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EXHIBIT 10.36
April 9, 2009
Ryan Neil
1316 Brown Street, Apt. #3S
Des Plaines, IL 60016
RE: Offer of Employment
Dear Ryan,
I am delighted to confirm the terms and conditions of your offer of employment with Nautilus, Inc. for the position of Vice-
President/General Manager of the Retail Channel. Your job duties may, of course, evolve and change with time, as the Company's
needs change.
The following summarizes the benefits and terms relating to this offer:
Provided you satisfy eligibility criteria, you may participate in Nautilus, Inc.'s generally applicable benefit programs. Details about
current benefit programs, including policies concerning medical insurance coverage, are contained in the Company's employee
handbook and the Summary Plan Descriptions for those benefit plans. A condition of your employment is complying with the
guidelines set forth in the handbook as they are amended from time to time and with the terms of your employment application. Of
course, all Company policies, including policies regarding medical coverage and other employee benefits, may be amended by the
Company from time to time or discontinued, in the Company's sole discretion.
Nautilus, Inc. generally obtains background information on all prospective employees, including in many instances reference
checks, drug screening and a criminal background check. As such, this offer of employment is contingent upon the Company
completing these background checks without the disclosure of adverse information.
This offer is also contingent upon your signing the following forms:
Business Protection Agreement: This document refers to the non-
disclosure of confidential information, ownership of
inventions and contains certain non-
compete protections. The Company requires all employees to sign this document prior
to employment. This letter and the Business Protection Agreement constitute the entire agreement between you and the
Company regarding your terms and conditions of employment and supersede and replace any prior agreement either written
or oral.
Employment Eligibility Verification Form (Form I-9): We are required by the Immigration Reform and
1.
Your employment is expected to start on May 4
th
, 2009.
2.
Your initial compensation will consist of a salary of $225,000, currently payable bi
-
weekly or in accordance with the
company's payroll schedule.
3.
Eligible for a 100% quarterly bonus based on the same terms as those in the Nautilus Incentive Plan. Your eligibility to
participate in the plan will begin in Q3, 2009.
4.
A lump sum bonus of $56,000, gross to be paid with your first paycheck. This bonus will vest in full after one year of
employment. If you should resign or be terminated for cause within your first year of employment, you will be required to
repay the full balance.
5.
Option to purchase 10,000 shares of Nautilus stock in accordance with the stock option plan currently in effect.
6.
One year severance during the first year of employment if your employment ends for other than cause. Six months after the
first year of employment, if your employment ends for other than cause.
7.
Airfare for final move to Vancouver, WA.