Mannatech Reports Material Agreement, Officer Changes
Ticker: MTEX · Form: 8-K · Filed: Jul 2, 2024 · CIK: 1056358
| Field | Detail |
|---|---|
| Company | Mannatech Inc (MTEX) |
| Form Type | 8-K |
| Filed Date | Jul 2, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $275,000, $15,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, officer-changes, board-changes
TL;DR
Mannatech inked a material deal & shook up exec comp. Big moves ahead?
AI Summary
On July 1, 2024, Mannatech, Inc. reported a material definitive agreement and changes in its board and officer compensation. The company, incorporated in Texas, is involved in medicinal chemicals and botanical products.
Why It Matters
This filing indicates significant corporate actions, including a new material agreement and adjustments to executive compensation, which could impact the company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements and changes in officer compensation can signal significant strategic shifts or financial restructuring, warranting closer investor scrutiny.
Key Numbers
- 000-24657 — SEC File Number (Identifies the company's filing with the SEC.)
- 75-2508900 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- MANNATECH INC (company) — Registrant
- Texas (location) — State of incorporation
- July 1, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Mannatech, Inc. on July 1, 2024?
The filing indicates a material definitive agreement was entered into, but the specific details are not provided in this excerpt.
What specific changes were made regarding directors or certain officers?
The filing mentions the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, but details are not in this excerpt.
What is Mannatech, Inc.'s principal executive office address?
Mannatech, Inc.'s principal executive offices are located at 1410 Lakeside Parkway, Suite 200, Flower Mound, Texas 75028.
What is the SIC code for Mannatech, Inc. and what industry does it represent?
The SIC code for Mannatech, Inc. is 2833, which represents Medicinal Chemicals & Botanical Products.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 1, 2024.
Filing Stats: 799 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-07-01 17:36:04
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share MTEX The Nasdaq Stock Market
- $275,000 — is entitled to an annual base salary of $275,000 and is eligible to participate in the C
- $15,000 — any. The Company will extend a one-time $15,000 relocation allowance to Mr. Clavijo and
Filing Documents
- mtex-20240701.htm (8-K) — 29KB
- emplagreement_070124.htm (EX-10.20) — 6KB
- a991cfohire2q2024.htm (EX-99.1) — 11KB
- emplagreement_070124001.jpg (GRAPHIC) — 227KB
- emplagreement_070124002.jpg (GRAPHIC) — 199KB
- emplagreement_070124003.jpg (GRAPHIC) — 258KB
- emplagreement_070124004.jpg (GRAPHIC) — 248KB
- emplagreement_070124005.jpg (GRAPHIC) — 235KB
- emplagreement_070124006.jpg (GRAPHIC) — 260KB
- emplagreement_070124007.jpg (GRAPHIC) — 240KB
- emplagreement_070124008.jpg (GRAPHIC) — 242KB
- emplagreement_070124009.jpg (GRAPHIC) — 240KB
- emplagreement_070124010.jpg (GRAPHIC) — 234KB
- emplagreement_070124011.jpg (GRAPHIC) — 243KB
- emplagreement_070124012.jpg (GRAPHIC) — 207KB
- emplagreement_070124013.jpg (GRAPHIC) — 211KB
- emplagreement_070124014.jpg (GRAPHIC) — 230KB
- emplagreement_070124015.jpg (GRAPHIC) — 242KB
- emplagreement_070124016.jpg (GRAPHIC) — 201KB
- emplagreement_070124017.jpg (GRAPHIC) — 159KB
- emplagreement_070124018.jpg (GRAPHIC) — 48KB
- emplagreement_070124019.jpg (GRAPHIC) — 89KB
- emplagreement_070124020.jpg (GRAPHIC) — 23KB
- image0a03.jpg (GRAPHIC) — 5KB
- 0001056358-24-000055.txt ( ) — 5742KB
- mtex-20240701.xsd (EX-101.SCH) — 2KB
- mtex-20240701_lab.xml (EX-101.LAB) — 21KB
- mtex-20240701_pre.xml (EX-101.PRE) — 12KB
- mtex-20240701_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement Per the terms of the Executive Employment Agreement with Mr. Clavijo, he is entitled to an annual base salary of $275,000 and is eligible to participate in the Company's annual executive bonus program established by the Board of Directors' Compensation Committee. The Company will also grant an option to Mr. Clavijo to purchase 4,500 shares of the Company's common stock, pursuant to the Company's 2017 Stock Incentive Plan. The stock option grant will be executed and formalized upon Mr. Clavijo's start with the Company. The Company will extend a one-time $15,000 relocation allowance to Mr. Clavijo and he will be eligible to participate in the Company's employee benefits, including its 401k, health insurance, and paid time off benefits. Under the terms of the Employment Agreement, Mr. Clavijo is entitled to severance if the Company either exercises its right to early termination or provides notice of its intent to not renew the agreement. A copy of the Executive Employment Agreement is filed herewith as Exhibit 10.20.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits Exhibit Number Description 99.1 * Press Release, dated July 1, 2024 titled ''Mannatech Announces Appointment of James Clavijo as Chief Financial Officer'' 10.20 * Executive Employment Agreement executed June 25, 2024 *Furnished herewith.
SIGNATURES
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: July 1, 2024 MANNATECH, INCORPORATED By: /s/ Landen Fredrick Landen Fredrick Chief Executive Officer