(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
On July 31, 2018, the Compensation Committee of the Board of Directors of Fitlife Brands, Inc. (the "Company") amended the compensation arrangements of Dayton Judd, the Company's Chief Executive Officer. As a result, Mr. Judd's consulting agreement terminated, resulting in his employment as a full-time employee. Effective July 31, 2018, Mr. Judd will receive (i) an annual base salary of $263,500; (ii) an annual cash bonus, the amount of which, if any, shall be determined at the sole discretion of the Compensation Committee; (iii) options to purchase 705,000 shares of the Company's common stock, par value $0.01 ("Common Stock"), which have a term of ten years, an exercise price equal to the fair market value of a share of Company Common Stock as of the date of grant, of which 1/3 vest immediately, 1/3 vest on the first anniversary of the grant, and the remaining 1/3 vest on the second anniversary of the grant; and (iv) 450,000 shares of restricted Common Stock, which shares vest (x) 150,000 shares at such date that the 30 day volume weighted average price ("VWAP") for shares of the Company's Common Stock exceeds $1.20, (y)150,000 shares at such date that the 30 day VWAP exceeds $1.80, and (z) 150,000 shares at such date that the 30 day VWAP exceeds $2.40.
FitLife Brands, Inc. |
By: | /s/ Dayton Judd |
Name: Dayton Judd | |
Title: Chief Executive Officer |