Exhibit 10.17
CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL, AND HAS BEEN MARKED WITH
“[***]” TO INDICATE WHERE OMISSIONS HAVE BEEN MADE.
KEY EXECUTIVE BENEFITS AGREEMENT
LifeVantage Corporation (the "Company") has established this Key Executive Benefits Agreement (the "Agreement") to attract, motivate and retain certain key executives of the Company. An employee is considered a Key Executive upon approval by the Company's Compensation Committee. You shall be considered a Key Executive of the Company. This Agreement is entered into between the Company and Terrence Moorehead (“Key Executive” or “you”) effective as of August 5, 2026.
The terms and conditions of this Agreement are as follows:
In addition to the employee benefits provided to similarly situated employees, the Company shall provide the following benefits to you: (i) reimbursement of the cost of an annual executive physical examination; and (ii) $1,000,000 in additional term life insurance coverage above what the Company provides to similarly situated employees, subject to underwriter requirements and approval, as well as limitations or conditions set by the underwriter of such policy, and as permitted by law.
the board;
In the event your employment is terminated by the Company for Cause, you will be entitled only to your Accrued Pay, and you will be entitled to no other compensation from the Company.
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will receive severance consisting of: (i) continued base salary (as of your Termination Date) for a period of eighteen (18) months (the “Severance Period”); (ii) the Company shall timely (no less than monthly) reimburse you for the costs you incur for continuation of your health insurance coverage (and for your family members if you provided for their coverage during your employment) during the Severance Period (or, if possible, shall pay such premiums directly to the applicable insurer); (iii) bonus for the year in which the employment termination occurs, if any, will be pro-rated (except the bonus for the year ending June 30, 2027, which will be paid in full) based upon the percentage of the year in which you were employed and paid by the Company in accordance with the annual corporate performance criteria established by the Board prior to the start of the year in which termination occurs; and (iv) time based vesting and performance- contingent RSU’s shall continue to vest and be retained by you as if you remained employed during the Severance Period. The base salary and bonus portions of the severance shall be paid to you in cash, less applicable withholdings, in bi-monthly installments pursuant to the Company's normal payroll process beginning on the first payroll date occurring after expiration of the Release Deadline (as defined below) and revocation period set forth in the Release (as defined below); provided, however, that if the time frame from your Termination Date through the Release Deadline and revocation period spans two calendar years, then the severance payments shall commence on the first payroll date in the second calendar year (with all delayed payments being paid with the first payment). In addition, if within 180 days prior to or eighteen (18) months following a Change in Control (as defined in the Change in Control Equity Acceleration Policy as Re-Approved on November 6, 2025 (the “Change in Control Policy”)), your employment is terminated without Cause (or you resign for Good Reason), you shall receive in addition to the benefits set forth in the Change in Control Policy 1.5 times the benefits set forth in subsections (i), (ii), (iii), and (iv) of this Section 5(c). As a condition precedent to receiving (and continuing to receive) the payments provided in this Section you must execute (and not revoke) and deliver to the Company a release of claims set forth in a Separation Agreement and General Release (the "Release") in a reasonable form provided by the Company on or before the date specified by the Company in such form (the "Release Deadline") and such Release shall include without limitation a release of all claims against the Company and its affiliates along with a covenant not to sue and (ii) requirements for you to remain in full compliance with such Release, this Agreement and the Confidentiality Agreement. You acknowledge that if you breach any ongoing obligations to the Company, such as confidentiality and restrictive covenants, then the Company may, in addition to any other legal remedies, cease making any further severance payments and is entitled to recoup prior severance payments. Notwithstanding any provision herein, payment of severance payments or cessation thereof is not consideration for the confidentiality and restrictive covenants set forth below and has no legal or binding effect on the enforceability of such provisions.
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resign within thirty (30) days of the expiration of the thirty (30) day notice period in order to resign for Good Reason.
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arbitration to be held in the city of Salt Lake City, State of Utah administered by the American Arbitration Association ("AAA") in accordance with its rules then in effect for the resolution of employment disputes (the "Rules"). The AAA's optional rules for Emergency Measures or protection are also adopted. Subject to section 5.f. below, you covenant and promise that should you commence any action or pursue a claim based on a dispute which you agree to arbitrate, you will do so before the AAA as set forth herein and will not file any complaint or other pleading in a local, state or federal court, acknowledging that doing so would damage Company and deprive it of the benefits of the private and confidential dispute resolution provided for herein. Disputes which you agree to arbitrate, and thereby agree to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination In Employment Act of 1967, the Older Workers Benefit Protection Act, and any statutory claims. You further understand that this agreement to arbitrate also applies to any disputes that Company may have with you arising during your employment with Company or the termination of your employment with Company. To the fullest extent permitted by law, you forego any right to bring claims as a representative or as a member of a class or in a private attorney general capacity and expressly disclaim your right to be part of a class, collective action, or a private attorney general claim. Nothing in this provision limits or prohibits employees from engaging in a "Protected Activity" as defined in this Agreement or as established under State or Federal Law. Notwithstanding any other provision of this Agreement, the arbitration will be private and confidential. The arbitrator will issue an order providing that all pleadings, motions, discovery, responses, depositions, testimony, case management orders, decisions, and documents exchanged or filed in relation to the arbitration be kept strictly private and confidential. The arbitrator will issue the standard protective order referenced in local rule 26-2 of the United States District Court for the District of Utah.
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pursuant to statute). Except as set forth herein or as agreed by the parties in writing, you agree that the arbitrator will administer and conduct any arbitration in a manner consistent with the Rules. Employee and the Company agree that the decision of the arbitrator will be in writing and set forth the reasoning thereof.
7.c. above, arbitration will be the sole, exclusive, and final remedy for any dispute between Company and you. Accordingly, except as provided for by the Rules and this Agreement, neither Company nor you will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require Company to adopt a policy not otherwise required by law which Company has not adopted. Further, any party may seek a separate order from a court of competent jurisdiction enforcing the arbitrator's order protecting the disclosure of pleadings, motions, discovery responses, depositions, testimony, case management orders, decisions, and documents exchanged or filed in the arbitration, provided such motion and responses thereto are filed under seal.
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be subject to the following conditions: (l) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement of eligible expenses or in-kind benefits shall be made promptly, subject to the Company's applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.
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such takes on a single distributor, consultant, subscription customer, preferred customer, or retail customer; or (iii) alter, reduce, or discontinue its relationship with the Company. By signing the Agreement, you acknowledge and agree that the Company is trying to protect legitimate business interests by this prohibition, and such prohibition is reasonable in its scope and duration. Customer shall mean any person or entity with whom you have had material direct contact within twelve (12) months prior to the termination of your employment.
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d. You agree that you will strictly adhere to and obey all Company rules, policies, procedures, regulations and guidelines, including, but not limited to, those contained in the Company's Code of Conduct, as well any others that the Company may establish including without limitation any policy the Company adopts on the recoupment of compensation ("Clawback Policy").
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personal delivery, recognized overnight courier service, email, telecopy, or registered or certified mail, return receipt requested, addressed to you at your address of record with the Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, telecopy or by registered or certified mail, return receipt requested, addressed to the Company's General Counsel at its principal office, or at such other office as the Company may from time to time designate in writing. The date of actual delivery of any notice under this Section shall be deemed to be the date of delivery thereof.
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permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, you agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company Proprietary Information under the Confidentiality Agreement to any parties other than the Government Agencies. You further understand that "Protected Activity" does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement regarding your right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, you are notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual's attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
ACKNOWLEDGED AND AGREED:
LIFEVANTAGE CORPORATION KEY EXECUTIVE
/s/ Raymond B. Greer /s/ Terrence Moorehead
Raymond B. Greer
Chairman, Board of Directors
Terrence Moorehead
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EXHIBIT A
TARGET ANNUAL INCENTIVE
Name Title Target Annual Incentive Terrence Moorehead President and Chief Executive 100% of salary
Officer
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EXHIBIT B- Equity Awards on Date of Hire
Equity Awards are subject to the Company’s Equity Ownership Policy NEW HIRE LONG TERM INCENTIVE AWARDS
Value Equity Type Vesting Notes | |||
$2,000,000 |
RSU | 1/3 on 1 year anniversary of grant date 1/3 on 2 year anniversary of grant date 1/3 on 3 year anniversary of grant date | Time based RSU will be calculated using the 10 day weighted volume average stock price on date of hire |
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Value Equity Type Performance: Revenue Targets with [***] EBITDA Vesting/Notes | |||
$3,500,000 |
PRSU | 20%- $[***] 20%- $[***] 20%- $[***] 20%- $[***] 20%- $[***] |
3 years to achieve performance Vesting for each milestone 1/2 at achievement and 1/2 on the 1 year anniversary of achievement |
The number of units for the RSUs and PRSUs actually award will be calculated using 10-day weighted volume average stock price on date of hire.
FISCAL YEAR 2027 LONG TERM INCENTIVE AWARD*
Value | Equity Type |
Vesting |
Notes |
$800,000 |
RSU |
TBD- as similar to the FY27 employee LTIP awards as possible |
Time Based RSU will be calculated using the 10 day weighted volume average stock price on date of hire |
$1,200,000
|
PRSU
|
TBD- as similar to the FY27 employee LTIP awards as possible | Performance RSU will be calculated using the 10 day weighted average stock price on date of hire, with performance metrics of revenue and adjusted EBITDA the same as the FY27 Employee LTIP metrics |
$2,000,000
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The number of units for the RSUs and PRSUs actually awarded will be calculated using 10-day weighted volume average stock price on date of hire.
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EXHIBIT C
PARAGRAPH 11(c) LIST OF COMPETITORS
[***]
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