Nautilus Group 8-K 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: December 1, 2005
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
16400 SE Nautilus Drive
Vancouver, Washington 98683
(Address of principal executive offices and zip code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On December 1, 2005, Nautilus, Inc. (the Company) and Greggory C. Hammann (Executive) entered into an Amended and Restated Executive Employment Agreement (the Amended Agreement), which amends the employment agreement with Mr. Hammann originally entered into in July 2003.
The following is a summary of the material revisions to the Executives prior employment agreement that are incorporated in the Amended Agreement:
Section 1.1 Employment, Services and Duties. The title of Chairman was added.
Section 3.5 Life Insurance. The face amount of Company paid term life insurance was increased to $5.0 million from $3.0 million.
Section 5.1 Severance Pay Upon Termination Without Cause or for Good Reason. The severance payment period was increased from one year to two years.
A copy of the Amended Agreement is attached hereto as Exhibit 99.1 and is incorporated herein. The foregoing description of the Amended Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.
In addition, on December 1, 2005, the Executive and the Company also entered into a Performance Unit Agreement, documenting the terms of a performance unit award approved by the Companys Compensation Committee pursuant to the Nautilus, Inc. 2005 Long Term Incentive Plan. The Performance Unit Agreement provides for the following two Performance Unit Awards:
A copy of Mr. Hammanns Performance Unit Agreement is attached hereto as Exhibit 99.2 and is incorporated herein. The foregoing description of the Performance Unit Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.