Attached files
file | filename |
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EX-10.1 - EX-10.1 - MasterCraft Boat Holdings, Inc. | a16-17515_1ex10d1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 25, 2016
MCBC Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
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001-37502 |
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06-1571747 |
(State or Other Jurisdiction |
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(Commission |
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(IRS Employer |
100 Cherokee Cove Drive |
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37885 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(423) 884-2221
(Registrants telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
ITEM 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 August 25, 2016, 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 Companys officers, including its named executive officers, effective August 25, 2016. The awards will be earned based upon the Companys 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 July 1, 2016 and ending June 30, 2019.
Following the determination of the Companys 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 pursuant to each award can be modified as follows:
Relative TSR Level |
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Relative TSR |
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25th percentile or less |
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-20 |
% |
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50th percentile |
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0 |
% |
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75th percentile |
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20 |
% |
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90th percentile or greater |
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30 |
% |
The form of Performance Stock Unit Award Agreement under the 2015 Plan is attached as Exhibit 10.1 on this Current Report on Form 8-K.
The table below sets forth the number of PSUs awarded to the Companys named executive officers by the Committee:
Executive/Title |
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Number of PSUs |
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Terry McNew President and Chief Executive Officer |
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20,253 |
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|
|
|
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Timothy M. Oxley Chief Financial Officer |
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6,392 |
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ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
10.1 Form of Performance Stock Unit Award Agreement under 2015 Incentive Award Plan
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MCBC HOLDINGS, INC. |
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Dated: August 26, 2016 |
/s/ Timothy M. Oxley |
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Timothy M. Oxley |
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Chief Financial Officer, Treasurer and Secretary |