Daniel Norman
About Daniel Norman
Daniel Norman, 51, is Executive Vice President and President, Asia at Nature’s Sunshine Products, Inc., a position he has held since July 2019; he has 20 years of tenure with the company (“Role: 5 Years; Tenure: 20 Years”) . In 2024, company net sales rose 2.0% year over year to $454.4 million and adjusted EBITDA was $40.3 million; TSR on a $100 investment since December 31, 2021 was $78.82, framing the operating and shareholder context for his performance-linked pay . For incentive determination, 2024 FX-adjusted actuals used were corporate revenue $462.673 million, corporate adjusted EBITDA $45.053 million, Asia revenue $216.411 million, and Asia adjusted EBITDA $49.237 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Synergy Worldwide | President; previously VP Operations and VP Information Systems | 2007–2019 | Led Synergy Worldwide following progression through operations and IT leadership roles |
| Tahitian Noni International | Senior Manager, European Operations | 1998–2004 | Managed European operations (direct selling) |
External Roles
No external directorships or outside public-company roles for Mr. Norman are disclosed in the proxy .
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $425,000 | $446,250 (increase approved early 2025) |
| Target Cash Incentive (% of Base) | 60% | Not disclosed |
| Perquisites and Benefits (401k, life insurance, product credit) ($) | 401(k): $12,075; Life Insurance: $2,113; Product Credit: $617; Total “All Other”: $14,805 | Not disclosed |
Performance Compensation
2024 Annual Cash Incentive – Design and Outcomes (Daniel Norman)
- Weighting structure: 60% Asia (30% revenue / 30% adjusted EBITDA) and 40% Corporate (20% revenue / 20% adjusted EBITDA) .
- Actual 2024 payouts reflect FX-adjusted performance (Asia revenue: $216.411M; Asia adj. EBITDA: $49.237M; Corporate revenue: $462.673M; Corporate adj. EBITDA: $45.053M) .
| Metric | Weighting | Target Component ($) | Actual Performance | Payout ($) | Payout (% of Target) |
|---|---|---|---|---|---|
| Region Revenue | 30% | $76,500 | $216,411,000 (APAC) | $60,033,000 | 78% |
| Region Adjusted EBITDA | 30% | $76,500 | $49,237,000 (APAC) | $109,113,000 | 143% |
| Corporate Revenue | 20% | $51,000 | $462,673,000 | $34,128,000 | 67% |
| Corporate Adjusted EBITDA | 20% | $51,000 | $45,053,000 | $27,133,000 | 53% |
| Total | 100% | $255,000 | FX-adjusted measures as above | $230,407,000 | 90% |
Equity Awards (Structure and 2024 Grants)
- Time-based RSUs (granted March 11, 2024): vest in three equal annual installments from the grant date, subject to continued employment .
- 2024 PRSUs (granted March 11, 2024): four adjusted EBITDA hurdles using rolling four fiscal quarters; 25% of shares earned per hurdle; 50% vest upon achievement and 50% on the one-year anniversary of certification; all must be achieved by December 31, 2026; awards do not expire until March 11, 2027 .
- Grant date fair value of 2024 stock awards (aggregate): $425,000; maximum PRSU fair value if all hurdles achieved: $212,500 .
| Award Type | Grant Date | Units | Grant-Date Fair Value ($) | Vesting Schedule | Performance Metric |
|---|---|---|---|---|---|
| RSU (time-based) | 2024-03-11 | 11,311 | Included in $425,000 total | 3 equal annual installments from grant date | N/A (time-based) |
| PRSU (EBITDA hurdles) | 2024-03-11 | 11,311 | Max $212,500 (subset of 2024 awards) | 50% upon achievement; 50% one year after certification; all hurdles by 2026-12-31; expire 2027-03-11 | Adjusted EBITDA (rolling 4Q) |
| RSU (time-based) | 2024-04-11 | 1,015 | Included in $425,000 total | 3 equal annual installments from 2024-04-11 | N/A (time-based) |
Note: Prior outstanding awards include stock-price RSUs (12,000 units) requiring $21.65 and $24.65 30-day stock price targets by June 16, 2025, and additional RSUs/PRSUs from 2022–2023 with EBITDA-based vesting; details are reflected in the outstanding awards table below .
Equity Ownership & Alignment
- Stock ownership guidelines: All other NEOs (including Norman) must hold ≥1x annual base salary; compliance is required within four years; the company states all NEOs currently satisfy guidelines .
- Hedging, short sales, and pledging are prohibited for executive officers and directors .
| Ownership Measure | Value |
|---|---|
| Total Beneficial Ownership (shares) | 40,226 |
| Ownership % of Shares Outstanding | <1% (*) |
| Directly Held Shares | 30,685 |
| Vested Awards Deliverable within 60 Days | 9,541 |
| Shares Pledged | Prohibited by policy |
| Insider Trading Note | Late Form 4 filed for in-kind donation by Norman (company-wide disclosure of late filings) |
Outstanding Equity Awards at 2024 Year-End (Market Value @ $14.66/share)
| Award Group (footnote) | Units | Market Value ($) |
|---|---|---|
| Stock-price RSUs (2) | 12,000 | $175,920 |
| Time-based RSUs from 2022 (3) | 5,303 | $77,742 |
| PRSUs (4) | 24,475 | $358,804 |
| Time-based RSUs from 2023 (5) | 10,862 | $159,237 |
| PRSUs (3 EBITDA hurdles) (6) | 16,294 | $238,870 |
| Time-based RSUs from 2024 (7) | 11,311 | $165,819 |
| PRSUs from 2024 (8) | 11,311 | $165,819 |
| Time-based RSUs (10) | 1,015 | $14,880 |
| PRSUs (8) | 1,015 | $14,880 |
| Total | 93,586 | $1,371,971 |
Key vesting terms: stock-price RSUs require $21.65 and $24.65 30-day price hurdles achieved by 2025-06-16; 2024 PRSUs must achieve four EBITDA hurdles by 2026-12-31 with staggered vesting upon achievement and one year later .
Employment Terms
- Severance (without cause/good reason): 12 months salary, 12 months COBRA reimbursement, pro-rata bonus; no accelerated vesting for NEOs (CEO has extended 18 months vesting continuation) .
- Death/incapacity: same as severance above plus accelerated vesting .
- Change in Control (CIC): lump sum based on a multiple of base salary and target bonus (multiple varies by NEO), COBRA reimbursement (12 months for NEOs), and full vesting of equity awards except 2022–2024 PRSUs which vest upon CIC only if certain conditions are met .
- No tax gross-ups upon termination .
| Scenario (as of 2024-12-31) | Base Salary Continuation ($) | COBRA ($) | Accelerated Vesting ($) | Other Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Death/Incapacity | $425,000 | $20,580 | $1,371,971 | $255,000 (pro-rata at target) | $2,072,551 |
| Termination Without Cause | $425,000 | $20,580 | — (no acceleration) | $255,000 (pro-rata at target) | $700,580 |
| Termination Following CIC | $425,000 | $20,580 | $754,301 | $430,000 | $1,629,881 |
Investment Implications
- Pay-for-performance alignment: Norman’s annual bonus was calibrated to both corporate and Asia-region revenue/EBITDA, yielding a 90% payout of target driven by strong APAC EBITDA outperformance (143% of target for that component) .
- Equity incentives emphasize multi-year adjusted EBITDA hurdles and stock-price targets, creating clear execution incentives; watch for potential certification-driven vesting events through December 31, 2026 and share-delivery cadence one year post-certification .
- Potential selling pressure: tax-withholding sales were disclosed for some executives, while Norman’s late Form 4 was tied to an in-kind donation; hedging and pledging are prohibited, reducing alignment risk from derivatives or collateralization .
- Retention and CIC economics: severance is standard (12 months salary and COBRA; pro-rata bonus), and CIC terms add lump-sum and vesting acceleration, indicating moderate retention protection without tax gross-ups; equity PRSU vesting under CIC is conditional, tempering windfall risk .
- Ownership alignment: Norman holds 40,226 shares (<1%), meets ≥1x salary ownership guideline for NEOs, supporting alignment though absolute stake is modest—monitor progression in vested RSUs and PRSU achievements to assess increasing skin-in-the-game .
Contextual performance: Company-level 2024 net sales rose 2.0% with adjusted EBITDA roughly flat, and TSR since end-2021 at $78.82 underscores the backdrop for performance pay calibration and potential long-term equity realization .