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MNST > SEC Filings for MNST > Form 8-K on 19-Mar-2014All Recent SEC Filings

Show all filings for MONSTER BEVERAGE CORP

Form 8-K for MONSTER BEVERAGE CORP


19-Mar-2014

Change in Directors or Principal Officers, Financial Statements and Exhibit


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 18, 2014, Monster Beverage Corporation (the "Company") entered into a new employment agreement 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 18, 2014 with Hilton H. Schlosberg, its President and Chief Operating Officer (the "Schlosberg Agreement"). Messrs. Sacks and Schlosberg previously entered into employment agreements with the Company in March 2009 with an initial term which ended December 31, 2013 and 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 January 1, 2014 and continues through December 31, 2018, subject to an automatic renewal period of one year unless notice of intent to not renew is given by either the Company or Mr. Sacks or Mr. Schlosberg, as applicable. 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 $600,000, 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.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed herewith:

Exhibit 10.1 Employment Agreement between the Company and Rodney C. Sacks, dated as of March 18, 2014.

Exhibit 10.2 Employment Agreement between the Company and Hilton H. Schlosberg, dated as of March 18, 2014.

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