Item 1.02. Termination of a Material Definitive Agreement
On April 3, 2009, the Company and its wholly-owned subsidiary, NHT Global, Inc., entered into agreements that terminate that certain Founder Compensation Agreement by and among the Company, NHT Global, Inc. (formerly known as Lexxus International, Inc.), Rodney Sullivan and Pam Sullivan, Michael Bray, and Jeff Provost, as amended by that certain Amendment No. 1 to Founder Compensation Agreement.
Under the Founder Compensation Agreement, as amended, NHT Global, Inc. had agreed to pay Rodney and Pam Sullivan $2,000 a week, Michael Bray $2,000 a week, and Jeff Provost $1,000 a week, provided that certain consulting services were provided. Mr. Provost assigned his rights to these payments to the Sullivans. A dispute arose regarding the respective rights and obligations of the parties under the Founder Compensation Agreement, including (without limitation) the amounts, if any, that NHT Global, Inc. is obligated to pay to the Sullivans and Mr. Bray and the services, if any, that the Sullivans and Mr. Bray are required to perform for NHT Global, Inc.
On April 3, 2009, the Company and the Sullivans executed a Settlement Agreement dated as of April 1, 2009, and the Company and Mr. Bray executed a Settlement Agreement dated as of April 2, 2009. Under the Settlement Agreements, the Company agreed to pay the Sullivans and Mr. Bray certain payments through the end of this year, and the Company and NHT Global exchanged mutual releases with the Sullivans and Mr. Bray, respectively, of all further obligations under the Founder Compensation Agreement, as well as any and all claims and causes of action, asserted or unasserted, known or unknown, fixed or contingent, liquidated or unliquidated, existing on or before the date hereof arising from or related to the Founder Compensation Agreement.
Item 2.02. Results of Operations and Financial Condition
On April 3, 2009, Natural Health Trends Corp. issued a release announcing estimated revenue for the quarter ended March 31, 2009. The press release is attached hereto as exhibit 99.1 Item 9.01. Financial Statements and Exhibits
Press Release of Natural Health Trends Corp. dated April 3, 2009 (a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Natural Health Trends Corp. dated April 03, 2009
SIGNATURE 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. |
