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.
On September8, 2017, Jerrod N. Menz notified the Board of Directors (“Board”) of AAC Holdings, Inc. (the “Company”) that he was resigning from the Board effective immediately for personal reasons. In addition, Mr.Menz also resigned his employment from the Company’s operating subsidiary, American Addiction Centers, Inc.
Mr.Menz informed the Board that his decision to resign did not involve any disagreement with the Company with regard to its operations, policies or practices. In connection with his resignation, Mr.Menz will forfeit his unvested 50,000 share restricted stock award ($517,500 value, based upon today’s closing price) and enter into a separation agreement and release with the Company to which Mr.Menz will enter into a release of claims and non-competition and non-solicitation covenants for a period of 24 months, in exchange for an aggregate payment of $660,000.
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.