ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 8, 2020, Michael T. Cartwright, Chairman of the Board of Directors
(the "Board") and Chief Executive Officer of AAC Holdings, Inc., a Nevada
corporation (the "Company"), delivered to the Board his conditional resignation
as Chief Executive Officer. Mr. Cartwright's resignation as Chief Executive
Officer will become effective only upon (i) the Company entering into amendments
to its two previously reported forbearance agreements, each dated October 30,
2019, entered into between the Company and the lenders under the Company's two
primary credit facilities and (ii) the Company receiving $10.0 million of
incremental funding under the Company's previously disclosed credit facility
entered into by the Company in March 2019. Mr. Cartwright currently intends to
remain as Chairman of the Board.
Also on January 8, 2020, the Board appointed Andrew W. McWilliams, the Company's
Chief Financial Officer, to serve as Chief Executive Officer, commencing upon
the effectiveness of Mr. Cartwright's resignation, as described above.
Mr. McWilliams, who is 47 years old, joined the Company as Chief Accounting
Officer in August 2014 and became Chief Financial Officer effective January 1,
2018. From October 1998 through August 2014, Mr. McWilliams worked as an auditor
with Ernst & Young LLP, a national public accounting firm. During his tenure
with Ernst & Young, Mr. McWilliams served multiple healthcare clients and also
gained experience across a variety of corporate transactions, including public
offerings of securities and mergers and acquisitions. Mr. McWilliams is a
graduate of Georgia State University.
No changes have been made to Mr. McWilliams' current compensation arrangements
with the Company, which are described in the Company's Annual Report on Form
10-K/A filed with the Securities and Exchange Commission on April 30, 2019.
There are no arrangements or understandings between Mr. McWilliams and any other
person pursuant to which Mr. McWilliams was selected as an officer of the
Company. Since the beginning of the Company's last fiscal year, the Company has
not engaged in any transaction, or any currently proposed transaction, in which
Mr. McWilliams had or will have a direct or indirect material interest in which
the amount involved exceeded or would exceed $120,000.
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AAC HOLDINGS, INC. 
