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AVIV > SEC Filings for AVIV > Form 8-K/A on 12-Dec-2013All Recent SEC Filings

Show all filings for AVIV REIT, INC.

Form 8-K/A for AVIV REIT, INC.


12-Dec-2013

Entry into a Material Definitive Agreement, Change in Directors or Principal Of


Item 1.01. Entry in to a Material Definitive Agreement

The information contained in Item 5.02 concerning the entry by the Company into the Separation Agreement (as defined below) is incorporated by reference into this Item 1.01.



Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)

On November 11, 2013, the Company announced that James H. Lyman would no longer be serving as Chief Financial Officer and Treasurer of the Company, effective November 8, 2013. On December 6, 2013, the Company and Mr. Lyman entered into a Separation Agreement and Release (the "Separation Agreement") pursuant to which Mr. Lyman has agreed to a general release of claims with respect to the Company. In consideration for his general release, and subject to compliance with the terms of the Separation Agreement, Mr. Lyman will receive severance payments (less standard withholdings and deductions, as required by applicable law) in the gross amount of $162,500 (equal to six months of Mr. Lyman's base pay), payable in twelve equal installments in accordance with the Company's normal payroll practices beginning with the payroll period on December 31, 2013 and additional severance payments (less standard withholdings and deductions, as required by applicable law) in the gross amount of $113,750 (equal to one half of Mr. Lyman's target annual incentive for 2013), payable in two equal installments on February 28, 2014 and May 30, 2014. The effectiveness of the Severance Agreement is contingent upon the expiration of a statutory revocation period that expires on December 13, 2013. A copy of the Separation Agreement is attached hereto as Exhibit 10.1 and incorporated by reference herein.



Item 9.01. Financial Statements and Exhibits.

(d) The following is a list of the exhibits filed or furnished herewith.

Exhibit No.                            Description of Exhibit

10.1              Separation Agreement and Release dated December 6, 2013 between
                  Aviv Asset Management, L.L.C. and James H. Lyman


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