Albert Prast
About Albert Prast
Albert Prast, age 64, is Chief Technology Officer (CTO) of AdaptHealth (AHCO), having joined the company in February 2021 following AdaptHealth’s acquisition of AeroCare; he previously served as AeroCare’s CIO/CTO . His biography highlights 25 years leading healthcare IT vision, strategy, and execution, and active advisory/board roles in healthcare technology companies . Company performance in 2024 included net revenue of $3.26B (+1.9% YoY), Adjusted EBITDA of $688.7M (+2.7% YoY), and free cash flow of $235.8M; these metrics drove NEO bonus payouts, including Prast’s, at 114.52% of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AeroCare Holdings, Inc. | Chief Information Officer / Chief Technology Officer | Not disclosed | Implemented technology to enhance efficiency and create competitive advantage in a historically paper-based industry |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DataLink Software | Board member | Not disclosed | Healthcare technology oversight and advisory |
| ClinOne | Board member | Not disclosed | Clinical trial tech governance/advisory |
| RxREvu | Board member | Not disclosed | Prescription decision support governance/advisory |
| ClearSense | Board member | Not disclosed | Healthcare data platform governance/advisory |
| Rancho Family Medical Group | Board member | Not disclosed | Physician group governance/advisory |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $450,000 | $450,000 | $453,462 |
| Perquisites/Other ($) | $792 | $792 | $792 |
| Base Salary Rate (policy) | — | — | $450,000 annual base; unchanged in 2024 |
Multi-year summary compensation (as reported):
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $450,000 | $450,000 | $453,462 |
| Stock Awards ($) | $1,138,121 | $837,896 | $1,882,494 |
| Non-Equity Incentive ($) | $287,235 | $508,680 | $515,357 |
| All Other Compensation ($) | $792 | $792 | $792 |
| Total ($) | $1,876,148 | $1,797,368 | $2,852,105 |
Performance Compensation
Annual bonus design and outcomes (2024):
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Adjustment |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 75% | $625.5M | $695.0M | $764.5M | $688.7M | 95.44% (component) |
| Free Cash Flow | 20% | $132.0M | $165.0M | $198.0M | $235.8M | 200.00% before modifier; 190.87% after |
| Compliance | 5% | — | — | 100% cap | Achieved | 95.44% after modifier |
| Total Payout | — | — | — | — | — | 114.52% of target (for all NEOs) |
Prast’s 2024 target bonus was 100% of salary; actual bonus paid was $515,357 (114.52% of $450,000) .
Long-term equity awards (2024):
| Grant Type | Grant Date | Shares/Targets | Vesting/Performance | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| RSUs (time-based) | Feb 5, 2024 | 71,339 | 1/3 each year on Feb 1, 2025/2026/2027 | $500,086 |
| PSUs (Relative TSR) – 40% tranche | Mar 31, 2024 | Target 28,536; Threshold 14,268; Max 57,072 | 3-year performance to Feb 1, 2027; 25th/50th/75th percentile = 50%/100%/200% payout | $559,306 |
| PSUs (Relative TSR) – 60% tranche | Jun 20, 2024 | Target 42,803; Threshold 21,402; Max 85,606 | Same as above | $823,102 |
| 2024 Target Equity Mix | — | $1,000,000 target (50% PSUs / 50% RSUs) | — | — |
Historical vesting/exercises (2024):
- Options exercised: 135,443 at $2.69; value realized $1,046,270 (3/4/2024) .
- Stock awards vested: 36,476 shares; value realized $278,311 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 530,444 shares; less than 1% of common stock outstanding |
| Shares outstanding (reference) | 135,548,146 (as of Apr 24, 2025) |
| Options – exercisable | 180,021 at $8.50 (exp. Mar 1, 2030); 89,451 at $4.38 (exp. Aug 1, 2026) |
| RSUs/Restricted stock – unvested (12/31/2024) | 12,500; 8,371 (2022 RSUs); 15,988 (2023 RSUs); 71,339 (2024 RSUs) |
| PSUs – unearned (targets as of 12/31/2024) | 25,113 (2022 PSUs); 23,981 (2023 PSUs); 28,536 + 42,803 (2024 PSUs tranches) |
| Pledging/hedging | Prohibited by Insider Trading Policy; no exemptions previously granted to executive officers |
| Ownership guidelines | 3x base salary for executive officers; five years to comply; all covered executives compliant or expected to be compliant |
| Clawback policy | Nasdaq-compliant recoupment policy effective Oct 2, 2023; no actions required in 2024 |
| Section 16 compliance | Late Form 4 filing noted for Prast (one transaction) |
Employment Terms
| Term | Detail |
|---|---|
| Agreement date | New employment agreement dated Oct 30, 2024 (superseding July 24, 2023) |
| Base salary | $450,000 (subject to increase) |
| Target bonus | 100% of base salary; subject to continued employment through payment date |
| Severance (without cause / good reason) | 18 months salary continuation; unpaid prior-year bonus; if termination on/after April 1, prorated annual bonus based on actual performance; up to 18 months COBRA at active employee rate; subject to release and covenants |
| Change-in-control treatment | Double-trigger acceleration under 2019 Stock Incentive Plan; estimated accelerated equity value $2,176,567 if terminated without cause in connection with change in control as of 12/31/2024 |
| Non-compete / non-solicit | 18-month post-termination non-compete; 24-month non-solicit; indefinite non-disparagement/confidentiality |
| Additional vesting protection | 2021 restricted stock provides vesting of unvested shares scheduled within severance period upon termination without cause (subject to release) |
Investment Implications
- Pay-for-performance alignment: Bonus driven by Adjusted EBITDA and free cash flow; 2024 payout at 114.52% reflects strong cash generation and near-target EBITDA, signaling alignment of incentives with shareholder value creation .
- Retention and selling pressure: Significant unvested RSUs/PSUs (2025–2027 schedules) and 18-month severance, non-compete (18 months), and non-solicit (24 months) reduce near-term departure risk; March 2024 option exercise suggests periodic monetization but ongoing sizable unvested equity supports retention .
- Governance and alignment safeguards: Prohibitions on pledging/hedging, stock ownership guidelines (3x salary), and clawback policy mitigate misalignment and risk; no single-trigger vesting under the equity plan and double-trigger change-of-control terms are shareholder-friendly .
- Ownership: Beneficial ownership is <1%, typical for non-CEO executives; alignment is achieved via robust PSU/RSU mix tied to Relative TSR through 2027 rather than large outright holdings .