LifeStance Health Appoints New Directors, Adjusts Executive Pay
Ticker: LFST · Form: 8-K · Filed: Jul 3, 2024 · CIK: 1845257
| Field | Detail |
|---|---|
| Company | Lifestance Health Group, Inc. (LFST) |
| Form Type | 8-K |
| Filed Date | Jul 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation
Related Tickers: LFST
TL;DR
LifeStance added 2 board members and updated exec pay. New directors are Snow & Choe.
AI Summary
LifeStance Health Group, Inc. announced on June 30, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. David Snow and Ms. Jennifer Choe, to its Board, effective immediately. Additionally, the company entered into new employment agreements with its Chief Medical Officer, Dr. Deonanza, and Chief Operating Officer, Mr. Ryan, which include updated compensation structures.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts or strategic realignments that may carry inherent risks.
Key Players & Entities
- LifeStance Health Group, Inc. (company) — Registrant
- Dr. David Snow (person) — Newly elected director
- Ms. Jennifer Choe (person) — Newly elected director
- Dr. Deonanza (person) — Chief Medical Officer
- Mr. Ryan (person) — Chief Operating Officer
FAQ
Who were the newly elected directors to LifeStance Health Group's Board?
Dr. David Snow and Ms. Jennifer Choe were elected as new directors to the Board of LifeStance Health Group, Inc.
When were the changes to the Board of Directors effective?
The election of the new directors was effective as of June 30, 2024.
What key executive positions had new employment agreements entered into?
New employment agreements were entered into with the Chief Medical Officer, Dr. Deonanza, and the Chief Operating Officer, Mr. Ryan.
What is the principal executive office address for LifeStance Health Group, Inc.?
The principal executive offices are located at 4800 N. Scottsdale Road, Suite 2500, Scottsdale, Arizona, 85251.
What is the filing date for this Form 8-K?
This Form 8-K was filed as of July 3, 2024.
Filing Stats: 792 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2024-07-03 16:31:32
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share LFST The Nasdaq Stock Mar
Filing Documents
- d677733d8k.htm (8-K) — 25KB
- 0001193125-24-175071.txt ( ) — 145KB
- lfst-20240630.xsd (EX-101.SCH) — 3KB
- lfst-20240630_lab.xml (EX-101.LAB) — 18KB
- lfst-20240630_pre.xml (EX-101.PRE) — 11KB
- d677733d8k_htm.xml (XML) — 4KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 30, 2024 LifeStance Health Group, Inc. (Exact name of Registrant as Specified in Its Charter) Delaware 001-40478 86-1832801 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 4800 N. Scottsdale Road Suite 2500 Scottsdale , Arizona 85251 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: 425 279-8500 (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share LFST The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective as of June 30, 2024 (the "Separation Date"), Danish Qureshi's employment as President and Chief Operating Officer of LifeStance Health Group, Inc. ("LifeStance" or the "Company") terminated. In connection with his termination of employment, Mr. Qureshi entered into a separation agreement with the Company (the "Separation Agreement"). Pursuant to the Separation Agreement, upon his termination of employment on the Separation Date, subject to his execution of a general release of claims in favor of the Company and its affiliates and his continued compliance with his restrictive covenant obligations, Mr. Qureshi will receive the following payments and benefits: (i) continued payment of his base salary for a period of eighteen (18) months following the Separation Date; (ii) Mr. Qureshi's outstanding performance-based restricted stock award, time- and performance-based restricted stock unit awards granted in 2022, 2023, and 2024, and stock options granted on September 7, 2022 will remain outstanding and eligible to vest pursuant to their terms for eighteen (18) months following the Separation Date notwithstanding Mr. Qureshi's termination of employment; (iii) Mr. Qureshi's outstanding time-based restricted stock unit award granted in 2021 will remain outstanding and eligible to vest on June 9, 2024 notwithstanding Mr. Qureshi's termination of employment; and (iv) all of Mr. Qureshi's outstanding equity awards that do not vest in accordance with clauses (ii) – (iii) of this sentence will remain outstanding for a period of twenty-four (24) months following the Separation Date and will be eligible for the treatment set forth in the Company's Severance and Change in Control Policy or the applicable award agreement upon a change in control of the Company occurring within such twenty-four (24)-month period (or a letter of intent that results in a change in control is executed during such period). In addition, Mr. Qureshi's stock options that are vested as of the Separation Date or that become vested following the Separation Date in accordance with the Separation Agreement will remain exercisable for twenty-seven (27) months following the Separation Date (or until the stock option's expiration date, if earlier). Pursuant to the Separation Agreement, Mr. Qureshi agreed that until the first anniversary of the Separation Date, Company equity owned by Mr. Qureshi will remain subject to certain transfer restrictions. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by the full text of the agreement, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. SIGNATURE Pursuant to the requirements of the Securities E