Nutrition 21 director holds note
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- April
- 9
Mark Stenberg, the newest member of the board of directors of Nutrition 21 Inc. of Purchase, has a three-year employment agreement as senior vice president and holds a 5 percent secured note on the company for $1.25 million, Nutrition 21 said in a filing with the Securities and Exchange Commission.
Stenberg was chief executive officer and owner of 50 percent of Iceland Health, a nutritional supplement marketer that Nutrition 21 bought in August 2006. In the filing this week, the company said it paid Stenberg $500,000 cash and 4.75 million shares of stock, in addition to the note, for his interest in Iceland Health.
As of Monday, accrued interest on the note was $102,000. The note and interest are due in August 2009. Stenberg also qualifies for up to $1.25 million in additional payments if certain sales benchmarks are reached.
Stenberg’s base salary is $225,000, plus a possible bonus. His employment contract ends on Aug. 25, 2009.
This entry was posted
on Wednesday, April 9th, 2008 at 3:52 pm by Jerry Gleeson.
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