Company: MCFT
Filing Date: 2025-04-07
Form Type: 8-K
Source: 0000950170-25-051361
Chunk: 1

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-04-07
Form: 8-K
Item: Item 5.02
Chunk 1
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 2026; (iii) all outstanding equity incentive awards shall fully vest as of the Retirement Date, except those that are subject to performance metrics, which will vest through the final vesting date of such awards; and (iv) continuation of certain other benefits through the end of the Transition Period. Additionally, to further ensure a smooth transition, Mr. Oxley will serve as an outside consultant to the Company from January 1, 2026 until such time as he and the Company agree in writing. The Retirement and Transition Agreement also contains customary general release of claims and various restrictive covenants, including non-competition, non-solicitation and confidentiality. The foregoing summary of the Retirement and Transition Agreement is not complete and is subject to, qualified in its entirety by, and should be read in conjunction with, the full text of the Retirement and Transition Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Mr. Oxley’s retirement was not a result of any disagreement with the Company on any matters related to its operations, policies or practices.

Kent’s Offer Letter

In connection with Mr. Kent’s appointment as Chief Financial Officer, the Company provided an offer letter, dated as of March 31, 2025, which provides for the following key compensation and benefits:

• annual base salary of $310,000;

• eligibility for an annual cash bonus under the Company’s short-term incentive plan (“ STIP”) with a target award equal to 60% of base salary, based upon annual performance targets established by the Board (or the Compensation Committee thereof);

• eligibility for an annual long-term incentive award under the Company’s long-term incentive plan (“ LTIP”) with a target award equal to 70% of base salary;

• a bonus consisting of a one-time grant of restricted stock units (“ RSUs”) under the LTIP with a fair market value on the date of grant equal to $100,000. The RSUs will vest on the second anniversary of the grant date, subject to Mr. Kent’s continued employment with the Company through each vesting date;

Mr. Kent will also enter into the Company’s standard form of indemnification agreement for directors and officers, a form of which was previously filed by the Company as Exhibit 10.9 to the Company’s Registration Statement on Form S-1/A on July 7, 2015.

There are no arrangements or understandings between Mr. Kent and any other persons pursuant to which he was elected