VENTAS, INC. (NYSE:VTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 13, 2017, the Company also entered into the following amendments with two of the Company’s executive officers: (i) an amendment (the “Probst Amendment”) to the Employee Protection and Noncompetition Agreement dated as of September 16, 2014, by and between the Company and Robert F. Probst, the Company’s Executive Vice President and Chief Financial Officer(the “Probst Agreement”) and (ii) an amendment (the “Cobb Amendment”) to the Employee Protection and Noncompetition Agreement dated as of October 21, 2013, by and between the Company and John D. Cobb, the Company’s Executive Vice President and Chief Investment Officer (the “Cobb Agreement”).
The Probst Amendment amends the Probst Agreement to provide for (i) an additional year of noncompetition restrictions (for a total of two years following termination of employment) in the event Mr. Probst experiences a termination of employment without Cause or due to Good Reason within one year following a Change in Control (each as defined in the Probst Agreement) of the Company and (ii) elimination of the cap on any cash severance that may become due to Mr. Probst under the terms of the Probst Agreement. The Probst Agreement remains identical in all other respects.
The Cobb Amendment amends the Cobb Agreement to provide for elimination of the cap on any cash severance that may become due to Mr. Cobb under the terms of the Cobb Agreement. The Cobb Agreement remains identical in all other respects.
The foregoing descriptions of the Plan, the Probst Amendment and the Cobb Amendment are qualified in their entirety by the full text of the Plan, the Probst Amendment and the Cobb Amendment, copies of which will be filed as exhibits to the Company’s 2017 10-K.
About VENTAS, INC. (NYSE:VTR)
Ventas, Inc. is a healthcare real estate investment trust (REIT) with its properties located throughout the United States, Canada and the United Kingdom. The Company operates through three segments: triple-net leased properties, senior living operations and MOB operations. In its triple-net leased properties segment, the Company acquires and owns seniors housing and healthcare properties throughout the United States and the United Kingdom. Through its senior living operations segment, the Company invests in seniors housing communities throughout the United States and Canada, and engages independent operators to manage approximately 304 of its seniors housing communities. It owns approximately 1,300 properties, including properties classified as held for sale; MOBs; skilled nursing facilities; specialty hospitals, and general acute care hospitals. It leases approximately 575 properties to various healthcare operating companies under triple-net or absolute-net leases.