Document:

ww-ex1041_467.htm

EXHIBIT 10.41

 

	

	
Weight Watchers International

675 Avenue of the Americas

New York, NY 10010

 

 

January 29, 2018

 

Gail Tifford

[REDACTED]
[REDACTED]

 

 

Dear Gail:

 

I am pleased to confirm Weight Watchers International, Inc.’s offer of employment to you for the position of Chief Brand Officer, reporting to Mindy Grossman, Chief Executive Officer.  We have enjoyed getting to know you in the process and look forward to you joining us.

 

The details of your initial compensation and benefits package are attached.  To indicate your acceptance of this offer, please sign and date the enclosed acceptance letter by February 5, 2018 and forward to Kimberly.Samon@weightwatchers.com at your earliest convenience. 

 

You are joining the company at a very exciting time.  On behalf of the entire team at Weight Watchers International, welcome!

 

Kind Regards,

 

	
	
/s/ Kimberly Samon

	
Kimberly Samon

	
Chief Human Resources Officer

 

 

 

 

		
	
Title
	
Chief Brand Officer reporting to Mindy Grossman, Chief Executive Officer of Weight Watchers International, Inc. (the “Company”).

 

	
Hire Date
	
TBD
	
	
 
	
 

	
Work Location
	
675 Avenue of the Americas, New York, NY 10010

	
 
	
 

	
Base Salary
	
US $575,000.00 gross, per annum, less lawful deductions and withholdings, to be paid bi-weekly, every other Thursday.  This is an exempt position, and you will therefore not be eligible to receive overtime. 

	
 
	
 

	
Initial Sign-On Bonus
	
You will be eligible to receive a one-time Initial Sign-On Bonus in the amount of $100,000, less all lawful deductions and withholdings, to be paid within 30 days of your Hire Date.  In the event you voluntarily resign or are terminated involuntarily for “Cause” (as defined in the Continuity Agreement referenced below) within one (1) year of your Hire Date, you shall be required to return the full amount of this Initial Sign-On Bonus to the Company.

	
 
	
 

	
Supplemental Sign-On Bonus
	
You will be eligible to receive a one-time Supplemental Sign-On Bonus of up to $240,000 (“Supplemental Sign-On Bonus Maximum”), less all lawful deductions and withholdings, subject to the terms and conditions set forth below.  By accepting this offer letter, you agree to provide the Company with written notice of:  (1) your date of termination from Unilever; (2) whether Unilever paid you your annual bonus in 2018 and, if so, the date and amount of such bonus (“Unilever Notice”).  The Unilever Notice must be sent on or after your date of termination from Unilever.  In the event Unilever fails to pay you an annual bonus in 2018, you shall be eligible to receive the entire Supplemental Sign-On Bonus Maximum.  In the event Unilever pays you an annual bonus in 2018 in an amount less than the Supplemental Sign-On Bonus Maximum, you shall be eligible to receive a Supplemental Sign-On Bonus in the amount of the Supplemental Sign-On Bonus Maximum less the amount of the gross annual bonus actually paid by Unilever, per the Unilever Notice.  In the event Unilever pays you an annual bonus in a gross amount equal to, or in excess of, the Supplemental Sign-On Bonus Maximum, you shall not be eligible to receive any Supplemental Sign-On Bonus.  Any Supplemental Sign-On Bonus shall be paid within 30 days of the Company’s receipt of the Unilever Notice.  In the event you voluntarily resign without “Good Reason” (as defined below) or are terminated involuntarily for “Cause” (as defined in the Continuity Agreement referenced below) within one (1) year of your Hire Date, you shall be required to return the full amount of any Supplemental Sign-On Bonus previously paid back to the Company.

 

 

		
	
 
	
 

	
Annual Performance Bonus
	
You will be eligible to earn an annual bonus in accordance with the terms and conditions of the Company’s bonus plan.  Under the current plan, the bonus target for this position is 60% of your Base Salary (25% based on individual performance and 75% based on the Company’s overall performance), which can be over or underachieved depending on performance. 

 

Except as otherwise expressly provided herein, in order to be eligible to earn any bonus, you must be employed on October 1st of the bonus year and be an active employee on the date of payment.  For 2018, you shall be eligible to receive a full annual bonus award, payable in 2019, based on the criteria listed above and assuming you remain employed by the Company at the time of payment.

	
 
	
 

	
Annual Equity Program
	
You will be eligible to participate in the Company’s annual stock- based incentive compensation program, in accordance with the terms and conditions of such program, as amended from time to time.  With respect to the Company’s annual stock-based incentive compensation program for fiscal 2018, you shall have a target aggregate grant amount value of 125% of your Base Salary (allocated and subject to such terms as determined by the Company’s Compensation Committee in its sole discretion for executives of the Company).  

 

Annual equity awards are subject to your continued employment with the Company, and shall be governed by the Company’s stock-based incentive compensation plan documents and relevant agreements, as well as any additional terms and conditions as determined by the Compensation Committee at its sole discretion.  The Company’s stock-based incentive compensation program may be modified or terminated at any time.

	
 
	
 

	
One-time Equity Grant
	
You will receive a one-time award, under the Company’s stock-based incentive compensation program, with an aggregate value of $200,000, allocated and subject to such terms as determined by the Company’s Compensation Committee in its sole discretion for executives of the Company.  The full award will be granted on the 15th of the month following your date of hire.  To determine the number of shares granted pursuant to this award, the Company shall use the closing stock price seven (7) days before the grant date.  The award shall fully vest on the first anniversary of the grant date, subject to the terms and conditions of the Company’s stock-based incentive compensation program. 

 

The award is subject to your continued employment with the Company, and shall be governed by the Company’s stock-based incentive compensation plan documents and relevant agreements, as well as any additional terms and conditions as determined by the Compensation Committee at its sole discretion.  The Company’s stock-based incentive compensation program may be modified or terminated at any time.

 

 

		
	
 
	
 

	
Commuting Allowance
	
You shall receive a commuting allowance in the aggregate amount of $50,000 per year, payable in bi-weekly installments, and subject to all lawful deductions.

	
 
	
 

	
Continuity Agreement
	
Upon your Hire Date, you will be eligible to enter into a continuity agreement (the “Continuity Agreement”) with the Company substantially in the form previously provided to you, which shall remain in effect only for as long as you remain in your role as Chief Brand Officer.  For the avoidance of doubt, in no event shall your Continuity Agreement be deemed a benefit plan.

	
 
	
 

	
Severance Benefits
	
You shall be eligible to receive the severance benefits listed in this section (collectively, the “Severance Benefits”) in the event you:    (1) are either involuntarily terminated by the Company for reasons other than for “Cause”, or voluntarily resign from the Company for “Good Reason”; (2) are not eligible to receive any benefits under the Continuity Agreement referenced above; (3) execute a general release of all potential claims in a form acceptable to the Company; and (4) satisfy all other terms and conditions set forth below.   If you are entitled to Severance Benefits based on the conditions set forth above, the Company shall (a): pay you twelve (12) months of your base salary at the time of your termination via salary continuation (“Severance Pay”); and (b): pay for the employer contribution portion of your continued health coverage under the Company-sponsored health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for twelve (12) months following your date of termination (“COBRA Coverage”), provided you elect to receive such coverage and comply with all of your obligations in connection with same.  In the event you are involuntarily terminated by the Company for reasons other than “Cause” (but not if you voluntarily resign from the Company for “Good Reason”), you shall also be eligible to receive any unpaid annual bonus from the prior year, if applicable, as part of your Severance Benefits.  For purposes of this offer letter, “Cause” shall be defined as that term is defined in the Continuity Agreement.  For purposes of this offer letter, “Good Reason” shall be defined as: (a)   any material diminution in your title, duties and/or responsibilities; (b)   any reduction in your annual base salary or  annual cash bonus percentage target established under the Company’s annual bonus plan; or (c)  any relocation of your principal work place to a location that is more than 35 miles from the work location listed above. 

 

As noted above, you shall not be eligible to receive any Severance Benefits if you are eligible to receive any benefits under the Continuity Agreement.

 

 

		
	
 
	
 

	
Paid Time Off Policy
	
You will be entitled to a total of 24  days of Paid Time Off per year and Company holidays (subject to local practices).  You shall be entitled to receive your full allotment of Paid Time Off days in 2018.

	
 
	
 

	
Health Care, Dental and Vision Plan
	
Coverage is available under the current plan in accordance with the terms of the official plan documents. Coverage is effective from your date of hire.

	
 
	
 

	
Weight Watchers Savings Plan (WWSP)
	
You will be eligible to participate in the Weight Watchers 401k plan in accordance with the terms of the official plan documents.

	
 
	
 

	
Weight Watchers Executive Profit Sharing Plan (WWEPSP) 
	
You will be eligible to participate in the Non-Qualified Defined Contribution plan, per Company policy, in accordance with the terms of the official plan documents.

	
 
	
	
Life Insurance
	
You will be eligible for life insurance in accordance with the Company’s policies and the official plan documents.  Currently, you would be eligible for life insurance at two times your annual salary up to a maximum of $1,000,000, plus optional coverage available at your own expense.

	
 
	
 

	
Wellness Allowance
	
You will be reimbursed up to $1,000.00 towards approved wellness or fitness expenses.  You will be eligible for this allowance three months after date of hire and on an annual basis thereafter.

	
 
	
 

	
Noncompetition, Assignment of Work Product and Confidentiality Agreement
	
You will be required to sign the Company’s standard Noncompetition, Assignment of Work Product and Confidentiality Agreement (“Noncompetition Agreement”), which will be provided under separate cover, as a condition of this employment offer and the effectiveness of this offer letter.

	
 
	
 

	
Entire Agreement
	
This offer letter, along with the above-referenced Continuity Agreement and Noncompetition Agreement which are hereby incorporated by reference, shall supersede all prior agreements between you and the Company.    By signing this offer letter, you agree that you are not relying upon any promises, representations, negotiations or discussions except as specifically set forth in this offer letter.  

	
 
	
 

 

 

		
	
Governing Law
	
This offer letter shall be governed by, and conformed in accordance with, the laws of the State of New York without regard to its conflict or choice of law provisions.  You hereby consent to the exclusive jurisdiction of the state and federal courts located in the State of New York, in and for the County of New York, and/or the United States District Court for the Southern District of New York, for the resolution of any dispute regarding or arising out of this offer letter  or your employment with the Company or the termination thereof.  

	
 
	
 

	
 
	
 

 

 

 

 

	

	
Weight Watchers International

675 Avenue of the Americas

New York, NY 10010

 

Kimberly Samon

Chief Human Resources Officer

Weight Watchers International. Inc.

 

My signature below is to confirm my acceptance of the offer of employment presented to me by Weight Watchers International, Inc. for the position of Chief Brand Officer (per the offer letter and attachment dated January 29, 2018).  

 

I understand this offer is open until February 5, 2018. 

 

I further understand that my employment with Weight Watchers International, Inc. is at will and that Weight Watchers International, Inc. may terminate my employment at any time, with or without notice.  I understand that I am also free to terminate my employment at any time, for any reason, with or without notice.

 

			
	
/s/ Gail Tifford
	
 
	
1/31/2018

	
Gail Tifford
	
 
	
Dateww-ex1042_604.htm

 

EXHIBIT 10.42

 

 

 

Weight Watchers International

675 Ave. of the Americas 

New York, NY 10010

 

Michael Lysaght 

[REDACTED]

[REDACTED]

July 29, 2014

 

Dear Michael:

 

I am delighted and enthusiastic to confirm Weight Watchers International's offer of employment to you, for the position of SVP, Digital Engineering. We have been impressed with your abilities and the range of your potential contributions, and we are looking forward to a fun and fruitful collaboration over the next years. 

 

The details of your initial compensation and benefits package are attached. To indicate your acceptance of the offer, please sign and date the enclosed acceptance letter and forward to me at your earliest convenience. 

 

This offer of employment is contingent upon the satisfactory results of our confirmation of your reference checks. 

 

You are joining the company at a very exciting stage of our growth. We anticipate that your unique skills and capabilities will play an important role in our efforts as we strive to continue to achieve and exceed our goals going forward. On behalf of the entire team at Weight Watchers International, welcome aboard! 

 

Kind regards,

 

 

	
	
/s/ Ebony David

	
Ebony David

Vice President, Corporate Human Resources

 

 

Michael Lysaght – July 29, 2014 – Employment Offer Letter: Compensation and Benefits details

 

		
	
Hire Date
	
TBD

	
 
	
 

	
Base Salary
	
US $290,000.00 gross, per annum, less lawful deductions. To be paid bi-weekly, every other Thursday. Salaried position- not overtime eligible.

	
 
	
 

	
Annual performance

bonus
	
You will be eligible to earn a bonus in accordance with the Weight Watchers bonus plan. Under the current plan, the bonus target for this position is 40% of Base Salary (25% based on individual performance and 75% based on Weight Watchers International overall performance), which can be over or underachieved depending on performance.

	
 
	
 

	
 
	
In order to be eligible to earn any bonus, you must be employed by October 1st of the bonus year and be an active employee on the date of payment.

	
 
	
 

	
Annual

Equity Program
	
You will be eligible to participate in the Corporation's annual stock-based incentive compensation program beginning in 2014 with an initial target annual grant amount value of 65% of your Base Salary (allocated 100% to restricted stock units or as otherwise determined by the Compensation Committee in its sole discretion). Under the current program, annual equity awards are typically determined in March of each year by the Compensation Committee, and are granted in two equal installments over the year, with 50% of the award granted in May and the remainder of the award in November. The number of restricted stock units granted shall be determined based on the closing price of the Corporation's common stock one week before the applicable grant date.

	
 
	
 

	
 
	
With respect to your 2014 annual equity award, you will receive an aggregate grant amount value equal to 65% of your Base Salary prorated based on your employment start date. The grant amount value will be awarded in two equal installments with the first installment to be granted on the first 15th day of a calendar month following your employment start date and the second installment to be granted as of November 14, 2014. The installments shall fully vest on the third anniversary of the date of each grant.

	
 
	
 

	
 
	
Annual equity awards are subject to your continued employment with the Corporation and shall be governed by the Corporation's stock-based incentive compensation plan documents and relevant agreements, as well as any additional terms and conditions as determined by the Compensation Committee at its sole discretion. The Corporation's stock-based incentive compensation program may be modified or terminated at any time.

	
 
	
 

	
Transformational Stock

Option Award
	
You will receive an equity award with an aggregate grant amount value of US$188,500.00 allocated 100% to performance-based stock options on such terms and conditions as determined by the Corporation's Compensation and Benefits Committee (the "Compensation Committee") in its sole discretion prior to the grant date of such award. The grant amount value will be awarded on the first 15th day of a calendar month following your employment start date.

	
 
	
 

	
 
	
Such stock options shall vest on the achievement of both time- and performance-vesting criteria. The time-vesting criteria of such stock options will fully vest on the third anniversary of the grant date. With respect to the performance-vesting criteria, such stock options will fully vest in 20% increments upon the first date that the average closing price of the Company's Common Stock on the NYSE (or other national securities exchange) for the 20 consecutive preceding trading days is equal to or greater than the following stock price hurdles: (i) 150% of the exercise price, (ii) 175% of the exercise price, (iii) 200% of the exercise price, (iv) 225% of the exercise price, and (v) 250% of the exercise price. The exercise price for such stock options shall be the higher of the exercise price on the date of grant or the five day average closing share price through the date of grant.

 

 

		
	
 
	
 

	
 
	
The number of options granted shall be based upon the Monte Carlo value of an option as of the date one week before the grant date.

	
 
	
 

	
 
	
This special equity grant is subject to your continued employment with the Corporation and shall be governed by the Corporation's stock-based incentive compensation planned documents and relevant agreements.

	
 
	
 

	
Paid Time Off Policy
	
You will be entitled to a total of 24 days of Paid Time Off (on a pro-rated basis),and company holidays (subject to local practices).

	
 
	
 

	
Health Care, Dental and

Vision Plan
	
Coverage is available under the current plan, in accordance with the terms of the official plan documents. Coverage is effective from your date of hire.

	
 
	
 

	
Weight Watchers

Savings Plan (WWSP)
	
You will be eligible to participate in the Weight Watchers 401k plan in accordance with the terms of the official plan documents.

	
 
	
 

	
Weight Watchers

Executive Profit

Sharing Plan

(WWEPSP)
	
You will be eligible to participate in the Non-Qualified Defined Contribution plan, per company policy, in accordance with the terms of the official plan documents.

	
 
	
 

	
Life Insurance
	
You will be eligible for life insurance, in accordance with the Company's policies and the official plan document. Currently you would be eligible for life insurance at two times your annual salary plus optional coverage available at the employee's expense.

	
 
	
 

	
Wellness Allowance
	
You will be paid $1,000.00 towards approve wellness or fitness expenses. You will be eligible forth is allowance three months after date of hire, and on an annual basis thereafter.

 

 

 

 

Weight Watchers International

675 Ave. of the Americas 

New York, NY 10010 

 

 

Ebony David 

Vice President, Corporate Human Resources

Weight Watchers International. Inc.

This is to confirm my acceptance of the offer of conditional employment presented to me by Weight Watchers International for the position of SVP, Digital Engineering (per the offer letter and attachment dated July 29, 2014). 

I understand that my employment with Weight Watchers International is at will and that Weight Watchers International may terminate my employment at any time, with or without notice. I understand that I am also free to terminate my employment at any time, for any reason, with or without notice. 

My signature below confirms that I understand and agree to the contents of my offer letter (a copy of which I have signed and attached). 

I am pleased to accept Weight Watchers International's offer, and I look forward to working with you. 

 

	
/s/ Michael Lysaght
	
 
	
8/2/2014

	
Michael Lysaght
	
 
	
Date

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