Company: SPWH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000950170-25-054732
Chunk: 29

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 29
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 those events occurred during fiscal year 2024. In March 2025, the Compensation Committee determined that, because the actual total return on invested capital and total operating income for fiscal year 2024 were 4.5% and 1.5%, respectively, for purposes of these awards, the Company did not achieve the required performance for any portion of the target restricted stock units that correspond to fiscal year 2024 to vest and therefore determined that such portion of the target performance-based restricted stock

units was forfeited by Mr. White. We believe that this demonstrates our commitment to a pay-for-performance philosophy. This illustrates the pay program's alignment between actual Company performance and delivered pay. Certification of Achievement of Vesting of 2022 Performance-Based Awards In March 2022, we granted performance-based restricted stock units to Mr. White in the target amount of 19,929 restricted stock units, respectively. Such awards were eligible to vest between 0% and 200% of the target number of restricted stock units based on our total revenue and adjusted earnings per share (“adjusted EPS”) performance (as such terms are defined in the award agreements and summarized below), for fiscal years 2022, 2023 and 2024, with one-third of the total target number of restricted stock units subject to each award corresponding to each of those three performance periods. While determination of the number of restricted stock units that are eligible to vest with respect to a fiscal year is made following completion of such fiscal year, actual vesting of restricted stock units deemed eligible to vest will not occur until March 15, 2025, subject to the individual remaining in employment with or service to the Company as of such date. Performance-based vesting of the one-third of the total target number of restricted stock units subject to each such award that corresponded to the fiscal year 2024 performance period was determined based on the following: 50% of that portion of the performance-based restricted stock units become eligible to vest based on the Company’s total revenue for fiscal year 2024, as follows:

| FY 2023 Total Revenue                                  |                                |
| Actual Level of Total Revenue for the Performance Year | Vesting Eligibility Percentage |
| $1,610,000,000 or Less                                 | 0%                             |
| $1,670,500,000                                         | 50%                            |
| $1,731,000,000                                         | 100%                           |
| $1,774,500,000                                         | 150%