Cliff Blessing
About Cliff Blessing
Executive Vice President and Chief Development Officer of Addus HomeCare since April 2022; age 45. He holds a BA in Finance from Abilene Christian University and an MBA from SMU Cox School of Business, with 15+ years in corporate development, finance, and strategy including EVP Corporate Development at Encompass Health (home health) . Company performance has strengthened during his tenure: revenues grew from $951.1M in FY 2022 to $1,154.6M in FY 2024, and EBITDA rose from $88.8M to $133.0M; Addus’ TSR improved from 95.48 in 2023 to 128.89 in 2024 [GetFinancials]* .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Addus HomeCare | EVP & Chief Development Officer | 2022–present | Leads M&A to expand home health/hospice footprint; management reaffirmed acquisitions as key growth pillar on his appointment |
| Encompass Health (Home Health) | EVP Corporate Development | 2012–2022 | Led M&A and strategic initiatives across skilled home health |
| Prior (banking/real estate) | Corporate development/finance roles | pre‑2012 | Finance and development experience underpinning deal execution |
Fixed Compensation
| Component | Value/Mechanics | Year | Notes |
|---|---|---|---|
| Base Salary | $300,000 | Employment agreement effective Apr 20, 2022 | Subject to annual review; eligible benefits incl. health, disability; company-paid life insurance up to 5x salary, capped at 3% employer premium |
| Target Annual Bonus | 75% of base salary | 2022 plan | Based 100% on Company Adjusted EBITDA; pro-rated for partial year of employment |
| Actual Bonus Paid (% of salary) | 75% (pro‑rated) | 2022 | Company achieved 100% of Adjusted EBITDA target; committee did not use discretion |
| Other Compensation (perqs) | Life insurance premium $3,750; health/dental/vision contribution $9,321 | 2022 | As disclosed in “All Other Compensation” |
Performance Compensation
Cash Incentive Plan
| Metric | Weighting | Threshold | Target | Maximum | 2022 Actual | Payout Mechanics |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 100% | 50% payout at 90% of target | 100% payout at 100% of target | 150% payout at 110% of target | Achieved 100% of target (committee used no discretion) | Linear interpolation; Blessing earned 75% of base pro‑rated for partial year |
Adjusted EBITDA performance goals (2022 with acquisitions): Threshold $91,709k; Target $101,899k; Maximum $112,089k; Actual $101,480k .
Equity Incentive Plan (Performance-Based)
| Grant Year | Target Dollar Value | Performance Result | Shares Granted | Vesting |
|---|---|---|---|---|
| 2022 (for 2022 perf.) | $225,000 | 100% of target achieved | 1,613 restricted shares | 3 tranches vesting Feb 24, 2023/2024/2025 |
| 2023 targets (for 2023 perf.) | $250,000 | Criteria retained: Adjusted EBITDA | N/A (target setting disclosure) | Threshold 50% at 90%; Max 150% at 110% |
New-Hire/Time-Based Awards (onboarding)
| Instrument | Grant Date | Shares/Options | Exercise Price | Grant-Date Fair Value | Notes |
|---|---|---|---|---|---|
| Restricted Stock | Apr 20, 2022 | 19,000 | N/A | $664,413 | Granted under 2017 plan |
| Stock Options | Apr 20, 2022 | 2,900 | $92.00 | $266,800 | Vesting per award agreement; exercise price disclosed |
Equity Ownership & Alignment
| Item | Amount/Status | Date/Term | Notes |
|---|---|---|---|
| Total Beneficial Ownership | 24,651 shares | Apr 23, 2025 | “Less than 1%” of shares outstanding (18,399,139) |
| Options (exercisable within 60 days) | 14,250 | As of Apr 23, 2025 | Included in beneficial ownership |
| Unvested Restricted Stock | 7,835 | Vests fully Feb 21, 2028 | Included in footnote detail |
| Hedging/Pledging | Prohibited | Policy effective Nov 24, 2023; Insider Trading Policy | No hedging, short sales, margin accounts, or pledging of Company stock |
Employment Terms
| Provision | Details | Source |
|---|---|---|
| Start date / Role | EVP & Chief Development Officer since April 2022; age 45 | |
| Agreement term | Effective Apr 20, 2022; initial 1‑year term; auto‑renews for successive 1‑year terms unless 30‑day notice | |
| Bonus eligibility | Discretionary, up to 75% of base at target; greater % possible at max, based on Company and/or individual objectives | |
| Severance (no CIC) | 12 months of base cash compensation (highest base salary), paid in equal installments; pro‑rated prior-period bonus; after-tax COBRA equivalent for 12 months; subject to restrictive covenants | |
| CIC severance (double trigger) | 24 months of annual cash compensation (highest base + greater of prior-year bonus or annualized target), paid over 12 months; pro‑rated bonus; after-tax COBRA equivalent for 24 months, payable over one year | |
| Equity treatment (CIC, death, disability) | Immediate vesting of unvested options and restricted stock upon CIC if employed at CIC, or upon death/disability | |
| Restrictive covenants | Noncompete within 50 miles of any Company location; non-solicit customers/employees/referral sources/etc.; nondisparagement; confidentiality. Duration: 1 year post-termination (2 years if CIC) for non-CEO executives | |
| Clawback policy | Dodd‑Frank compliant compensation recoupment policy adopted Nov 24, 2023 (Nasdaq rules) |
Company Performance Context (during Blessing’s tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $951.1M | $1,058.7M | $1,154.6M |
| EBITDA ($USD) | $88.8M* | $108.2M* | $133.0M* |
*Values retrieved from S&P Global.
Addus TSR (value of $100 from 12/31/2019): 95.48 (2023) → 128.89 (2024), indicating strong shareholder returns over the period .
Investment Implications
- Pay-for-performance alignment: Blessing’s cash and equity incentives are tied 100% to Company Adjusted EBITDA with clear thresholds and caps; his 2022 payout matched target performance and equity grants vest over multi-year tranches, reinforcing retention and performance focus .
- Retention risk and selling pressure: Standard severance (12 months base) escalates to double-trigger CIC severance (24 months annual cash comp) while equity accelerates upon CIC/death/disability; insider lock-up following the June 2024 offering and strict anti-hedging/pledging reduce near-term selling pressure and misalignment risk .
- Alignment and skin-in-the-game: Beneficial ownership includes exercisable options and unvested RSUs; while percentage ownership is below 1%, ongoing multi-year vesting and option positions provide economic exposure; policy bans pledging/hedging further support alignment .
- Execution track record: Company revenue and EBITDA increased across FY 2022–2024; management reiterated acquisitions as a growth lever at his arrival, with integration momentum (e.g., JourneyCare) consistent with his corporate development background—supportive of value creation prospects [GetFinancials]* .
- Monitoring signals: Watch annual February vesting dates (Feb 21–24 cycles) and any future Form 4 filings for option exercises/RSU sales; EBITDA target setting and attainment drive payouts—tracking revisions and actual performance provides leading indicators for compensation outcomes and potential insider activity .