secwatch.observer — SEC 8-K summary
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Issuer:     HERBALIFE LTD. (HLF)
CIK:        0001180262
Form:       8-K
Filed at:   2022-12-27T23:59:59+00:00
Accession:  0001193125-22-312125
Event type: leadership
Sentiment:  positive
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1180262/000119312522312125/0001193125-22-312125-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1180262/000119312522312125/d424142d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-312125

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