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.
On July1, 2018, MCBC Holdings,Inc. (the “Registrant”), the Registrant’s wholly-owned subsidiary MasterCraft Boat Company, LLC (“Mastercraft”) and their subsidiaries (collectively, the “Company”) entered into new employment agreements (the “Employment Agreements”) with the Company’s President and Chief Executive Officer, Terry D. McNew, and its Chief Financial Officer, Secretary& Treasurer, Timothy M. Oxley. The Employment Agreements, which replace Mr.McNew and Mr.Oxley’s existing employment agreements, are to be effective as of July1, 2018 and provide for terms through June30, 2022, with the option for the Registrant’s Board of Directors (the “Board”) to extend each for additional one (1)year terms.
to the Employment Agreements, Mr.McNew’s annual base salary is $500,000 and Mr.Oxley’s annual base salary is $300,000, and each is eligible for annual cash bonuses and equity awards under the Registrant’s short-term and long-term incentive plans should they meet performance targets established by the Board. The Employment Agreements also provide for health care, dental, vision, prescription, flexible spending, short-term and long-term disability, life insurance and 401(k)plans, programs and arrangements.
In the event Mr.McNew and Mr.Oxley are terminated without cause, they will be entitled to severance payments including (i)their respective base salary, (ii)pro rata short-term and long-term incentive plan payments, provided they were on track to meet applicable performance targets, and (iii)the continuation of certain employee benefits for a twelve-month period following the date of termination.
The foregoing descriptions of the Employment Agreements are general descriptions and are qualified in their entirety by reference to the full text of the Employment Agreements, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form8-K and are incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are being furnished as part of this report: