SEC Form 4 · accession 0001104659-16-126611
Adeptus Health Inc. · ADPT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owners
Merrick Elfman
Director · 10% Owner
Saric Ruldolf Christopher Hoehn
Director · 10% Owner
Douglas L Becker
Director · 10% Owner
Daniel Rosenberg
Director · 10% Owner
Steven Taslitz
Director · 10% Owner
SC Partners III, L.P.
Director · 10% Owner
SCP III AIV THREE-FCER Conduit, L.P.
Director · 10% Owner
SCP III AIV THREE-FCER, L.P.
Director · 10% Owner
Sterling Capital Partners III, LLC
Director · 10% Owner
Period of report
Jun 8, 2016
Accepted (ET)
Jun 10, 2016 · 4:21 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001602367
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common StockF1,F2,F7 | Jun 8, 2016 | S | 1,043,281 | $60.5275 | D | 1,009,813 | I | See footnotes |
| Class A Common StockF3 | holding | — | — | — | 5,593 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Units of Adeptus Health LLCF4,F5,F6,F7 | — | Jun 8, 2016 | D | 1,411,955 | D | — | — | Class A Common Stock | 1,411,955 | 1,335,068 | I |
Explanation of responses
- F1This amount represents the $62.00 public offering price per share of Class A Common Stock of Adeptus Health Inc. (the "Issuer"), less the underwriting discount of $1.4725 per share.
- F2Shares of Class A Common Stock of the Issuer are held by SCP III AIV THREE-FCER Conduit, L.P.
- F3Represents restricted shares of Class A Common Stock of the Issuer granted as director compensation to current and former members of the Issuer's board of directors who are employees of Sterling Fund Management, LLC and hold such shares of Class A Common Stock for and on behalf of Sterling Fund Management, LLC, which acts as an advisor to SCP III AIV THREE-FCER, L.P. and SCP III AIV THREE-FCER Conduit, L.P. (the "Sterling Funds"). A portion of the proceeds of any disposition of these securities will be applied against management fees attributable to limited partners of the Sterling Funds which are payable to the advisor. Sterling Fund Management, LLC is wholly-owned by Sterling Fund Management Holdings, L.P., whose general partner, Sterling Fund Management Holdings GP, LLC is managed by Messrs. Steven M. Taslitz, Merrick M. Elfman, Douglas L. Becker and R. Christopher Hoehn-Saric.
- F4Units of Adeptus Health LLC represent limited liability company units of Adeptus Health LLC and an equal number of shares of Class B Common Stock of the Issuer, which together are exchangeable on a one-for-one basis for shares of Class A Common Stock of the Issuer pursuant to the Amended and Restated Limited Liability Company Agreement of Adeptus Health LLC.
- F5Represents a purchase of limited liability company units of Adeptus Health LLC by the Issuer from SCP III AIV THREE-FCER, L.P. at $62.00 per share, the public offering price per share of Class A Common Stock, less an amount equal to the underwriting discount of $1.4725 per share. In connection with the purchase, an equivalent number of shares of Class B Common Stock of the Issuer were cancelled.
- F6Units of Adeptus Health LLC are held by SCP III AIV THREE-FCER, L.P.
- F7Sterling Capital Partners III, LLC is the general partner of SC Partners III, L.P., the general partner of each of the Sterling Funds. Messrs. Steven M. Taslitz, Merrick M. Elfman, Douglas L. Becker and R. Christopher Hoehn-Saric are the managers of Sterling Capital Partners III, LLC. Mr. Rosenberg also has an indirect interest in the securities of the Issuer held by the Sterling Funds.
Remarks
Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.