SEC Contract Filing

Filing Date: 2017-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.43
<SEQUENCE>2
<FILENAME>hlf-ex1043_118.htm
<DESCRIPTION>EX-10.43
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hlf-ex1043_118.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:right;margin-top:0pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;">Exhibit 10.43</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;"><font style="text-decoration:underline;">AMENDED AND RESTATED EMPLOYMENT AGREEMENT</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Amended and Restated Employment Agreement (&#8220;Agreement&#8221;), dated as of November 1, 2016, is made and entered into by RICHARD P. GOUDIS (&#8220;Executive&#8221;), HERBALIFE INTERNATIONAL OF AMERICA, INC., a California corporation (&#8220;Company&#8221;) and HERBALIFE LTD., an entity organized under the laws of the Cayman Islands (&#8220;Parent&#8221;).&nbsp;&nbsp;The parties to this Agreement agree as follows:</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="text-decoration:underline;">Employment At-Will</font>.&nbsp;&nbsp;The Company and Executive acknowledge and agree that each can terminate the employment relationship at any time upon written notice to the other, with or without prior notice, for any reason or for no reason.&nbsp;&nbsp;Executive has received no promise of continued employment or employment for any specific period of time, and no employee of the Company, including without limitation the Company&#8217;s officers, has the authority to alter the at-will nature of the employment relationship except in a written employment contract signed by an authorized Company executive and by Executive. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. <font style="text-decoration:underline;">Duties</font>.&nbsp;&nbsp;Executive currently serves as Chief Operating Officer of the Company, with all of the authority, duties, and responsibilities commensurate with such position.&nbsp;&nbsp;Effective June&#160;1, 2017, Executive shall serve as the Chief Executive Officer of the Company and Parent, with all of the authority, duties and responsibilities commensurate with such position and such other duties commensurate with his position as are assigned to Executive from time to time by the Board of Directors of the Company and/or the Board of Directors of Parent (referred to individually and collectively as the &#8220;Board&#8221;).&nbsp;&nbsp;As Chief Operating Officer, Executive shall report only to the Chief Executive Officer or Chairman of the Company.&nbsp;&nbsp;As Chief Executive Officer, Executive shall report only to the Board.&nbsp;&nbsp;Executive acknowledges and agrees that upon his appointment as Chief Executive Officer, Michael O. Johnson shall assume the role of Executive Chairman of the Company and Parent, with such authority, duties and responsibilities as determined by the Board in its sole discretion.&nbsp;&nbsp;Executive further acknowledges and agrees that Mr. Johnson&#8217;s service as Executive Chairman and the performance of his duties and responsibilities associated therewith shall not be deemed a breach of this Agreement nor constitute &#8220;Good Reason&#8221; for Executive&#8217;s resignation under this Agreement or any other plan, policy or agreement applicable to Executive or to which Executive is a party.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3. <font style="text-decoration:underline;">Compensation and Related Matters</font>.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;color:#010000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) <font style="text-decoration:underline;color:#000000;">Salary</font><font style="color:#000000;">.&nbsp;&nbsp;Executive shall receive a salary (the &#8220;Salary&#8221;) at the per annum rate of $675,680, payable in accordance with the Company&#8217;s payroll practices.&nbsp;&nbsp;Effective as of June 1, 2017, Executive&#8217;s Salary shall be increased to an annual rate of $1,000,000 ($38,461.54 per bi-weekly pay period).&nbsp;&nbsp;Thereafter, Executive&#8217;s Salary shall be subject to an annual review and adjustment in the discretion of the Board&#8217;s Compensation Committee.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;color:#010000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>(b) <font style="text-decoration:underline;color:#000000;">Employee Benefits</font><font style="color:#000000;">.&nbsp;&nbsp;Executive and Executive&#8217;s qualified dependents shall be entitled to participate in or receive benefits under benefit plans and arrangements made available by the Company generally to employee