Executive Chairman Hansen to retire Jan 1, 2022; mutual release, $1M payment, equity amendments

Summit Hotel Properties, Inc.

Daniel P. Hansen retires as Executive Chairman effective Jan 1, 2022; mutual release of claims on Dec 31, 2021.
Hansen receives $1,000,000 in 12 monthly installments, COBRA premium reimbursement for 12 months.
Accelerated vesting of all unvested service-based restricted shares on retirement date.
Performance-based stock award agreements amended to remove employment requirement for vesting.
Seven-day revocation period for release; amendments filed as Exhibits 10.2 and 10.3.

item 1.01 item 5.02 item 9.01

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Departed

Daniel P. Hansen

Executive Chairman

INN · Summit Hotel Properties, Inc.

Effective: 2022-01-01
Filed: January 5, 2022, 6:59 PM ET

Daniel P. Hansen, Executive Chairman of the Company, notified the Company of his intent to retire from his position as Executive Chairman effective January 1, 2022

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Daniel P. Hansen retired as Executive Chairman at Summit Hotel Properties, Inc..

Action: retired
Role: Executive Chairman

Exact text from the filing

Daniel P. Hansen, Executive Chairman of the Company, notified the Company of his intent to retire from his position as Executive Chairman effective January 1, 2022

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Summit Hotel Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-001550

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