Herbalife appoints Michael O. Johnson as permanent CEO with $1 salary, $10M equity grant

HERBALIFE LTD.

Johnson's term runs through Dec 31, 2023; annual base salary of $1; eligible for annual bonus of up to $2.4M payable in common shares.
Received equity awards with grant date fair value of $10M: 346,020 RSUs (vesting 2 years) and 783,699 SARs (base price $14.45, 10-year term).
Signing bonus of $250,000; not eligible for executive officer severance plan.
Half of RSUs vest on 1st anniversary, remainder on 2nd; SARs vest on 2nd anniversary with accelerated vesting upon certain termination scenarios.
Johnson previously served as CEO from 2003-2017 and 2019-2020; company cites his leadership in quadrupling sales and expanding to 95 markets.

item 5.02 item 9.01

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Appointed

Michael O. Johnson

Chief Executive Officer

HLF · HERBALIFE LTD.

Effective: 2022-12-22
Filed: December 27, 2022, 6:59 PM ET

On December 22, 2022, Herbalife Nutrition Ltd. (the “Company”) and Herbalife International America, Inc. entered into an employment agreement with Michael O. Johnson (the “CEO Employment Agreement”) pursuant to which he will serve as the Company’s Chief Executive Officer.

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Executive change SEC 8-K Item 5.02 confidence 1.0

Michael O. Johnson was appointed as Chief Executive Officer at HERBALIFE LTD..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On December 22, 2022, Herbalife Nutrition Ltd. (the “Company”) and Herbalife International America, Inc. entered into an employment agreement with Michael O. Johnson (the “CEO Employment Agreement”) pursuant to which he will serve as the Company’s Chief Executive Officer.

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Source: SEC EDGAR

accession 0001193125-22-312125

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