Brookdale Senior Living Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on March 13, 2007, reporting events that occurred on March 7, 2007. The filing pertains to the Compensation Committee's authorization of performance-based bonuses and stock awards for fiscal year 2006.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation arrangements.
Material Changes
The primary material event is the authorization of cash bonuses and stock awards to named executive officers based on fiscal 2006 performance. No other material changes to the company's financial position or operations are disclosed in this report.
Management Commentary and Compensation Details
The Compensation Committee awarded cash bonuses and common stock under the Omnibus Stock Incentive Plan to the following executives:
| Executive Officer | Cash Bonus | Vested Shares | Unvested Shares |
|---|---|---|---|
| Mark J. Schulte (Co-CEO) | $50,000 | 1,110 | 2,221 |
| W.E. Sheriff (Co-CEO) | $187,046 | N/A | N/A |
| Mark W. Ohlendorf (Co-President) | $100,000 | 2,221 | 4,442 |
| John P. Rijos (Co-President) | $50,000 | 1,110 | 2,221 |
| R. Stanley Young (CFO) | $37,500 | 832 | 0 |
| Kristin A. Ferge (EVP, CAO, Treasurer) | $37,500 | 832 | 1,665 |
Unvested shares vest ratably in three annual installments beginning on the first anniversary of the grant date, subject to continued employment. Recipients are entitled to dividends on unvested shares.
Investor Verification Checklist
- Verify the total cash bonus payout amount of $462,046 against the company's fiscal 2006 performance metrics.
- Confirm the total number of shares awarded (10,465 vested and 10,554 unvested) and their impact on diluted earnings per share.
- Review the specific vesting schedule and employment conditions attached to the unvested stock awards.
- Check the 2006 Proxy Statement for the full definition of "named executive officers" referenced in this filing.