Separation Agreement dated June 26, 2026. The initial agreement provided for severance benefits consistent with a termination without Cause, as defined in Bonick's Amended and Restated Employment Agreement effective January 10, 2025. The Board's recent decision reverses this status based on specific findings regarding undisclosed compensation.
The Board concluded that Bonick failed to fully disclose to the company and the Board compensation received from third parties that was required to be reported under company policies. As a direct result of this final determination, Ardent Health will discontinue the remaining severance payments and benefits previously outlined in the Separation Agreement. This includes approximately $4.5 million in unpaid cash severance. Additionally, all outstanding unvested performance-based restricted stock units (PRSUs) associated with Bonick's employment will be cancelled or forfeited.
The company stated that none of its financial statements or previously disclosed financial results require revision or correction due to these events. Ardent Health has also reserved its rights to pursue any and all other remedies against Bonick. The filing was signed by Stephen C. Petrovich, Executive Vice President and General Counsel of Ardent Health. The company's principal executive offices are located in Brentwood, Tennessee.
Filed by the newsroom of MarketPR on October 24, 2026. Source: sec.gov. Indicative figures are not investment advice.