Reliv International Inc. signed some of its top management team to one-year contracts automatically renewable for successive one-year terms, the company said in a regulatory filing Friday with the Securities and Exchange Commission. Reliv entered into the employee agreements with R. Scott Montgomery, executive vice president and chief operating officer; Ryan Montgomery, executive vice president of worldwide sales; Steven Albright, vice president of finance and chief financial officer; Steven Hastings, senior vice president of North American sales; and Brett Hastings, vice president of legal.
Each agreement provides a base salary, participation in the company's incentive compensation plan and certain other benefits. If one of the aforementioned employees is fired, Reliv will pay severance payments of six months salary, according to the filing.
R. Scott Montgomery, the son of Reliv Chairman, President and CEO Robert Montgomery, will receive a base salary of $195,000 in 2008 with benefits including $15,000 for 20 vacation days pushing it over $220,000.
Ryan Montgomery, brother of R. Scott and son of Robert Montgomery, will receive a base salary of $170,000 with benefits including $13,077 for 20 vacation days pushing it close to $195,000.
Albright will be paid a base salary of $180,000. His benefits, including $13,846 for 20 vacation days, puts his compensation at $202,519.
Steven Hastings' base salary for 2008 is $160,000. His benefits, including $12,308 for 20 vacation days, puts his compensation at $183,643.
Brett Hastings' will be paid a 2008 base salary of $170,000 with benefits, including $13,077 for 20 vacation days, bringing the total to $194,472.
Brett and Steven Hastings' are brothers whose father, Carl, is Reliv's vice chairman and chief scientific officer.
Chesterfield, Mo.-based Reliv International Inc. (Nasdaq: RELV) manufactures and distributes nutritional supplements, food products and skin care products.
