Document:

tvty-ex102_444.htm

Exhibit 10.2

 

April 1, 2019

 

 

Tommy Lewis

Address on file

 

Dear Tommy,

 

This letter agreement serves to amend your original offer letter dated October 4, 2018 (“Offer Letter”) by extending the duration of the termination benefits outlined in the addendum to the Offer Letter from six months to one year.  An amended and restated addendum immediately follows.  All other terms of the Offer Letter remain in effect.  

 

Thank you for your ongoing commitment to Tivity Health.  

 

 

/s/ Donato Tramuto

Donato Tramuto

Tivity Health

 

 

Acknowledged and Agreed:

 

/s/ Tommy Lewis

Tommy Lewis

 

April 12, 2019

DATE

 

 

 

 

Addendum to Offer Letter for Tommy Lewis, effective April 1, 2019

Termination Provisions:

 

If your employment is terminated at any time without Cause(1) or if you terminate your employment for Good Reason(2), you will be entitled to receive: 

 

	
 
	
•
	
All base salary and benefits due through the date of termination payable within thirty (30) days of the date of termination, with the date of such payment determined by the Company in its sole discretion. 

 

Upon your execution of a full release of claims in favor of the Company, provided that such release must be executed and become effective and any revocation period must expire within sixty (60) days of the date of termination, you will also be entitled to receive:

	
 
	
•
	
An amount equal to your base salary for a total of one year following the date of termination.(3) 

	
 
	
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Group medical benefits for one year after the date of termination. The costs of the Company's portion of any premiums due will be included in your gross income to the extent the provision of such benefits is deemed to be discriminatory under Section 105(h) of the Internal Revenue Code of 1986, as amended.(3)

 

(1) The following events constitute “Cause” for termination:

	
 
	
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Continued failure to substantially perform your duties after written notice and failure to cure within sixty (60) days;

	
 
	
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Arrest relating to a felony or engaging in misconduct that is materially injurious to the Company, monetarily or to its reputation or otherwise, or that would damage your ability to effectively perform your duties;

	
 
	
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Theft or dishonesty by you;

	
 
	
•
	
Intoxication while on duty; or 

	
 
	
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Willful violation of Company policies or procedures after written notice and failure to cure within thirty (30) days.

 

(2) You may terminate your employment by written notice of your resignation delivered within sixty (60) days after the occurrence of any of the following events, each of which shall constitute "Good Reason" for resignation and together shall be "Good Reason Events":

a.            a material reduction in your base salary (unless such reduction is part of an across-the-board reduction affecting all Company executives with a comparable role or title); and

b.            a requirement by the Company to relocate your residence, unless such relocation is mutually agreed upon by you and the Company.

 

 

You shall give the Company written notice of your intention to resign for Good Reason within sixty (60) days after the occurrence of one of the Good Reason Events.  The notice must state with reasonable specificity the Good Reason Event. Thereafter, the Company shall have sixty (60) days (the "Cure Period") to rescind the Good Reason Event(s).  If the Company rescinds the Good Reason Event(s) within the Cure Period, you no longer shall have the right to resign for Good Reason. If the Company fails to rescind the Good Reason Event(s) before the expiration of the Cure Period, then you may resign for Good Reason as long as the resignation for Good Reason occurs within thirty (30) days following the expiration of the Cure Period; otherwise the right to resign on the basis of such Good Reason Event(s) shall be deemed to have been waived.

 

(3) These amounts will be paid to you periodically at the Company's regular payroll dates commencing within sixty (60) days following the date of termination (the commencement date will be determined by the Company, in its sole discretion).  These amounts may cease prior to the 6-month period if you have access to your partner’s health insurance coverage.tvty-ex103_445.htm

 

Exhibit 10.3

 

October 30, 2020

 

Tommy Lewis Address on file

 

 Dear Tommy,

 

I'm delighted to confirm your position with Tivity Health as SVP, Chief Operating Officer, reporting directly to me.

 

The following compensation will apply:

	
 
	
•
	
Effective December 1, 2020, your base salary will be $380,000.00, or $14,615.38 payable bi-weekly, which represents an increase of $30,000.00 ("Base Salary Increase") over your current base salary of $350,000.00 ("Current Base Salary"). Your Current Base Salary will remain subject to the current 25% salary reduction, which remains in effect through December 31, 2020. Your Base Salary Increase will not be impacted by the 25% salary reduction. Your full base salary of $380,000.00 will be instated on January 1, 2021.
	
 

	
 
	
•
	
Your bonus award target will be 50% of your eligible base earnings. Payout is not guaranteed but is contingent upon achievement of company and individual performance objectives. Should your role change during the year, your bonus eligibility and target may be adjusted accordingly.
	
 

	
 
	
•
	
Continued eligibility for our Long-term Incentive (LTI) plan, with a target value of $400,000.00. Individual LTI eligibility, target values, and design are determined annually by the Compensation Committee of the Board of Directors and may consist of stock options, restricted stock units, performance stock units, market stock units, restricted cash and/or performance cash.
	
 

	
 
	
•
	
Continued eligibility to receive our full benefits package.

	
 
	
•
	
Continued eligibility to participate in our 401(k) program.

 

Like all responsible companies, Tivity Health has a few conditions that come along with this offer.

 

Restrictive Covenants

 

Upon acceptance of this offer, you understand and agree that your employment is contingent upon your execution of and delivery to the company of a Trade Secret and Proprietary Information Agreement, enclosed. To translate, that means you need to protect our proprietary information. You also agree to comply with all policies relating to the acceptable use of all systems and information assets of the company during your employment.

 

At-Will Employment

 

You understand that your employment with Tivity Health is for an unspecified duration that constitutes at-will employment and that either you or the company can terminate this relationship at any time, with or without cause.

 

Company Events and Activities

 

While here, you'll have the opportunity to participate in a number of engaging activities and events. We take photos at events and share them across our sites. Sometimes those photos, stories, and videos are so great that we use them for other purposes, such as recruiting videos, sales or client meetings, and even Board meetings. You accept that your image may be used by Tivity Health.

 

Page 1 of 2
 

 

Tommy Lewis offer letter, page 2 SVP, Chief Operating Officer

 

 

 

Please return a signed copy of this offer letter to me. Feel free to contact me directly should you have any questions or need assistance with the enclosed materials.

 

Tommy, we are grateful for your contributions and dedication to Tivity Health and are excited to have you as a key part  of our organization going forward.

 

Best,

 

 

Richard Ashworth

President & Chief Executive Officer

 

 

Acknowledged and Agreed:

 

/s/ Tommy LewisNov. 2, 2020

Tommy LewisDate

 

Page 2 of 2tvty-ex104_375.htm

Exhibit 10.4

 

October 30, 2020

 

Ray Bilbao

Address on file 

 

Dear Ray,

I’m delighted to offer you the position with Tivity Health as SVP, General Counsel, reporting directly to me. The following compensation will apply:

	
 
	
•
	
Effective December 1, 2020, your base salary will be $300,000.00, or $11,538.46 payable bi−weekly, which represents an increase of $30,000.00 (“Base Salary Increase”) over your current base salary of $270,000.00 (“Current Base Salary”). Your Current Base Salary will remain subject to the current 25% salary reduction, which remains in effect through December 31, 2020. Your Base Salary Increase will not be impacted by the 25% salary reduction. Your full base salary of $300,000.00 will be instated on January 1, 2021.
	
 

	
 
	
•
	
Your bonus award target will be 50% of your eligible base earnings. Payout is not guaranteed but is contingent upon achievement of company and individual performance objectives. Should your role change during the year, your bonus eligibility and target may be adjusted accordingly.
	
 

	
 
	
•
	
Continued eligibility for our Long-term Incentive (LTI) plan, with a target value of $245,000.00. Individual LTI eligibility, target values, and design are determined annually by the Compensation Committee of the Board of Directors and may consist of stock options, restricted stock units, performance stock units, market stock units, restricted cash and/or performance cash.
	
 

	
 
	
•
	
Continued eligibility to receive our full benefits package.

	
 
	
•
	
Continued eligibility to participate in our 401(k) program.

 

Like all responsible companies, Tivity Health has a few conditions that come along with this offer.

 

Restrictive Covenants

 

Upon acceptance of this offer, you understand and agree that your employment is contingent upon your execution of and delivery to the company of a Trade Secret and Proprietary Information Agreement, enclosed. To translate, that means you need to protect our proprietary information. You also agree to comply with all policies relating to the acceptable use of all systems and information assets of the company during your employment.

 

At-Will Employment

 

You understand that your employment with Tivity Health is for an unspecified duration that constitutes at-will employment and that either you or the company can terminate this relationship at any time, with or without cause.

 

Company Events and Activities

 

While here, you’ll have the opportunity to participate in a number of engaging activities and events. We take photos at events and share them across our sites. Sometimes those photos, stories, and videos are so great that we use them for other purposes, such as recruiting videos, sales or client meetings, and even Board meetings. You accept that your image may be used by Tivity Health.

 

Page 1 of 2

 
 

 

Ray Bilbao offer letter, page 2 SVP, General Counsel

 

 

 

Please return a signed copy of this offer letter to me. Feel free to contact me directly should you have any questions or need assistance with the enclosed materials.

 

Ray, we are grateful for your contributions and dedication to Tivity Health and are excited to have you as a key part of our organization going forward. Congratulations on your promotion!

 

Best,

 

Richard Ashworth

President & Chief Executive Officer

 

 

Acknowledged and Agreed:

 

/s/ Ray Bilbao11/1/2020

Ray BilbaoDate

 

 

 

 

 

 

 

Page 2 of 2

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