LA QUINTA HOLDINGS INC. (NYSE:LQ) 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 January30, 2018, the Board of Directors (the “Board”) of La Quinta Holdings Inc. (the “Company”) adopted and approved the La Quinta Holdings Inc. Project Longhorn Retention Bonus Plan (the “Retention Plan”), effective as of April18, 2018, which provides for the payment of cash awards to specified eligible employees, including Keith A. Cline, the Company’s President and Chief Executive Officer, James H. Forson, the Company’s Executive Vice President, Chief Financial Officer and Treasurer, John W. Cantele, the Company’s Executive Vice President and Chief Operating Officer, Rajiv K. Trivedi, the Company’s Executive Vice President and Chief Development Officer, and Mark M. Chloupek, the Company’s Executive Vice President, Secretary and General Counsel (together, the “Named Executive Officers”), upon the occurrence of a specified date or event.
The Board adopted and approved the Retention Plan to encourage and reward the continued focus and energy of certain employees, including the Named Executive Officers, on making objective business decisions that are in the best interests of the Company and its stockholders as it pursues the consummation of the proposed merger (the “Merger”) of WHG BB Sub, Inc. (“Merger Sub”), a Delaware corporation and an indirect wholly-owned subsidiary of Wyndham Worldwide Corporation, a Delaware corporation (“Wyndham Worldwide”) with and into the Company in accordance with and subject to the terms of the Agreement and Plan of Merger, dated as of January17, 2018, by and among the Company, Wyndham Worldwide and Merger Sub.
Under the Retention Plan, the Named Executive Officers were granted cash awards with the following values: $750,000 for Mr.Cline; $300,000 for Mr.Forson; $356,250 for Mr.Cantele; $235,000 for Mr.Trivedi; and $365,000 for Mr.Chloupek. The retention award is payable on the earliest to occur of the following, subject, in each case, to a Named Executive Officer’s continued employment through such date: (i)October 31, 2018; and (ii)the date of a Named Executive Officer’s Qualifying Covered Termination (as defined in the Retention Plan). Any participant in the Retention Plan (including the Named Executive Officers) who begins employment with CorePoint Lodging Inc. prior to October31, 2018 will forfeit the value of his or her retention award under the Retention Plan. The consummation of the Merger will have no effect on the vesting of awards granted under the Retention Plan.
The foregoing description of the of the Retention Plan is qualified in its entirety by reference to the Retention Plan, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
(d)Exhibits
La Quinta Holdings Inc. ExhibitEX-10.1 2 d536648dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 LA QUINTA HOLDINGS INC. PROJECT LONGHORN RETENTION BONUS PLAN La Quinta Holdings Inc. (the Company) has adopted the La Quinta Holdings Inc. Project Longhorn Retention Bonus Plan (the Plan) for the benefit of certain employees of the Company and its subsidiaries (hereinafter referred to as the Company Group),…To view the full exhibit click here
About LA QUINTA HOLDINGS INC. (NYSE:LQ)
La Quinta Holdings Inc. is an owner, operator and franchisor of select-service hotels primarily serving the midscale and upper-midscale segments under the La Quinta brand. The Company’s segments include owned hotels, franchise and management, and corporate and other. The owned hotels segment derives its earnings from the operation of owned hotel properties located in the United States. The Company operates its franchise and management segment under various franchise and management agreements relating to its owned, franchised and managed hotels. The corporate and other segment includes revenues generated by and related to operating expenses incurred in connection with the overall support and brand management of the Company’s owned, managed and franchised hotels and operations. Its portfolio includes approximately 890 hotels representing approximately 87,500 rooms located predominantly across over 48 the United States’ states, as well as in Canada, Mexico and Honduras.