Camping World Holdings,Inc. (NYSE:CWH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January1, 2019, the Board of Directors (the “Board”) of Camping World Holdings,Inc. (the “Company”) appointed Melvin Flanigan as Chief Financial Officer and Secretary of the Company, effective immediately, succeeding Tom Wolfe in those positions. Mr.Wolfe has been appointed to the office of President of Good Sam Enterprises, LLC.
Mr.Flanigan, 60, previously served as the Executive Vice President, Finance and Chief Financial Officer of DTS Inc. (“DTS”), a leader in high-definition and wireless audio, licensing branded intellectual property to entertainment technology markets worldwide, from September2003 to December2016. Prior to that, he served as the Vice President and Chief Financial Officer of DTS from July1999. From March1996 to July1999, he served as Chief Financial Officer and Vice President, Operations at SensArray Corporation, a supplier of thermal measurement products for semiconductor, LCD, and memory-disk fabrication processes. Mr.Flanigan led SensArray’s manufacturing and finance efforts. Prior to joining SensArray, Mr.Flanigan was Corporate Controller for Megatest Corporation, a manufacturer of automatic test equipment for logic and memory chips, where he was involved in international mergers and acquisitions activities. Mr.Flanigan has also previously held positions at Cooperative Solutions,Inc., a software developer in the client server transaction processing market, Hewlett-Packard Company, a provider of information technology infrastructure, personal computing and access devices, global services, and imaging and printing, and Price Waterhouse LLP (now PricewaterhouseCoopers LLP). Mr.Flanigan received an M.B.A. and a B.S. in Accounting from Santa Clara University.
The Company has entered into an employment agreement with Mr.Flanigan (the “Flanigan Employment Agreement”) to which Mr.Flanigan has agreed to serve as the Chief Financial Officer and Secretary of the Company for an initial term of three years. Under the terms of the Flanigan Employment Agreement, Mr.Flanigan will receive an annual base salary of $250,000, and will be eligible to receive an annual performance-based cash bonus with a target bonus of 150% of his annual base salary, payable upon the attainment of certain performance goals established by the Board. The Company has agreed to grant Mr.Flanigan 62,500 restricted stock units (the “RSU Award”). The RSU Award will vest in equal installments with respect to one-third of the total number of restricted stock units on each of the first three anniversaries of the grant date.
If Mr.Flanigan’s employment is terminated by the Company without Cause (as defined in the Flanigan Employment Agreement) or by Mr.Flanigan for a material default of the Flanigan Employment Agreement by the Company, then the Company will continue to pay his annual base salary for one year following such termination at the same times and in the same manner as his annual base salary had been paid prior to such termination as well as one year of his annual bonus (at the target amount), subject to his timely executing and not rescinding the Company’s standard form of release of claims agreement. Mr.Flanigan has also agreed to refrain from (i)engaging in competition with the Company while employed and following his termination of employment other than due to a breach of the Flanigan Employment Agreement by the Company for a period of 18 months or (ii)soliciting employees, consultants, advisors or agents of the Company or any of its affiliates while employed and for a period of 12 months following his termination of employment for any reason. to his employment agreement, Mr.Flanigan is also subject to customary confidentiality obligations.
About Camping World Holdings,Inc. (NYSE:CWH)
Camping World Holdings, Inc. provides a comprehensive portfolio of services, protection plans, products and resources for recreational vehicle (RV) enthusiasts. The Company operates through two segments: Consumer Services and Plans, and Retail. It provides its consumer services and plans offerings through its Good Sam brand and it provides its retail offerings through its Camping World brand. Within the Consumer Services and Plans segment, the Company primarily derives revenue from the sale of the various offerings, such as emergency roadside assistance; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; co-branded credit cards; vehicle financing and refinancing; club memberships; and publications and directories. Within the Retail segment, it primarily derives revenue from the sale of the various products, such as new vehicles; used vehicles; parts and service, including RV accessories and supplies, and finance and insurance.