AAC HOLDINGS, INC. (NYSE:AAC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b) On February 3, 2017, AAC Holdings, Inc. (“Holdings”) announced that Candance Henderson-Grice will resign from her current positions as Chief Operating Officer of Holdings and as Chief Operating Officer of American Addiction Centers, Inc., a wholly owned subsidiary of Holdings (“AAC”). Ms. Henderson-Grice’s resignation is effective February 3, 2017 (the “Separation Date”), and she shall cease to serve as Chief Operating Officer of Holdings and AAC, and any other position held with any of Holdings’ or AAC’s subsidiaries and affiliates, as of such date.
(e) On February 3, 2017, in connection with her departure and effective as of the Separation Date, AAC entered into a Separation Agreement and Release (the “Separation Agreement”) with Ms. Henderson-Grice. The Separation Agreement terminates Ms. Henderson-Grice’s employment with AAC and provides, among other things, that in exchange for Ms. Henderson-Grice’s release of all claims arising out of or relating to Ms. Henderson-Grice’s employment with AAC and her resignation therefrom, Ms. Henderson-Grice will receive (i) her regular pay through the Separation Date, (ii) Five Hundred Fifty Thousand dollars ($550,000), which shall be divided and payable in equal payments in accordance with AAC’s normal payroll schedule following the expiration of the Release Consideration Period (as defined in the Separation Agreement) and ending on December 25, 2017, and (iii) continuation of health benefits coverage through December 31, 2017. to the terms of her Restricted Share Award Agreement and Holdings’ 2014 Equity Incentive Plan, all unvested restricted shares held by Ms. Henderson-Grice are being returned to Holdings effective as of the Separation Date.
The foregoing is only a summary of the arrangements with Ms. Henderson-Grice and does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which will be filed with Holdings’ Annual Report on Form 10-K for the year ended December 31, 2016.
About AAC HOLDINGS, INC. (NYSE:AAC)
AAC Holdings, Inc. is a provider of inpatient and outpatient substance abuse treatment services for individuals with drug and alcohol addiction. The Company performs drug testing and diagnostics laboratory services and provides physician services to its clients. As of June 30, 2016, the Company operated 12 residential substance abuse treatment facilities located throughout the United States, focused on delivering clinical care and treatment solutions across 1,139 beds, which includes 636 licensed detoxification beds, and 18 standalone outpatient centers. In addition, the Company focuses on expanding The Oxford Centre facility. As of June 30, 2016, the Company’s capacity at its Forterus treatment facility was 14 beds. The Company is engaged in deploying research-based treatment programs with structured curricula for detoxification, residential treatment, partial hospitalization and intensive outpatient care. The Company is also an Internet marketer in the addiction treatment industry. AAC HOLDINGS, INC. (NYSE:AAC) Recent Trading Information
AAC HOLDINGS, INC. (NYSE:AAC) closed its last trading session up +0.14 at 8.17 with 94,709 shares trading hands.
