Company: ONEW
Filing Date: 2025-01-10
Form Type: DEF 14A
Source: 0001772921-25-000007
Chunk: 40

Company: OneWater Marine Inc.
Filing Date: 2025-01-10
Form: DEF 14A
Chunk 40
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. During fiscal year 2024, the Company completed one acquisition but it did not meet in the minimum Adjusted EBITDA threshold under the AIP.

The amount of the target awards earned under the AIP is determined by comparing the Adjusted EBITDA of the acquired business for a one-year period prior to the acquisition date to the Adjusted EBITDA of the acquired business for the one-year period ending on the second anniversary of the acquisition date. If the post-acquisition Adjusted EBITDA exceeds, but is less than two times, the pre-acquisition Adjusted EBITDA, then 100% of the target amount of the AIP awards will become earned. If the post-acquisition Adjusted EBITDA is at least two times, but less than three times, the pre-acquisition Adjusted EBITDA, then 200% of the target AIP awards will become earned. If the post-acquisition Adjusted EBITDA is at least three times the pre-acquisition Adjusted EBITDA, then 300% of the target AIP awards will become earned. If the post-acquisition Adjusted EBITDA is less than or equal to the pre-acquisition Adjusted EBITDA, or if the Named Executive Officer is not employed on the second anniversary of the applicable acquisition, then no portion of the target AIP award will become earned. Any amounts that become earned under the AIP will be paid to the Named Executive Officers as soon as practicable after the performance of the applicable acquired business has been determined, provided that the Named Executive Officer remains employed through such date.

Any amounts that become earned under the AIP will be reported in the Summary Compensation Table in the year in which the compensation committee determines such amount is earned pursuant to the terms of the AIP. During fiscal year 2024, the Company determined that each of the Named Executive Officers should receive a payout of $50,000 under the AIP for their AIP awards granted on October 1, 2021.

25

Employment Agreements and Severance and Change in Control Benefits

We have entered into written Employment Agreements with each of our Named Executive Officers that set forth the terms of their employment. Each of our Named Executive Officers is employed “at will.” These arrangements are further described under the section below entitled “Employment Agreements.”

Our Named Executive Officers are entitled to certain severance and change in control benefits. Such benefits arise upon termination of employment due to death, disability, without cause, for good