Company: SPWH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000950170-25-054732
Chunk: 27

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 27
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200% payout at 1.75    |                            |

For purposes of the 2024 performance bonuses, “ Adjusted EBITDA Margin ” means Adjusted EBITDA of the Company divided by net sales of the Company as determined in accordance with GAAP and reflected on the Company’s consolidated statement of income. “ Adjusted EBITDA ” means net (loss) income of the Company as determined in accordance with GAAP and reflected on the Company’s consolidated statement of income plus interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation expense, director and officer transition costs, expenses related to the implementation of our cost reduction plan, legal settlements and related fees and expenses that are not indicative of ongoing expenses, and any other adjustments to net (loss) income disclosed by the Company in its filings with the Securities and Exchange Commission to determine Adjusted EBITDA. " Leverage Ratio " means total indebtedness of the Company as determined in accordance with GAAP and reflected on the Company’s consolidated balance sheet divided by Adjusted EBITDA of the Company. Long-Term Compensation: Equity Awards Equity Grants in 2024 Time-Based Awards – Mr. Stone In April 2024, we granted 404,530 time-based restricted stock units to Mr. Stone, which vest in three substantially equal installments on April 1, 2025, April 1, 2026, and April 1, 2027. In May 2024, we granted 124,610 time-based restricted stock units to Mr. Stone, which vest in three substantially equal installments on May 1, 2025, May 1, 2026, and May 1, 2027. The vesting of each grant is subject to Mr. Stone’s continued employment with us. Performance-Based Awards – Mr. Stone and Mr. White and Certification of Achievement In addition, in April 2024, we granted 404,530 performance-based restricted stock units to Mr. Stone and 161,812 performance-based restricted stock units to Mr. White. Such awards were eligible to vest with respect to between 0% and 100% of the target number of restricted stock units based on our actual EBITDA (as such term is defined in the award agreements and summarized below), for fiscal year 2024.Upon determination of the number of restricted stock units eligible to vest, the award would then be subject to cliff-based vesting, generally requiring service through the third anniversary of the