Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers. |
On September 5, 2018, AAC Holdings, Inc. (the “Company”) announced that Stephen Ebbett has accepted an offer of employment as the Chief Digital and Marketing Officer of the Company.
Mr. Ebbett, age 39, has served as Chief Digital Officer of Assurant (NYSE:AIZ) from January 2014 to September 2018, where he oversaw both digital marketing and eCommerce for the organization and was responsible for a300-person practice. He served as Global Head of Direct Distribution for Assurant from October 2010 to January 2014 and as its Director of Direct to Consumer from June 2008 to October 2010. Before joining Assurant, Mr. Ebbett served as an Insurance Product Manager at John Lewis Partnership, a private UK company that operates department stores and supermarkets and conducts banking, financial and other retail-related services, and as Channel Marketing Manager for AXA Insurance, based in London. Mr. Ebbett holds his B.A. from University of Durham.
Pursuant to the terms of an employment offer letter, dated August 30, 2018, by and between the Company and Mr. Ebbett, Mr. Ebbett will receive an annual base salary of $500,000 and be eligible for a cash bonus incentive of up to $250,000 annually, paid in accordance with similar bonus payments for other senior executives of the Company. Mr. Ebbett is also entitled to receive equity consideration in the form of 10,000 shares of restricted stock, which will vest annually in three equal increments beginning on December 31, 2018,as well as additional grants of restricted stock in amounts commensurate with other executive officers on an annual basis.
There are no arrangements or understandings between Mr. Ebbett and any other persons pursuant to which he was selected as the Company’s Chief Digital and Marketing Officer. There are no family relationships between Mr. Ebbett and any director or executive officer of the Company, and Mr. Ebbett has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of RegulationS-K.
Item 9.01. | Financial Statements and Exhibits. |
(d)Exhibits.
+ | Denotes a management contract or compensatory plan or arrangement. |