secwatch.observer — SEC 8-K summary
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Issuer:     Summit Hotel Properties, Inc. (INN)
CIK:        0001497645
Form:       8-K
Filed at:   2022-01-05T23:59:59+00:00
Accession:  0001104659-22-001550
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922001550/0001104659-22-001550-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1497645/000110465922001550/tm221499d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-001550

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