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| HANS > SEC Filings for HANS > Form 8-K on 11-Mar-2009 | All Recent SEC Filings |
11-Mar-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
On March 6, 2009, Hansen Natural Corporation (the "Company") entered into a new employment agreement dated as of March 6, 2009 with Rodney C. Sacks, its Chairman of the Board and Chief Executive Officer (the "Sacks Agreement"). The Company also entered into a new employment agreement dated as of March 6, 2009 with Hilton S. Schlosberg, its President and Chief Operating Officer (the "Schlosberg Agreement"). Messrs. Sacks and Schlosberg previously entered into employment agreements with the Company in June 2003 with initial terms which ended December 31, 2008, subject to automatic year to year extensions thereafter. The Compensation Committee determined it was in the best interests of the Company to enter into new agreements with each executive.
Under both the Sacks Agreement and the Schlosberg Agreement, the current term of
employment commenced on March 6, 2009 and continues through December 31, 2013,
subject to an automatic renewal period of one year unless notice of intent to
not renew is given by either the Company or the executive. The agreements are
subject to termination (i) upon the death or disability of either Mr. Sacks or
Mr. Schlosberg, (ii) voluntarily by either Mr. Sacks or Mr. Schlosberg on 90
days' written notice, (iii) for Cause (as defined therein) by the Company, or
(iv) upon Constructive Termination (as defined therein) by either Mr. Sacks or
Mr. Schlosberg. Both Mr. Sacks and Mr. Schlosberg will receive an annual base
salary of $385,000, which shall be reviewed annually and increased at the
discretion of the Company's Board of Directors. Mr. Sacks and Mr. Schlosberg may
also be granted bonuses at the discretion of the Company's Board of Directors.
Both the Sacks Agreement and the Schlosberg Agreement contain confidentiality
and non-compete provisions.
Both the Sacks Agreement and the Schlosberg Agreement are attached as Exhibits 10.1 and 10.2 under Item 9.01 of this Form 8-K and are incorporated herein by this reference. The foregoing description is summary in nature and does not purport to be a complete description of the terms of either Mr. Sacks' or Mr. Schlosberg's employment with the Company; please refer to the complete Sacks Agreement and Schlosberg Agreement for full terms.
(d) Exhibits
The following exhibits are filed herewith:
Exhibit 10.1 Employment Agreement between the Company and Rodney C. Sacks, dated as of March 6, 2009.
Exhibit 10.2 Employment Agreement between the Company and Hilton H. Schlosberg, dated as of March 6, 2009.
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