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 December 7, 2017, AAC Holdings, Inc. (the “Company”) announced that Michael Nanko, Ph.D, has accepted an offer of employment as the President and Chief Operating Officer of the Company, effective January 15, 2018 (the “Start Date”).
Mr. Nanko, age 62, has served as President of Behavioral Health Services (BHS) for HCA, Inc. since July 2016 and as Chief Operating Officer of BHS from August 2015 to July 2016, where he oversaw both inpatient and outpatient services. Before joining HCA, Mr. Nanko served as Area Continuum Administrator for health plan and operations at Kaiser Permanente Foundation Health Plan and Hospitals in Northern California from April 2008 to August 2015, as Vice President of Psychiatry and Continuing Care Services at Cedar Sinai Medical Center and Health System in Los Angeles, California, and as Vice President of Mercy Healthcare Arizona/Catholic Healthcare West (now Dignity Health) in Phoenix, Arizona. Mr. Nanko has also served as Chief Executive Officer of Sierra Vista Hospital in Sacramento, California and as Chief Operating Officer of Portals Mental Health Rehabilitation Services (now Pacific Clinics Inc.), a Los Angeles County non-profit mental health and addictions services agency. Mr. Nanko holds Psychology degrees from University of California, Santa Barbara (B.A.), California State University, Los Angeles (M.A.), and Alliant International University, San Diego (formerly United States International University School of Human Behavior) (Ph.D).
to the terms of an employment offer letter, dated December 4, 2017, by and between the Company and Mr. Nanko, Mr. Nanko will receive an annual base salary of $557,500 and be eligible for a cash bonus incentive of up to $300,000 annually, paid in accordance with similar bonus payments for other senior executives of the Company. Mr. Nanko will further receive a one-time lump sum cash signing bonus of $150,000 to be paid within thirty (30) days of the Start Date. Mr. Nanko is also entitled to receive equity consideration in the form of 50,000 shares of restricted stock, which will vest in annual increments over three (3) years.
There are no arrangements or understandings between Mr. Nanko and any other persons to which he was selected as the Company’s President and Chief Operating Officer.There are no family relationships between Mr. Nanko and any director or executive officer of the Company, and Mr. Nanko has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
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.