Amendment: Brookdale Senior Living Inc. filed SEC Form 8-K: Leadership Update
$BKD
Hospital/Nursing Management
Health Care
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||||||||
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| (Amendment No. 1) | |||||||||||
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Explanatory Note
This Amendment No. 1 to the Current Report on Form 8-K/A amends Item 5.02 of the Current Report on Form 8-K for Brookdale Senior Living Inc. (the “Company”) filed on April 14, 2025 (the “Original Filing”) solely to reflect the compensation arrangements approved in connection with the appointments of Denise W. Warren as Interim Chief Executive Officer and Ms. Warren, Dawn L. Kussow, and Chad C. White to the Office of the CEO as disclosed in the Original Filing. No other changes have been made to the Original Filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the appointment of Ms. Warren as Interim Chief Executive Officer and Mses. Warren and Kussow and Mr. White to the Office of the CEO, the Compensation Committee (the “Committee”) of the Board approved the following additional compensation arrangements on April 27, 2025. For Ms. Warren, she will be paid $85,000 per month for each month she serves as Interim Chief Executive Officer (to be effective as of April 13, 2025), to be prorated for any partial month of service. The Committee also granted her 158,730 time-based restricted stock units ("RSUs") based on the grant date value on April 25, 2025. The RSUs will be subject to vesting on the earlier of the following: (1) the one year anniversary of the grant date; (2) the start date of a new Chief Executive Officer of the Company; or (3) upon Ms. Warren’s termination following a change in control. During her service as Interim Chief Executive Officer and as a member of the Office of the CEO, Ms. Warren will not participate in the compensation program for non-employee directors and will not separately receive compensation for her service as Chairman.
For Ms. Kussow and Mr. White, they will each be paid $100,000 as a special performance bonus. In addition, the 2025 target annual incentive opportunity previously established for each of Ms. Kussow and Mr. White will be increased by $250,000, subject to the terms of the 2025 annual incentive plan, with the actual amount to be earned to be based on the level of achievement of the financial and strategic performance objectives previously approved by the Committee as described under “Compensation Discussion and Analysis—2025 Compensation Decisions” under Item 11, Part III in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A filed with the SEC on April 29, 2025, which is incorporated by reference herein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BROOKDALE SENIOR LIVING INC. | |||||||||||||||||
| Date: | May 1, 2025 | By: | /s/ Chad C. White | ||||||||||||||
| Name: | Chad C. White | ||||||||||||||||
| Title: | Executive Vice President, General Counsel and Secretary | ||||||||||||||||