Five Star Senior Living Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 18, 2021, Margaret Wigglesworth announced her retirement as Executive Vice President and Chief Operating Officer of Five Star Senior Living Inc. (the “Company”).
In connection with Ms. Wigglesworth’s retirement, the Company entered into a letter agreement with Ms. Wigglesworth on November 22, 2021. Pursuant to her letter agreement, Ms. Wigglesworth continued to serve as the Company’s Executive Vice President and Chief Operating Officer through November 22, 2021, and will continue to serve as an employee of the Company through December 31, 2021 (the “Retirement Date”). Under the letter agreement, the Company will continue to pay Ms. Wigglesworth her current cash salary and benefits through December 31, 2021. In addition, if Ms. Wigglesworth signs and does not revoke a release of claims, and subject to the satisfaction of certain other conditions, the Company will make a cash payment to Ms. Wigglesworth up to the amount of $403,846.14.
Ms. Wigglesworth’s letter agreement also contains other terms and conditions, including confidentiality, non-solicitation and other covenants, and a waiver and release.
The foregoing description of Ms. Wigglesworth’s letter agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. |
Description | |
| 10.1 | Letter Agreement, dated November 22, 2021, by and between Margaret Wigglesworth and Five Star Senior Living Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| FIVE STAR SENIOR LIVING INC. | ||
| By: | /s/ Jeffrey C. Leer | |
| Name: | Jeffrey C. Leer | |
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | |
Dated: November 24, 2021