GNC 2008 Annual Report Download - page 154

Table of Contents
We entered into an employment agreement with Mr. Weintrub on March 31, 2006. The agreement provided for an initial employment term through
March 31, 2008. The employment agreement provided for an annual base salary of $260,000, subject to annual review by the Company Board or the
Compensation Committee, and an annual performance bonus as determined by the Compensation Committee. Effective September 30, 2007, the Company
and Mr. Weintrub mutually agreed to terminate his employment agreement, and that Mr. Weintrub would resign as Senior Vice President, Chief Legal Officer
and Secretary of the Company. In connection with his termination of employment with the Company, the Company and Mr. Weintrub entered into an
agreement that provided, among other things, for:
• continued payment of his salary through July 31,2008;
• reimbursement of the cost of continuation coverage under COBRA through July 31, 2008 to the extent it exceeds the amount he paid for health
insurance premiums immediately prior to his termination;
• use of his Company provided mobile phone and blackberry, at our expense, until November 30, 2007; and
• reimbursement for his parking expenses through October 31, 2007.
Mr. Weintrub did not receive any other severance benefits in connection with the termination of his employment. In addition, upon termination of his
employment the Company exercised its option to purchase at the fair market value on the date of termination shares of the Company stock purchased by
Mr. Weintrub in connection with the Merger pursuant the terms of a call agreement entered into between the Company and Mr. Weintrub.
General
Mr. Fortunato's employment agreement contains, and the employment agreements for the other 2007 Named Executive Officers contained:
• terms of confidentiality concerning trade secrets and confidential or proprietary information which may not be disclosed by the executive except as
required by court order or applicable law; and
• certain non-competition and non-solicitation provisions which restrict the executive and certain relatives from engaging in activities against our
interests or those of our parent companies during the term of employment and, in the case of Mr. Fortunato, eighteen months following the
termination of his employment, and in the case of the other 2007 Named Executive Officers, for the longer of the first anniversary of the date of
termination of employment or the period during which the executive receives termination payments.
Potential Termination or Change-in-Control Payments
The following tables summarize the value of the compensation that certain 2007 Named Executive Officers would have received if they had terminated
employment on December 31, 2007 under the circumstances shown or if we would have undergone a change in control on such date. The tables exclude
(1) compensation amounts accrued through December 31, 2007 that would be paid in the normal course of continued employment, such as accrued but unpaid
salary, and (2) vested account balances under our 401(k) Plan that are generally available to all of our salaried employees. Where applicable, the amounts
reflected for the prorated annual incentive compensation in 2007 are the amounts that
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