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ADK > SEC Filings for ADK > Form 8-K on 14-Aug-2014All Recent SEC Filings

Show all filings for ADCARE HEALTH SYSTEMS, INC



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth in Item 5.02 of this Current Report on Form 8-K is incorporated herein by this reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 11, 2014, AdCare Health Systems, Inc. (the "Company") entered into a Separation Agreement (the "Separation Agreement") with David Rubenstein, the Company's Chief Operating Officer. Pursuant to the Separation Agreement, Mr. Rubenstein will cease serving as the Company's Chief Operating Officer effective December 31, 2014, and the termination of his employment is deemed to be "without cause" (as such term is defined in his employment agreement with the Company).
Additionally, pursuant to the Separation Agreement: (i) Mr. Rubenstein is eligible for the full amount of his annual bonus (with the bonus amount calculated pursuant to the terms of his employment agreement) based on the Company's performance through September 30, 2014; and (ii) in the event of a "change in control" (as such term is defined in his employment agreement), the severance payments and benefits Mr. Rubenstein is otherwise entitled to receive pursuant to his employment agreement shall be immediately payable in a lump sum. Except for the foregoing, the terms of Mr. Rubenstein's employment agreement remain unchanged.

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