TOWN SPORTS INTERNATIONAL HOLDINGS, INC. (NASDAQ:CLUB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
The information required herein is incorporated by reference to Item 5.02 below.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Nitin Ajmera Appointment and Compensatory Arrangement
On March 20, 2019, the Compensation Committee of the Board of Directors of Town Sports International Holdings, Inc. (the “Company”) appointed Nitin Ajmera as Chief Accounting Officer. Mr. Ajmera previously served as Senior Vice President – Shared Services Controller. In connection with this appointment, the Compensation Committee approved an increase to Mr. Ajmera’s base salary from $256,250 annually to $300,000 annually. Further, the Compensation Committee increased Mr. Ajmera’s participation in the Company’s Amended and Restated 2006 Annual Performance Bonus Plan from 30% of his annual bonus to 50% of his annual bonus. Further, in connection with this increase, Mr. Ajmera received a $50,000 restrictive stock grant on March 20, 2019 (“Grant Date”) under the 2006 Stock Incentive Plan. The price per share was set on the close of business on the Grant Date .
Carolyn Spatafora Compensatory Arrangement
Effective May 12, 2014, Carolyn Spatafora became the Chief Financial Officer of the Company. In connection with her employment as Chief Financial Officer, Ms. Spatafora and the Company entered into an amended and restated executive severance agreement on February 25, 2015. On March 20, 2019, Ms. Spatafora and the Company entered into a Second Amendment to Amended and Restated Executive Severance Agreement (the “Severance Agreement”). to the Severance Agreement, Ms. Spatafora will be provided severance in the event she becomes Disabled, whether such termination is prior to or subsequent to a Chance in Control, as defined in the Severance Agreement.
The foregoing summary of the Severance Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Severance Agreement, a copy of which is attached as Exhibits 10.1 to this Current Report and are incorporated herein by reference. All defined terms used above but not defined herein shall have the meaning ascribed to them in the Severance Agreement.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit No. | Description |
| 10.1 | Second Amendment to Amended and Restated Executive Severance Agreement by and between Town Sports International Holdings, Inc. and Carolyn Spatafora, dated as of March 20, 2019. |
TOWN SPORTS INTERNATIONAL HOLDINGS INC Exhibit
%PDF-1.4 % 1 0 obj > endobj 2 0 obj > endobj 4 0 obj > stream x| \SK}群抩U+S-I&(j-nRZk۸ǐ*nmL@ō}_BYpG.-TQܛJ{?m{Ν;ss̄7$Ք=|{HʹIL_R/y7?R .KKv*a1Uh@MIPpjUmx1=+gea+hLQP94J!K ºeX6~Ml(9@9,…
To view the full exhibit click here
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.
