Life Time Fitness Chairman and Chief Executive Officer Akradi to Forgo Salary and Cash Incentive Compensation in 2008
Compensation Committee of Company's Board of Directors Approves Restricted Stock Grant in Lieu of Cash Compensation
CHANHASSEN, Minn.--(BUSINESS WIRE)--
Life Time Fitness, Inc. (NYSE: LTM) today announced that its Chairman and Chief Executive Officer, Bahram Akradi, will forgo cash salary and cash incentive compensation this year per the 2008 Key Executive Incentive Compensation Plan approved March 14, 2008, by the Compensation Committee of the Company's board of directors. Instead, Akradi will receive his entire 2008 compensation in the form of restricted stock, demonstrating his confidence in the value of the Company. Akradi will receive 188,960 shares of restricted stock that will vest annually over four years beginning March 1, 2009. The number of restricted shares vesting on each annual date is subject to reduction by up to 25% if the Company does not meet certain financial performance measures for fiscal 2008.
The Committee also approved increased awards of restricted stock, as compared to last year, in lieu of no increase to salary or cash incentive compensation for the Company's other named executive officers.
The restricted stock awards will be issued in accordance with and subject to the performance hurdles and vesting policy set forth in the form of Restricted Stock Agreement. Additional details of the Company's 2008 Key Executive Incentive Compensation Plan and form of Restricted Stock Agreement were filed on a Form 8-K on March 17, 2008, a copy of which is available at the Company's Investor Relations section of its Web site at www.lifetimefitness.com.
About Life Time Fitness, Inc.
Life Time Fitness, Inc. (NYSE: LTM) operates distinctive and large, multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. The company also provides consumers with personal training consultation, full-service spas and cafes, corporate wellness programs, health and nutrition education, the healthy lifestyle magazine, Experience Life, athletic events, and nutritional products. As of March 18, 2008, Life Time Fitness operated 71 centers in 16 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Nebraska, North Carolina, Ohio, Texas, Utah and Virginia. The Company also operated one satellite facility and five preview locations in existing and new markets. Life Time Fitness is headquartered in Chanhassen, Minnesota, and can be located on the Web at www.lifetimefitness.com. LIFE TIME FITNESS, the LIFE TIME FITNESS logo, EXPERIENCE LIFE, and the LIFE TIME FITNESS TRIATHLON SERIES are registered trademarks of Life Time Fitness, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Source: Life Time Fitness, Inc.
Released March 18, 2008