NU SKIN ENTERPRISES, INC. (NYSE:NUS) 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. |
entered into a Leave of Absence Agreement (the “Agreement”)
with M. Truman Hunt. As previously disclosed, Mr. Hunt stepped
down as the Chief Executive Officer and President of the
Company as of March 7, 2017 because he has accepted a
three-year leadership assignment for The Church of Jesus Christ
of Latter-day Saints. It is expected that Mr. Hunt will remain
in active employment with the Company through June 30, 2017 to
ensure a smooth transition, including service as the Vice
Chairman of the Company’s Board of Directors.
on July 1, 2017 and will terminate on September 30, 2020 unless
terminated earlier by either party.
leave of absence, Mr. Hunt will be subject to non-competition
and non-solicitation covenants set forth in the Agreement, and
he authorizes the Company to use his name and likeness. He also
fully releases the Company from any and all claims. In exchange
for Mr. Hunt’s obligations and release, Mr. Hunt will be
eligible to continue his health insurance benefits, and the
Company will continue to provide term life insurance and a
Company product allowance to Mr. Hunt.
for certain compensation for the first half of 2017 because Mr.
Hunt is actively providing service to the Company during that
time.
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Pro-rata cash incentive awards: Mr. Hunt will
participate in the Company’s executive cash incentive program for the second quarter of 2017 and for the 2017 annual incentive period (with any payment earned subject to the original performance requirements), except that any payment earned for the 2017 annual incentive period will be reduced by 50% to reflect that Mr. Hunt is only providing active service for half of such period. |
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Equity awards:
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Unvested time-based stock options: The leave of absence
will not be treated as “continuous service”; therefore, all unvested time-based stock options will immediately terminate at the end of Mr. Hunt’s active employment. |
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Vested stock options: After the end of Mr. Hunt’s
active employment, all vested stock options will terminate in accordance with the awards’ original terms for termination of continuous service. |
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Unvested performance-based equity awards: All unvested
performance-based equity awards will immediately terminate at the end of Mr. Hunt’s active employment, except that the performance-based stock options granted in March 2016 and contingent on 2017 adjusted earnings per share performance will remain eligible for vesting based on actual 2017 performance against the original performance goals, with any amount that vests reduced by 50% to reflect that Mr. Hunt is only providing active service for half of the 2017 performance period. |
About NU SKIN ENTERPRISES, INC. (NYSE:NUS)
Nu Skin Enterprises, Inc. is a direct selling company that develops and distributes personal care products and nutritional supplements, and a range of other products and services. The Company offers anti-aging personal care products and nutritional supplements under its Nu Skin and Pharmanex brands. The Nu Skin brand offers a range of products, including ageLOC Spa systems, ageLOC Transformation anti-aging skin care system and ageLOC Tru Face Essence Ultra anti-aging skin care serum. The Pharmanex product line includes ageLOC TR90 weight management and body shaping system, and LifePak and ageLOC R2 nutritional supplements. The Company has operations in various geographic regions, including Greater China, North Asia, Americas, South Asia/Pacific, and Europe, the Middle East and Africa (EMEA). It is focused on offering ageLOC Youth nutritional supplement and ageLOC Me personalized skin care system. The Company also offers household products and technology services. NU SKIN ENTERPRISES, INC. (NYSE:NUS) Recent Trading Information
NU SKIN ENTERPRISES, INC. (NYSE:NUS) closed its last trading session up +1.19 at 57.11 with 1,277,787 shares trading hands.
