Settlement and Release Agreement (October 16th, 2015)
THIS SETTLEMENT AND RELEASE AGREEMENT (this "Agreement") is entered into in Provo, Utah, on October 14, 2015, by and between Nu Skin Enterprises, Inc., a Delaware corporation (together with its subsidiaries and affiliates, the "Company"), and Daniel R. Chard ("Employee"). The Company and Employee are sometimes referred to herein collectively as the "parties" and individually as a "party."
Summary of Modifications to Dan Chard's Employment Letter (May 8th, 2009)
On May 26, 2006, the Company entered into an employment letter agreement with Dan Chard, the Company's Executive Vice President, Distributor Success. Pursuant to the letter agreement, Mr. Chard's base salary was set at $300,000, effective February 13, 2006. The letter agreement also provided for $25,000 increases in February 2007 and 2008. On February 13, 2009, our Compensation Committee approved an additional $25,000 increase in Mr. Chard's base salary to $375,000, effective February 16, 2009.
Re: Larry MacFarlane Dear Larry: (November 9th, 2007)
This letter sets forward a draft of our current thinking regarding your leaving Nu Skin. This letter sets forth the proposed conditions and agreements that apply to your termination of employment.
August 10, 2007 Dear Andrew: (November 9th, 2007)
I am pleased to confirm your assignment as the new President of the Greater China Region effective May 21, 2007. This opportunity represents our confidence in your ability to succeed in your new assignment. Please refer to the following points outlining your new assignment:
March 16, 2007 Dear Gary, (August 9th, 2007)
It is with great pleasure that I, on behalf of Nu Skin Enterprises, Inc., offer you a position as President of Nu Skin Japan. This position will report directly to Robert Conlee, President of the North Asia Region. As we have discussed, I anticipate that your role can be expanded at some point in the future and that you will enjoy a long, fulfilling career as a key executive team member at Nu Skin Enterprises.
May 26, 2006 Re: Terms of Employment Dear Dan: (March 1st, 2007)
Your base salary will be increased to $300,000. This increase will be made retroactive to February 13, 2006, the date you agreed to accept this new position. The base salary will be increased by $25,000 in February 2007 and by another $25,000 in February 2008.
Nu Skin Enterprises, Inc. Amended and Restated Executive Incentive Plan (March 15th, 2004)
This Amended and Restated Executive Incentive Plan (the Plan) is adopted by Nu Skin Enterprises (the Company) to reward its executives through the payment of cash incentive awards (the Incentive Awards) for outstanding performance related to the accomplishment of strategic objectives and individual goals.