Schedule of Parties to Executive Employment Agreements – Life Time Fitness, Inc.
This document lists certain executives of Life Time Fitness, Inc. who are parties to a standard Executive Employment Agreement. It specifies the severance periods each executive is entitled to if terminated or if there is a change of control, with some periods increasing after five years of employment. The schedule also notes that new agreements supersede prior ones for two executives. The agreement ensures defined severance benefits for these executives under specified circumstances.
EXHIBIT 10.1
Schedule of Parties to Executive Employment Agreements
Each of the following employees is a party to the form of Executive Employment Agreement filed as Exhibit 10.32 to Amendment No. 3 to the Registration Statement on Form S-1 (No. 333-113764) of Life Time Fitness, Inc. filed with the SEC on June 9, 2004:
| Length of Severance Period | ||||||||||||
| Employee | Title | Termination | Change of Control | |||||||||
| (Section 3(a)(i)) | (Section 3(c) | |||||||||||
Mike Gerend + | EVP | 18 mos. | 21 mos. | |||||||||
Mike Robinson + | EVP | 18 mos. | 21 mos. | |||||||||
Mike Brown | SVP | 18 mos. | 12 mos. | |||||||||
Eric Buss | SVP | 9 mos.* | 12 mos. | |||||||||
Steve Lundeen | SVP | 12 mos.** | 18 mos. | |||||||||
Mark Zaebst | SVP | 18 mos. | 12 mos. | |||||||||
Jeff Zwiefel | SVP | 18 mos. | 12 mos. | |||||||||
* Effective September 27, 2004 (fifth anniversary of employment with LTF), Length of Severance Period Termination benefits will be extended to 18 mos.
** Effective September 1, 2008 (fifth anniversary of employment with LTF), Length of Severance Period Termination benefits will be extended to 18 mos.
+ Upon execution of the new executive employment agreement, Mr. Robinson’s employment agreement with the Company dated March 4, 2002 terminated and Mr. Gerend’s executive employment agreement with the Company dated January 23, 2003 terminated.
