UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 24, 2025, MasterCraft Boat Holdings, Inc. (the “Company”) announced that current President of the Company’s Pontoon segment, George Steinbarger, departed the Company effective February 24,2025. In connection with Mr. Steinbarger’s departure, the Company expects to enter into a Severance and Release Agreement (the “Severance Agreement”). Pursuant to the Severance Agreement, which includes a general release of claims by Mr. Steinbarger against the Company, Mr. Steinbarger will be eligible to receive a one-time lump sum payment of $102,500. Mr. Steinbarger will also be entitled to 4,664 shares of common stock underlying restricted stock awards that were scheduled to vest on March 4, 2025. The Separation Agreement provides Mr. Steinbarger with 21 days in which to review the Severance Agreement prior to accepting it. The Severance Agreement further provides that Mr. Steinbarger shall have the opportunity to revoke his acceptance of the Severance Agreement within seven calendar days of his execution thereof. The foregoing summary of the Severance Agreement is qualified in its entirety by the full text of the agreement, a form of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 8.01 Other Events.
On February 24, 2025, the Company announced that Mike O’Connell, Senior Vice President of Operational Excellence at MasterCraft, will take on the additional role of President of the Company’s Pontoon Segment, effective February 24, 2025. The Company issued a press release on February 24, 2025, announcing the above changes, which is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being furnished as part of this report:
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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MASTERCRAFT BOAT HOLDINGS, INC. |
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Date: |
February 24, 2025 |
By: |
/s/ TIMOTHY M. OXLEY |
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Timothy M. Oxley |