Company: SPWH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000950170-25-054732
Chunk: 30

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 30
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                           |
| $1,818,000,000 or Greater                              | 200%                           |

50% of that portion of the performance-based restricted stock units become eligible to vest based on the Company’s adjusted EPS for fiscal year 2024, as follows:

| FY 2023 Adjusted EPS                         |                                |
| Actual Adjusted EPS for the Performance Year | Vesting Eligibility Percentage |
| $1.33 or Less                                | 0%                             |
| $1.43                                        | 50%                            |
| $1.54                                        | 100%                           |
| $1.59                                        | 150%                           |
| $1.65 or Greater                             | 200%                           |

For actual total revenue and adjusted EPS achievement results between two points in the preceding tables, the actual vesting eligibility percentage will be determined on a pro-rata basis between points. For purposes of the awards, “total revenue” means the Company’s net sales for the first 52 weeks of the 2024 fiscal year. For purposes of these awards, “adjusted EPS” means the Company’s earnings per share of Common Stock for fiscal year 2024 as determined in accordance with GAAP, without taking into account cash bonuses paid with respect to fiscal year 2024. The Compensation Committee must also adjust “total revenue” and “adjusted EPS” for certain events; however, none of those events occurred during fiscal year 2024. In March 2025, the Compensation Committee determined that, because the actual total revenue and adjusted EPS for fiscal year 2024 were $1,197,633,000 and $(0.53), 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. This illustrates the pay program's alignment between actual Company performance and delivered pay.

Other Features of Our Executive Compensation Program

Employment Agreements

On September 22, 2023, we entered into an employment agreement with Mr. Stone, the terms of which are described in more detail below in the section titled, “Employment Agreements with our Named Executive Officers.” We have not entered into an employment agreement with Mr. White; however, we have entered into a severance agreement with Mr. White that is described below.

Severance and Change in Control Benefits

Mr. Stone's employment agreement referenced in the preceding