Town Sports International Holdings, Inc. (NASDAQ:CLUB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Town Sports International Holdings, Inc. (NASDAQ:CLUB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November 7, 2019, Town Sports International Holdings, Inc. (the “Company”) announced that Carolyn Spatafora would be taking a leave of absence from her role as Chief Financial Officer of the Company effective as of November 7, 2019. Ms. Spatafora is taking leave in order to attend to a medical disability. Her leave of absence is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On November 12, 2019, the Company also announced that the Board of Directors (the “Board”) of the Company has appointed Helen Van Ness as the interim Chief Financial Officer of the Company, effective as of November 12, 2019. Ms. Van Ness, age 56, has served as a Managing Director with Alvarez & Marsal Corporate Performance Improvement, LLC, a global professional services firm (“Alvarez & Marsal”), since November 17, 2014. to a professional services agreement between the Company and Alvarez & Marsal dated November 12, 2019 and filed herewith as Exhibit 10.1 (the “Services Agreement”), Ms. Van Ness will continue to receive her salary and benefits from Alvarez & Marsal. In connection with the appointment of Ms. Van Ness as interim Chief Financial Officer and the assignment of additional Alvarez & Marsal personnel to the Company to the Services Agreement, the Company expects to pay Alvarez & Marsal a fee of $165,000 per month for the term of the engagement under the Services Agreement.

Except as described above, there are no arrangements or understandings between Ms. Van Ness and any other persons to which Ms. Van Ness was named interim Chief Financial Officer of the Company. Ms. Van Ness does not have any familial relationship with any of the Company’s directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer. Ms. Van Ness does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Statement of Work, by and between Town Sports International Holdings, Inc. and Alvarez & Marsal Corporate Performance Improvement, LLC, dated as of November 12, 2019.


TOWN SPORTS INTERNATIONAL HOLDINGS INC Exhibit
EX-10.1 2 ex101to8k11125001_11142019.htm Exhibit 10.1     Statement of Work     November 12,…
To view the full exhibit click here

Story continues below

About Town Sports International Holdings, Inc. (NASDAQ:CLUB)

Town Sports International Holdings, Inc. (Town Sports) is an owner and operator of fitness clubs in the Northeast and Mid-Atlantic regions of the United States. The Company, through its subsidiaries, operates over 150 fitness clubs (clubs) and approximately three BFX Studio (studio) locations. The Company’s operating segments include New York Sports Clubs (NYSC), Boston Sports Clubs (BSC), Philadelphia Sports Clubs (PSC), Washington Sports Clubs (WSC), Swiss Sports Clubs and BFX Studio. It owns and operates over 105 clubs under the NYSC brand name within New York City, including in approximately 40 locations in Manhattan. It owns and operates approximately 30 clubs in the Boston region under BSC brand name, over 10 fitness clubs in the Washington, District of Columbia region under WSC brand name, and approximately five clubs in the Philadelphia region under PSC brand name. In addition, it owns and operates approximately three fitness clubs in Switzerland.

An ad to help with our costs