DALLAS, TX – Ashford (NYSE:AINC) Inc. (NYSE American: AINC), a management consulting services provider, has officially announced the departure of J. Robison Hays III, the company's Senior Managing Director, as of June 30, 2024. The news comes following Hays's previous notification of his intention to resign, which was disclosed on April 17, 2024.
According to the details released in a recent 8-K filing with the Securities and Exchange Commission, Hays, who also served as President and Chief Executive Officer at Ashford Hospitality (NYSE:AHT) Trust, Inc., has entered into a Separation/Consulting Agreement with Ashford Inc . and its subsidiary, Ashford Hospitality Advisors LLC. Under this agreement, Hays will provide consulting services for a period of 36 months post-resignation.
In exchange for these services and adherence to a general release of claims, Hays will receive a total sum of $1,909,167, paid in monthly installments from July 2024 through June 2027. Additionally, the company will cover the costs of Hays's health insurance equivalent to that of similarly situated active employees for up to 36 months or until he becomes eligible for another group health plan. The same applies to the premium costs for life insurance and long-term disability insurance.
The agreement also ensures that Hays's period of providing consulting services will be considered continuous employment for the purpose of determining his vested interests in any equity or incentive plans of Ashford Inc. or Ashford Trust.
Hays remains subject to the restrictive covenants from his previous employment agreement, with certain modifications to non-competition and non-solicitation obligations. He has also agreed to specific limitations on acquiring beneficial ownership of securities and engaging in certain transactions with Ashford Inc., Ashford Trust, Braemar Hotels & Resorts (NYSE:BHR) Inc., and their affiliates.
The information contained in this article is based on the latest SEC filing by Ashford Inc. and provides a factual summary of the executive changes and the terms of the new consulting agreement.
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