Salary Reduction and Reinstatement Agreement between NationsHealth and Lewis Stone (November 1, 2006)
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
NationsHealth and Lewis Stone have agreed that Mr. Stone will voluntarily reduce his annual salary from $500,000 to $300,000 starting November 1, 2006. This reduction is at Mr. Stone's request, and he may choose to reinstate his original salary at any time by notifying the Compensation Committee in writing. The reinstatement will apply to future payroll periods only, with no retroactive adjustments. This agreement is documented in a signed letter between Mr. Stone and the Compensation Committee.
EX-10.2 3 c70051exv10w2.htm EXHIBIT 10.2 exv10w2
Exhibit 10.2
November 1, 2006
Lewis Stone
13630 NW 8th Street
Suite 210
Sunrise, FL 33325
13630 NW 8th Street
Suite 210
Sunrise, FL 33325
Dear Lew:
I understand that you have elected to waive part of your annual salary voluntarily, beginning November 1, 2006. I am writing on behalf of the Compensation Committee of NationsHealth’s Board of Directors to accept your generous offer and to provide a written record of the arrangement.
As you know, your employment agreement with NationsHealth currently provides for a minimum annual salary of $500,000. You have agreed to reduce your annual salary to $300,000, effective November 1, 2006. This reduction in your salary is made at your request, and you may elect at any time during the term of your employment agreement to have your current annual salary reinstated prospectively.
When you decide to have your current salary reinstated, please notify the Compensation Committee in writing of your decision. NationsHealth will then restore your annual salary to $500,000, effective for payroll periods beginning after the Committee receives your request (but without any retroactive payments or adjustments for the period before we receive your request).
On behalf of NationsHealth, let me say that we appreciate the leadership you have shown in voluntarily reducing your salary, and we look forward to continuing to work with you for the company’s future success.
If this letter accurately states your agreement to reduce your annual salary, please sign a copy of this letter and return it to Tim Fairbanks.
Sincerely,
/s/ Don K. Rice
Don K. Rice
Chairman, Compensation Committee
Chairman, Compensation Committee
Agreed to:
| By: | /s/ Lewis Stone |
| Date: | Nov. 1, 2006 |
