- 9 -
To a degree, the 1989 advertising campaign (which was shot in
November or December 1988) still focused on Mr. Mitchell. However,
Mr. DeJoria and JPMS began shifting emphasis away from Mr. Mitchell
as an individual and towards the products themselves.
During the latter part of Mr. Mitchell’s illness, Messrs.
DeJoria and Mitchell discussed Mr. DeJoria’s future compensation.
Mr. DeJoria promised Mr. Mitchell that in the event of Mr.
Mitchell’s death, he would reduce his management fee from $15
million to $10 million for JPMS’s fiscal year ending July 31, 1990.
However, Mr. DeJoria’s $2 million salary for that year was to
remain intact.
Mr. Mitchell died on April 21, 1989, at the age of 53.
As of April 21, 1989, the common stock of JPMS was owned as
follows:
Number of Shares Percent
Mr. DeJoria 1,250 50.00
The trust 1,226 49.04
Ms. Braa1 16 0.64
Angus Mitchell1 8 0.32
Total 2,500 100.00
1 Ms. Braa and Angus Mitchell, Mr. Mitchell’s son, acquired
their shares by gift from Mr. Mitchell.
On June 29, 1989, Patrick Fujieki, trustee of the trust, and
Michaeline Re2 were elected to the JPMS board. (The board thus
2 Ms. Re, an attorney, joined JPMS on Jan. 1, 1989, as
vice president and general counsel, to oversee the correction of
certain operational problems. On Mar. 1, 1989, she became JPMS’s
(continued...)
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