Natural Health Trends Corp 8-K, filed Nov 25, 2022
Natural Health Trends Corp (NHTC)
8-K
2022-11-25
For: 2022-11-25
View Original
Added on
April 09, 2026
About this 8-K
Natural Health Trends Corp filed this 8-K on November 25, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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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):
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Emerging growth company
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 25, 2022 the Compensation Committee of Natural Health Trends Corp. (the “Company”) approved an amendment to the Phantom Share Agreements (each, an “Award Agreement”) under which phantom shares were granted in 2021 to some Company employees and non-employee directors pursuant to the Company’s Phantom Equity Plan (the “Plan”). As a result, the Award Agreements with each of Chris T. Sharng, the Company’s President, Timothy S. Davidson, the Company’s Chief Financial Officer, Senior Vice President and Corporate Secretary, and the Company’s non-employee directors were amended.
Under the terms of the Award Agreements with each grantee, the Phantom Shares granted to them vest in equal increments, subject to the satisfaction of both a time-based vesting condition and a performance vesting condition. In order for the time-based vesting condition to be satisfied for each vesting period, the grantee must remain continuously employed by (or provide services to) the Company through the end of the vesting period, and in order for the performance vesting condition to be satisfied for each vesting period, the performance criteria designated by the Compensation Committee must be satisfied for the relevant performance period. The Compensation Committee determined to amend the Award Agreements to provide that the performance criteria shall be deemed satisfied for the three-month performance period relating to the upcoming December 15, 2022 vesting date. In making its determination, the Compensation Committee noted that the fact that the performance criteria were not achieved for the relevant performance period was due to extraordinary business circumstances in China that were clearly beyond the Company’s control. As a result of the amendment, and assuming each of Messrs. Sharng and Davidson satisfy the time-based vesting condition relating to the upcoming December 15, 2022 vesting date, 15,608 Phantom Shares will vest for the benefit of Mr. Sharng and 5,220 Phantom Shares will vest for the benefit of Mr. Davidson. Under the terms of the Plan and Award Agreements, upon the vesting of Phantom Shares the grantee is entitled to receive a cash payment equal to the fair market value of an equal number of shares of the Company’s common stock upon the close of the vesting period, subject to a maximum payment value $12.00 per share.
SIGNATURES
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.
Date: November 25, 2022
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NATURAL HEALTH TRENDS CORP.
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By:
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/s/ Timothy S. Davidson
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Timothy S. Davidson
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Senior Vice President and Chief Financial Officer
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