Glenn Maul will step down as executive vice president and chief people officer at Brookdale Senior Living Inc. He will continue to serve until a successor is appointed or until July 15.
Maul’s departure was announced May 16 in a Form 8-K, Section 5 filing with the United States Securities and Exchange Commission (SEC). Companies must file with the SEC to announce major events shareholders should know about.
Maul will be eligible to receive payments associated with a separation without cause in accordance with Brookdale’s Tier I Severance Pay Policy, including:
- $1.53 million, a sum of 2.5 times his 2016 annual salary of $307,500 and annual cash incentive for 2016, which is also $307,500. Maul will be paid in periodic installments over the course of 18 months and beginning 60 days after leaving from Brookdale.
- Prorated payment of an annual cash bonus for 2016 for goals met under terms of the annual incentive plan
- Payout of up to 160 hours of his paid time off balance.
Under terms of agreement upon Maul’s separation, some shares will continue to accelerate and be eligible to vest while others will be immediately forefitted.
Maul joined Brookdale in April 2006. Previously, he was vice president of human resources for Sunrise Senior Living. He has spent more than 25 years working in human resources.
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