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
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April 24, 2017
, Nu Skin Enterprises, Inc.
entered into a Leave of Absence Agreement (the “Agreement”)
with M. Truman Hunt
. As previously disclosed, Mr. Hunt
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
in active employment with the Company through June 30, 2017
ensure a smooth transition, including service as the Vice
Chairman of the Company’s Board of Directors.
The Agreement includes the following terms:
Term of the Leave of Absence: The leave of absence will begin
on July 1, 2017 and will terminate on September 30, 2020 unless
terminated earlier by either party.
Obligations for the full term of the Agreement: During the
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
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
Compensation for 2017 Service Period: The Agreement provides
for certain compensation for the first half of 2017 because Mr.
Hunt is actively providing service to the Company during that
Pro-rata cash incentive awards: Mr. Hunt
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
is only providing active service for half of
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
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.
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.
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