On January 8, 2020, Michael T. Cartwright, Chairman of the Board of Directors and Chief Executive Officer of AAC Holdings, Inc., 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.