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LFVN > SEC Filings for LFVN > Form 8-K on 28-Mar-2014All Recent SEC Filings

Show all filings for LIFEVANTAGE CORP



Change in Directors or Principal Officers

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

On March 26, 2014, LifeVantage Corporation (the "Company") entered into an Amended and Restated Employment Agreement (the "Agreement") with Douglas C. Robinson ("Mr. Robinson"). The Agreement supersedes in its entirety Mr. Robinson's prior employment agreement dated effective as of March 15, 2011 (the "Prior Agreement"). The Prior Agreement would have automatically terminated on June 30, 2014 in accordance with its terms. The Agreement, which is primarily consistent with the Prior Agreement, was effective on March 25, 2014 and will automatically terminate on June 30, 2016 unless extended by mutual written consent of the Company and Mr. Robinson.

The Agreement provides that the Company will continue to pay Mr. Robinson his current base salary of $565,000 per year for his service as President and Chief Executive Officer. Mr. Robinson's base salary may be increased or decreased at the discretion of the Board of Directors. Mr. Robinson will be eligible to participate in any annual incentive bonus plans as approved by the Board of Directors and to receive grants of stock options or other equity awards subject to the terms specified by the board of directors and the Company's stock plan.

Mr. Robinson's employment with the Company is at-will and can be terminated by either Mr. Robinson or the Company upon written notice to the other. If Mr. Robinson's employment is terminated by the Company without cause or if Mr. Robinson resigns for good reason, Mr. Robinson will be entitled to severance equal to his annual base salary at the time of such termination or resignation. Such severance would be paid to Mr. Robinson in substantially equal monthly installments over the twelve month period following the date of his termination or resignation. The terms "cause" and "good reason" are defined in the Agreement.

The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement which will be filed as an exhibit to the Company's next periodic report.

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