NEW YORK--(BUSINESS WIRE)--
Town Sports International Holdings, Inc. ("TSI" or the "Company")
(NASDAQ:CLUB) today announced the appointment of Gregory Bartoli as
Chief Operating Officer of the Company, effective August 19, 2015. Mr.
Bartoli brings a number of years of progressive experience in both
financial and entrepreneurial leadership roles. From 2007 to 2013, Mr.
Bartoli worked in the Investment Banking Division at JPMorgan, and
served as a Managing Director of the Interest Rate Trading Group from
2009 to 2013. Prior to that time, Mr. Bartoli worked at HSBC Securities
as the Co-Head of North America Interest Rate Trading and at Credit
Suisse First Boston. Since 2013, Mr. Bartoli has served as Founder and
President of J.E.M. Partners LLC, a Florida based real estate holding
company specializing in outdoor family entertainment and amusement
parks. Mr. Bartoli has been providing advisory services to the Company
as an outside consultant.
As an inducement for Mr. Bartoli to accept employment with the Company
as Chief Operating Officer, Mr. Bartoli will receive (i) non-qualified
options to purchase 250,000 shares of the Company's common stock granted
under the Company's 2006 Stock Incentive Plan, as amended (the "Stock
Plan"), (ii) non-qualified options to purchase 450,000 shares of the
Company's common stock granted outside the Stock Plan and (iii) 300,000
shares of restricted common stock of the Company granted outside the
Stock Plan, where the grants referred to in clauses (ii) and (iii) are
granted in accordance with NASDAQ Rule 5635(c)(4), which provides that
certain grants made as an inducement to a new employee to accept
employment are not required to be submitted to stockholders for
approval. The per share exercise price applicable to both option grants
will be the closing price of the Company's common stock on August 19,
2015 and both will have a term of five years (subject to earlier
expiration in connection with certain termination events). The equity
awards described above will vest in three equal annual installments
commencing on the first anniversary of August 19, 2015. The awards
granted outside the Stock Plan will generally otherwise be subject to
the same terms and conditions as apply to similar awards granted under
the Stock Plan.
About Town Sports International Holdings, Inc.:
New York-based Town Sports International Holdings, Inc. is one of the
leading owners and operators of fitness clubs in the Northeast and
mid-Atlantic regions of the United States and, through its subsidiaries,
operated 154 fitness clubs as of June 30, 2015, comprising 106 New York
Sports Clubs, 27 Boston Sports Clubs, 13 Washington Sports Clubs (two of
which are partly-owned), five Philadelphia Sports Clubs, and three clubs
located in Switzerland, and three BFX Studio. These clubs collectively
served approximately 525,000 members as of June 30, 2015. For more
information on TSI, visit http://www.mysportsclubs.com.
From time to time we may use our Web site as a channel of distribution
of material company information. Financial and other material
information regarding the Company is routinely posted on and accessible
at http://www.mysportsclubs.com. In
addition, you may automatically receive email alerts and other
information about us by enrolling your email by visiting the "Email
Alerts" section at http://www.mysportsclubs.com.
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Town Sports International Holdings, Inc., New York
Source: Town Sports International Holdings, Inc.
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