West Marine, Inc. (NASDAQ:WMAR) 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.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective March 23, 2017, the Board of Directors (the Board) of
West Marine, Inc. (the Company), upon the recommendation of its
Compensation and Leadership Development Committee (the CLDC),
approved and adopted an amendment (the Amendment) to the Companys
Amended and Restated Omnibus Equity Incentive Plan (the Equity
Incentive Plan). The Amendment provides for the automatic accrual
of cash dividends on restricted stock units when and if cash
dividends are declared on outstanding shares of common stock of
the Company (Common Stock) and in equal amounts per share as the
dividend payable to holders of outstanding shares of Common
Stock. The Amendment applies to all restricted stock units,
whether such units vest based on the passage of time,
satisfaction of one or more performance criteria or both (the
Awards), including Awards outstanding when the Amendment was
adopted. The Amendment provides that cash dividends will accrue
on the Awards from and after the grant date until the shares of
Common Stock underlying each such Award are issued to the holder
of such Award, but the holders of the Awards are not entitled to
receive such cash dividends unless and until an Award vests and
the underlying shares of Common Stock are issued. In addition, in
accordance with the terms of the Equity Incentive Plan, the CLDC
amended existing agreements covering each outstanding Award to
provide that dividends declared and paid by the Company will
accrue to each such Award until shares of Common Stock underlying
such Award are issued to the holder.
| Item 7.01. | Regulation FD Disclosure. |
On March 23, 2017, the Board, upon the recommendation of its
Audit and Finance Committee, authorized and declared a cash
dividend in the amount of $0.05 per share on issued and
outstanding shares of Common Stock. The dividend is payable in
cash on May 25, 2017 to stockholders of record at the close of
business on May 11, 2017. A copy of the press release announcing
this dividend is attached hereto as Exhibit 99.1.
The information furnished to Item7.01 and Exhibit 99.1 of this
report shall not be deemed to be filed for purposes of Section18
of the Securities Exchange Act of 1934, as amended (the Exchange
Act), or otherwise subject to the liability of that section,
except if we specifically incorporate it by reference into a
filing under the Securities Act of 1933, as amended, or the
Exchange Act.
| Item 9.01. | Financial Statements and Exhibits. |
(a)Not Applicable.
(b)Not Applicable.
(c)Not Applicable.
(d)Exhibit:
| 99.1 | Press Release dated March 24, 2017 (furnished to Item 7.01). |
About West Marine, Inc. (NASDAQ:WMAR)
West Marine, Inc. is a waterlife outfitter for cruisers, sailors, anglers and paddlesports enthusiasts. The Company offers a selection of core boating and water recreation products, primarily serving the needs of boat owners and professionals providing services to them. It services its customers through physical stores and two e-commerce Websites. It is a specialty retailer of boating supplies, gear, apparel, footwear and other waterlife-related products. It operates approximately 260 stores located in approximately 40 states, Puerto Rico and Canada. Its products include boating products and merchandise expansion products. Its boating products include maintenance, electronics, sailboat hardware, anchors/docking/moorings, engine systems, boats/outboards, ventilation, navigation, trailering, seating/boat covers and barbecues/appliances. Its merchandise expansion products include clothing accessories, fishing, watersports, paddlesports, coolers and waterlife lifestyle accessories. West Marine, Inc. (NASDAQ:WMAR) Recent Trading Information
West Marine, Inc. (NASDAQ:WMAR) closed its last trading session up +0.04 at 9.16 with 35,779 shares trading hands.