On July 16, 2019, the Board of Directors (the “Board”) of Malibu Boats, Inc. (the “Company”) increased the size of the Board from eight to nine members and appointed Joan M. Lewis as a member of the Board, to serve as a Class II director, until the Company’s 2021 annual meeting of stockholders and until her successor is duly elected and qualified. Ms. Lewis was also appointed to serve as a member of the Nominating and Governance Committee and Compensation Committee of the Board. The Board has determined that Ms. Lewis is an independent director under the listing standards of the Nasdaq Stock Market LLC (“Nasdaq”) and meets the additional independence requirements of Nasdaq with respect to members of the Compensation Committee.

Ms. Lewis, 53, serves on the boards of several private companies and is an independent consultant to product/service companies and fast-growing technology start-ups. Previously she was Senior Vice President, Consumer and Market Knowledge of The Procter & Gamble Company, a consumer packaged goods company, from 2008 through December 2014. Prior to that, she held a number of other leadership positions with Procter & Gamble, including Vice President, Global Operations and Director, North America. Ms. Lewis previously served as Board Chair of comScore, Inc. in 2016 and as a member of the Audit Committee and Chair of the Technology and Innovation Committee of comScore, Inc. from 2015 to 2016. Ms. Lewis has also previously served on the Singapore Industry Advisory Board for Consumer Insights, the Advertising Research Foundation Board of Directors, and the Business Advisory Council for the Farmer School of Business at Miami University. She holds a B.S. from Miami University.

There are no arrangements or understandings between Ms. Lewis and any other person to which Ms. Lewis was selected as a member of the Board. In addition, there are no transactions in which Ms. Lewis has an interest, that are required to be disclosed to Item 404(a) of Regulation S-K.

Ms. Lewis will receive compensation for her services as a director in accordance with the Company’s Directors’ Compensation Policy. The Directors’ Compensation Policy provides for (1) an annual retainer of $65,000, payable in four equal quarterly installments, (2) an annual equity award of either fully vested shares or deferred stock units having a grant date value of $75,000, and (3) additional annual retainers for any director serving as either the Chairperson of the Board of Directors or any of its committees. The annual retainer, annual equity award and any additional retainers are each pro-rated for partial years of service. Ms. Lewis will also enter into a customary indemnification agreement with the Company, the form of which is filed as Exhibit 10.19 to the Company’s registration statement on Form S-1 filed on December 13, 2013.

About MALIBU BOATS, INC. (NASDAQ:MBUU)

Malibu Boats, Inc. is a designer, manufacturer and marketer of performance sport boats. The Company’s segments include the U.S. and Australia. Each segment is engaged in the manufacturing, distribution, marketing and sale of performance sport boats. Its U.S. segment serves markets in North America, South America, Europe and Asia. Its Australia segment serves the Australian and New Zealand markets. The Company’s boats are used for water sports, including water skiing, wakeboarding and wake surfing, as well as general recreational boating. The Company sells its boats under Malibu and Axis Wake Research (Axis) brand names. The Company’s boats are constructed of fiberglass, equipped with inboard propulsion systems and available in a range of sizes and hull designs. The Company also offers various accessories and aftermarket parts. The Company’s boat models include Malibu M Series, Malibu Wakesetter, Malibu Response and Axis.