Sabra Health Care REIT, Inc. 8-K

What Happened
Sabra Health Care REIT (SBRA) filed an 8‑K reporting that its Board appointed Darrin Smith as Chief Investment Officer, Secretary and Executive Vice President effective January 1, 2026, following the retirement of Talya Nevo‑Hacohen on December 31, 2025. Michael Costa was appointed Treasurer (in addition to his role as Executive VP and CFO). Sabra issued a press release about the appointments on January 5, 2026.

Key Details

• Initial annual base salary for Mr. Smith: $470,000 (effective Jan 1, 2026), with eligibility for annual merit increases and an annual incentive bonus under the Company’s Executive Bonus Plan.
• Severance if terminated without "good cause" or for "good reason": lump sum = (base salary + average of prior 3 years' actual bonus) × 1.5; continued health coverage or COBRA cash for up to 18 months (24 months if within two years of a change in control).
• Change‑in‑control severance: same formula with a severance multiplier of 2 and a prorated target bonus for the year of termination (assumed 100% of target). Payments conditioned on signing a general release; anti‑excise tax provision included.
• Employment term: initial three‑year term beginning Jan 1, 2026, with automatic one‑year renewals subject to limited termination notice; includes confidentiality and a one‑year non‑solicit/non‑interference covenant.

Why It Matters
This 8‑K documents a planned leadership transition in Sabra’s investment team and the formal employment terms for the new CIO. Investors should note the compensation and severance terms because they define potential cash obligations to the company under normal termination or change‑in‑control scenarios and signal continuity in management (Mr. Smith was already Sabra’s EVP, Investments). The filing also confirms Talya Nevo‑Hacohen’s retirement and that she will remain in a consulting role per prior disclosure.