UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement |
The information set forth in Item 5.02(e) below is hereby incorporated by reference in this Item 1.01.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Effective December 3, 2024 and November 6, 2024, Summit Healthcare REIT, Inc. (the “Company”) entered into employment agreements with two of its named executive officers, Chief Executive Officer, Elizabeth Pagliarini, and Chief Financial Officer, Sharyn Grant, respectively. These employment agreements were approved by the Company’s Compensation Committee and Board of Directors.
The descriptions of the employment agreements entered into with Ms. Pagliarini and Ms. Grant set forth below are qualified in their entirety by reference to the full text of the agreements, copies of which are filed herewith and incorporated by reference herein.
Each applicable employment agreement is for a three-year term. The base salaries for Ms. Pagliarini and Ms. Grant are $575,000 per year and $250,000 per year, respectively. Other terms include standard terms relating to salary, bonus, position, duties and benefits (including eligibility for equity compensation), as well as a special cash payment following termination without cause or a change in control of the Company.
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. |
Description | |
| 10.1 | Employment Agreement between Summit Healthcare REIT, Inc., a Maryland Corporation, and Elizabeth A Pagliarini, dated December 3, 2024 | |
| 10.2 | Employment Agreement between Summit Healthcare REIT, Inc., a Maryland Corporation, and Sharyn Grant, dated November 6, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SUMMIT HEALTHCARE REIT, INC. | ||
| By: | /s/ Sharyn I. Grant | |
| Name: | Sharyn I. Grant | |
| Title: | Chief Financial Officer | |
Dated: December 6, 2024