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DALLAS, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Capital Senior Living Corporation (the “Company”) (NYSE: CSU), one of the nation’s largest operators of senior housing communities, today announced that on September 10, 2019 (the “Grant Date”) Brandon M. Ribar received certain equity awards pursuant to the previously-announced employment agreement between the Company and Mr. Ribar and as a material inducement to Mr. Ribar’s employment as the Company’s Executive Vice President and Chief Operating Officer.
The inducement awards made to Mr. Ribar consist of the following: (i) up to 112,500 shares of performance-based restricted stock (the “Performance Shares”), the vesting of which is subject to the satisfaction of certain performance conditions related to the trading price of the Company’s common stock during the three year period following the Grant Date (consisting of 45,000 shares that vest upon achievement of the target performance objective and an additional 67,500 shares that are issuable upon achievement of the maximum performance objective); and (ii) 25,000 shares of time-based restricted stock (the “Restricted Shares”), which are scheduled to vest in installments of 33%, 33% and 34% on the first, second, and third anniversaries of the Grant Date, respectively. The Performance Shares and Restricted Shares are subject to the vesting, forfeiture and other provisions set forth in the applicable award agreements governing such awards in substantially the forms previously filed by the Company with the Securities and Exchange Commission on Form 8-K on September 10, 2019.
The Performance Shares and Restricted Shares were all granted outside of the 2019 Omnibus Stock and Incentive Plan For Capital Senior Living Corporation and were approved by the independent members of the Compensation Committee of the Company’s Board of Directors in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08. The Company is issuing this press release pursuant to the requirements of such rule.
About the Company
Dallas-based Capital Senior Living Corporation is one of the nation’s largest operators of independent living, assisted living and memory care communities for senior adults. The Company’s 128 communities are home to nearly 12,000 residents across 23 states and provide compassionate, resident-centric service and care as well as engaging programming. Capital Senior Living offers seniors the freedom and opportunity to successfully, comfortably and happily age in place. For more information, visit www.capitalsenior.com or connect with the Company on Facebook.
For information about Capital Senior Living, visit www.capitalsenior.com.
Contact Carey Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.