NAUTILUS, INC. (NYSE:NLS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
The information in Item 1.01 is incorporated herein by reference.
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Item 1.01 |
Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously reported, on February 26, 2019, the Board of Directors (the “Board”) of Nautilus, Inc. (the “Company”) appointed the Chairman of the Board, M. Carl Johnson, III, as the Company’s interim Chief Executive Officer effective as of March 2, 2019.
In connection with his appointment, on March 8, 2019, the Company entered into a letter agreement with Mr. Johnson effective as of March 2, 2019 (the “Agreement”). Under the Agreement, Mr. Johnson will receive a pro-rated salary for his service as interim Chief Executive Officer at the annualized rate of $500,000. Mr. Johnson alsoreceived an award of 10,000 restricted stock units (the “RSU Award”) under the Company’s 2015 Long Term Incentive Plan. The RSU Award will vest in full on the one-year anniversary of the award date subject to Mr. Johnson’s continuous employment or service as a director during the vesting period.
The foregoing summary of the material terms of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as an exhibit hereto and which is incorporated by reference into this Item 1.01.
Item 1.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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Interim Chief Executive Officer Letter Agreement, dated March 2, 2019, between M. Carl Johnson, III, and Nautilus, Inc. |
# Indicates management contract or compensatory plan, contract or arrangement.
NAUTILUS, INC. Exhibit
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To view the full exhibit click here
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.
