SEC Contract Filing

Filing Date: 2017-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d258978dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">

<IMG SRC="g258978g29g09.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;8, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stacey
Mowbray </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[REDACTED] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[REDACTED] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter agreement (&#147;Agreement&#148;) shall reflect the terms and conditions of your continued employment as President, Americas for
Weight Watchers International, Inc. (the &#147;Company&#148;) as of the Effective Date of this Agreement. For purposes of this Agreement, the &#147;Effective Date&#148; shall be the date on which both parties have executed this Agreement. This
Agreement shall replace and supersede all other prior agreements between the parties, including but not limited to your Employment Agreement Letter, dated April&nbsp;6, 2016, and your Assignment Letter, dated April&nbsp;6, 2016, as well as any other
prior representations, understandings and agreements as to your employment by the Company, whether written or oral (collectively, the &#147;Prior Agreements&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Title and Reporting Structure</U></B>. You shall continue in your role as President, Americas, and shall
continue to be responsible for overseeing the Company&#146;s operations in the United States, Canada, Mexico and Brazil. You shall continue to report to the Company&#146;s Chief Executive Officer. It is understood and agreed, however, that since the
Company&#146;s Chief Executive Officer position is currently open, you shall continue reporting to the Company&#146;s designated Office of the CEO until a new Chief Executive Officer is hired. You shall remain on the payroll of, and shall continue
to be an employee of, Weight Watchers Canada, Ltd. (&#147;WWCL&#148;). This shall continue to be an exempt position and, as such, you will not be eligible to receive overtime. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Work Location</U></B>. Your primary work location shall be at 2295 Bristol Circle, Oakville ON L6H 6P8.
However, for as long as you serve in the role as President, Americas, you shall continue to work at the Company&#146;s US-based headquarters at 675 Avenue of the Americas, New York, NY 10010 at least four days per week. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp; <U><B>Compensation</B></U>. Your compensation shall be as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Base Salary</I></B><B>. </B>Effective April&nbsp;1, 2017, and subject to the provisions below, your annualized base salary (&#147;Base Salary&#148;) shall be $597,869.00 in Canadian dollars (&#147;CAD&#148;), to
be paid over 26 bi-weekly pay periods. Your Base Salary level, as with all other Company employees, shall be subject to review on an annual basis. Your Base Salary payments will be subject to all standard tax withholdings and deductions.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"><B><I>2017 Base Salary Payments. </I></B>The parties agree that, for the payroll periods with pay dates between April&nbsp;1, 2017 &#150; December&nbsp;31, 2017 (the &#147;Conversion Period&#148;), a portion of your
Base Salary will be paid in US </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #666666">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Weight Watchers International, Inc. &#150; 675 Avenue of the Americas, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10010
</P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
dollars (&#147;USD&#148;) such that you will receive a net total payment of USD $100,000 by December&nbsp;31, 2017. These payments shall be converted from CAD to USD based on the exchange rates
in effect as of March&nbsp;31, 2017. Accordingly, based on such exchange rates in effect as of March&nbsp;31, 2017, the Company will set aside a net amount of