MCBC Holdings,Inc. (NASDAQ:MCFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

7 years ago

MCBC Holdings,Inc. (NASDAQ:MCFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

Performance Stock Unit Awards

On July20, 2017, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company granted performance stock units (“PSUs”) under the MCBC Holdings,Inc. 2015 Incentive Award Plan (the “2015 Plan”) to certain of the Company’s officers, including its named executive officers, effective July20, 2017. The awards will be earned based upon the Company’s performance, over a three year period, measured by an increase in Adjusted EBITDA Margin. The “Performance Period” for the awards is a three year period commencing July1, 2017 and ending June30, 2020.

Following the determination of the Company’s achievement with respect to the Adjusted EBITDA Margin criteria for the Performance Period, the vesting of each award will be subject to adjustment based upon the application of a total shareholder return (“TSR”) modifier. Depending on Company TSR relative to Performance Comparison Group TSR, the number of PSUs subject to vesting to each award can be modified as follows:

RelativeTSRLevel	RelativeTSR Multiplier
25thpercentile or less	-20	%
50thpercentile		%
75th percentile		%
90thpercentile or greater		%

The table below sets forth the number of PSUs awarded to the Company’s named executive officers by the Committee:

Executive/Title

NumberofPSUs Granted(#of

shares)

Terry McNew President and Chief Executive Officer

10,548

Timothy M. Oxley Chief Financial Officer

3,454

About MCBC Holdings,Inc. (NASDAQ:MCFT)
MCBC Holdings, Inc. (MCBC) is a holding company. The Company is a designer and manufacturer of inboard tournament ski boats and V-drive runabouts under the MasterCraft brand. The Company operates through two segments: MasterCraft and Hydra-Sports. The MasterCraft product brand consists of recreational performance boats primarily used for water skiing, wakeboarding and wake surfing, and general recreational boating. The Company distributes the MasterCraft product brand through its dealer network. The Company manufactures a range of Hydra-Sports recreational fishing boats. It also leases a parts warehouse in the United Kingdom to expedite service, primarily to dealers and customers in the European Union. Its MasterCraft-branded portfolio includes Star Series, XSeries and NXT boats. In addition, MCBC offers various accessories, including trailers and aftermarket parts. The Company operates primarily through its subsidiaries, MasterCraft Boat Company, LLC and MCBC Hydra Boats, LLC.