Company: SPWH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000950170-25-054732
Chunk: 26

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 26
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 2024, pre-tax income was equal to $31,128,000 and sales were equal to $1,197,633,000. As these results were below the threshold level necessary to result in payment of a bonus under the annual bonus program, no bonuses were paid under the program, demonstrating the Company’s commitment to aligning pay and performance. Long-Term Compensation: Cash Awards Both Paul Stone and Jeff White were granted a long-term incentive plan award (“LTIP Award”) on April 1, 2024. As shown in the table below, each LTIP Award was based on the achievement of goals relating to adjusted EBITDA margin and leverage ratio weighted 50% and 50%, respectively. Mr. Stone’s target award is $1,000,000 and Mr. White’s target award is $500,000, and the LTIP Award provides for the ability to earn between 0% and 200% of the target award, depending on performance. The LTIP Award is structured such that there are separate goals for each of fiscal 2024, 2025 and 2026, with one-third of the award allocated to each year, and with performance interpolated between threshold and target, and between target and maximum for each year. The portion of the LTIP Award that is deemed eligible to vest with respect to a particular fiscal year will vest on the third anniversary of the grant date and be paid within 30 days thereafter, subject to the executive’s continued service though the vesting date. The goals for fiscal year 2024 are set forth below, and as noted below neither the Adjusted EBITDA threshold nor the Leverage Ratio threshold were met with respect to fiscal 2024. As such, no portion of the award associated with fiscal year 2024 is eligible to vest, demonstrating our commitment to aligning pay and performance.

| Adjusted EBITDA Margin Goals     | Adjusted EBITDA Margin Results | Leverage Ratio Goals            | Total Gross Margin Results |
| Threshold: 0% payout if <= 3.00% | 2.5% (0% payout)               | Threshold: 0% payout if >= 2.50 | 3.33 (0% payout)           |
| Target: 100% payout at 4.8%      |                                | Target: 100% payout at <= 2.00  |                            |
| Maximum: 200% payout at 6.00%    |                                | Maximum: