Filing Details

Accession Number:
0000914121-20-001798
Form Type:
13D Filing
Publication Date:
2020-05-11 17:21:24
Filed By:
Hudson Executive Capital
Company:
Tivity Health Inc. (NASDAQ:TVTY)
Filing Date:
2020-05-11
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Hudson Executive Capital 0 4,795,310 0 4,795,310 4,795,310 9.9%
HEC Management GP 0 4,795,310 0 4,795,310 4,795,310 9.9%
Douglas L. Braunstein 0 4,795,310 0 4,795,310 4,795,310 9.9%
Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
Tivity Health, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
88870R102
(CUSIP Number)
Michael D. Pinnisi
Hudson Executive Capital LP
570 Lexington Avenue, 35th Floor
New York, NY 10022
(212) 521-8495
with a copy to:
Richard M. Brand
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, NY 10281
(212) 504-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
May 7, 2020
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule.13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 88870R102
SCHEDULE 13D
Page 2 of 6 Pages

             
1
 
NAMES OF REPORTING PERSON
Hudson Executive Capital LP
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐ (b) ☐
3
 
SEC USE ONLY
4
 
SOURCE OF FUNDS
OO
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
7
 
SOLE VOTING POWER
0
 
8
 
SHARED VOTING POWER
4,795,310
 
9
 
SOLE DISPOSITIVE POWER
0
 
10
 
SHARED DISPOSITIVE POWER
4,795,310
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,795,310
12
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%(1)
14
 
TYPE OF REPORTING PERSON
PN, IA
(1)
Calculated based on 48,486,058 shares of common stock, $0.001 par value per share, of Tivity Health, Inc. (the “Company”), outstanding as of May 6, 2020, as reported in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2020.
CUSIP No. 88870R102
SCHEDULE 13D
Page 3 of 6 Pages

1
 
NAMES OF REPORTING PERSON
HEC Management GP LLC
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐ (b) ☐
3
 
SEC USE ONLY
4
 
SOURCE OF FUNDS
OO
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
7
 
SOLE VOTING POWER
0
 
8
 
SHARED VOTING POWER
4,795,310
 
9
 
SOLE DISPOSITIVE POWER
0
 
10
 
SHARED DISPOSITIVE POWER
4,795,310
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,795,310
12
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%(2)
14
 
TYPE OF REPORTING PERSON
PN, IA
(2)
Calculated based on 48,486,058 shares of common stock, $0.001 par value per share, of the Company, outstanding as of May 6, 2020, as reported in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2020.
CUSIP No. 88870R102
SCHEDULE 13D
Page 4 of 6 Pages

1
 
NAMES OF REPORTING PERSON
Douglas L. Braunstein
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐ (b) ☐
3
 
SEC USE ONLY
4
 
SOURCE OF FUNDS
OO
5
 
CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
7
 
SOLE VOTING POWER
0
 
8
 
SHARED VOTING POWER
4,795,310
 
9
 
SOLE DISPOSITIVE POWER
0
 
10
 
SHARED DISPOSITIVE POWER
4,795,310
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,795,310
12
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%(3)
14
 
TYPE OF REPORTING PERSON
IN
(3)
Calculated based on 48,486,058 shares of common stock, $0.001 par value per share, of the Company, outstanding as of May 6, 2020, as reported in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2020.
CUSIP No. 88870R102
SCHEDULE 13D
Page 5 of 6 Pages
     

ITEM 1. SECURITY AND ISSUER
This Amendment No. 3 (this “Amendment No. 3”) relates to the statement on Schedule 13D filed on December 19, 2019 (the “Initial 13D” and, as amended and supplemented through the date of this Amendment No. 3, collectively, the “Schedule 13D”) by the Reporting Persons, relating to the common stock, $0.001 per share (the “Shares”), of Tivity Health, Inc., a company organized under the laws of the State of Delaware (the “Company”). Capitalized terms used but not defined in this Amendment No. 3 shall have the meanings set forth in the Schedule 13D.
This Amendment No. 3 is being filed to report a decrease in the Reporting Persons’ beneficial ownership percentage due to the sale of Shares by the Reporting Persons.
The Reporting Persons beneficially own an aggregate of 4,795,310 Shares (the “Subject Shares”). The Subject Shares represent approximately 9.9% of the issued and outstanding Shares based on 48,486,058 Shares outstanding as of May 6, 2020, as reported in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2020.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following information:
As of the date hereof, the Reporting Persons are deemed to beneficially own the Subject Shares as detailed in Items 1 and 5. The aggregate purchase price for the Subject Shares is $43,149,063.23 (inclusive of brokerage commissions and other costs of execution).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Items 5 (a), (b) and (c) of the Schedule 13D are hereby amended and supplemented by adding the following information:
(a) and (b) Information about the number and percentage of Shares beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by reference herein.
(c) All transactions in the Shares effected since Amendment No. 2 was filed by the Reporting Persons with the Securities and Exchange Commission (the “SEC”) on March 13, 2020 on behalf of a HEC Fund over which the Reporting Persons have investment discretion are set forth in Exhibit 5 attached hereto and incorporated herein by reference.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information:
As reflected in Exhibit 5 attached hereto, on May 7, 2020, the Reporting Persons closed out their outstanding short call options and sold their outstanding long put options that had previously been entered into for portfolio management purposes. Accordingly, the Reporting Persons no longer have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS

Item 7 of the Schedule 13D is hereby amended and supplemented by adding a reference to the following exhibit:

   
   
Exhibit 5
 
Schedule of transactions effected since Amendment No. 2 was filed by the Reporting Persons with the SEC on March 13, 2020.
CUSIP No. 88870R102
SCHEDULE 13D
Page 6 of 6 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 11, 2020
 
 
HUDSON EXECUTIVE CAPITAL LP
 
       
 
By:
HEC Management GP, LLC, its general partner
 
       
 
By:
/s/ Douglas L. Braunstein
 
   
Name: Douglas L. Braunstein
 
   
Title: Managing Member
 
 
       

 
HEC MANAGEMENT GP LLC
 
       
 
By:
/s/ Douglas L. Braunstein
 
   
Name: Douglas L. Braunstein
 
   
Title: Managing Member
 
 
       
 
DOUGLAS L. BRAUNSTEIN
 
       
 
By:
/s/ Douglas L. Braunstein
 
   
Douglas L. Braunstein