NAUTILUS, INC. (NYSE:NLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Nautilus, Inc. (the Company) approved, upon recommendation of the
Compensation Committee of the Board of Directors (the
Compensation Committee), the following equity compensation awards
to certain of the Companys executive officers:
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Officer
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Title
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Restricted Stock Units
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Performance Stock Units
|
|||||
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Bruce M. Cazenave
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Chief Executive Officer
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14,559
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14,559
|
|||||
|
William B. McMahon
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Chief Operating Officer
|
7,941
|
7,941
|
|||||
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Sidharth Nayar
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Chief Financial Officer
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5,662
|
5,662
|
|||||
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Wayne M. Bolio
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SVP, Law Human Resources, General Counsel
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5,250
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5,250
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|||||
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Robert O. Murdock
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SVP, Innovation
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4,412
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4,412
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|||||
|
37,824
|
37,824
|
|||||||
performance stock unit awards, both granted under the Companys
2015 Long-Term Incentive Plan. The restricted stock unit awards
entitle the grantee to receive the number of common shares set
forth beside their name above on the third anniversary of the
grant date, subject to the grantees continuous employment with
the Company through such date. The performance unit awards vest
based on achievement of goals established for growth in operating
income as a percentage of net revenue and return on invested
capital over a three-year performance period. The number of
shares vested under the performance unit awards following
conclusion of the performance period will be determined based on
the level at which the goals are achieved. The number of shares
vesting under the performance unit awards can range from 60% of
the shares subject to the award, if minimum thresholds are
achieved, to a maximum of 150%.
Directors of the Company, upon recommendation of the Compensation
Committee, established award eligibility and fixed annual
performance targets for the below-named officers under the
Companys short-term incentive program. The Companys short-term
incentive program focuses on achievement of certain annual
financial goals for operating income and revenue growth, as well
as successful execution of key strategic initiatives and
achievement of personal performance goals established for the
evaluation period.
participants are eligible to receive incentive compensation based
on a target percentage of their base salary. The amount payable
is determined based upon the weighted average percentage
achievement of the financial, strategic and personal performance
goals established for the annual plan period. Subject to certain
minimum thresholds, achievement below 50% of goal on a combined
basis results in payout of less than the target award, and
achievement of greater than 50% of goal on a combined basis
results in a payout of greater than the target award, with a
maximum award of 125% of targeted payout. The target award amount
applicable to each of our named executive officers is set forth
in the table below:
|
Officer
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Title
|
Target Award Amount (% of base salary)
|
||
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Bruce M. Cazenave
|
Chief Executive Officer
|
50%
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||
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William B. McMahon
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Chief Operating Officer
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75%
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||
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Sidharth Nayar
|
Chief Financial Officer
|
60%
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||
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Wayne M. Bolio
|
SVP, Law Human Resources, General Counsel
|
50%
|
||
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Robert O. Murdock
|
SVP, Innovation
|
50%
|
About NAUTILUS, INC. (NYSE:NLS)
Nautilus, Inc. is a consumer fitness products company. The Company operates through two segments: Direct and Retail. The Direct segment offers products directly to consumers through television advertising, catalogs and the Internet. The Retail segment offers its products through a network of independent retail companies with stores and Websites located in the United States and internationally. The Company’s principal business activities include designing, developing, sourcing and marketing of cardio and strength fitness products and related accessories for consumer use, primarily in the United States and Canada, but also in international markets outside North America. It markets cardiovascular, strength and nutrition fitness products. The Company offers its products under the brands, including Nautilus, Bowflex, Octane Fitness, Schwinn and Universal. The Company’s warehousing and distribution facilities are located in Oregon and Ohio. NAUTILUS, INC. (NYSE:NLS) Recent Trading Information
NAUTILUS, INC. (NYSE:NLS) closed its last trading session up +0.35 at 17.75 with 431,121 shares trading hands.
