Company: SPWH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000950170-25-054732
Chunk: 28

Company: SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 28
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 date of grant.

| FY 2024 EBITDA         |                                |
| Actual Level of EBITDA | Vesting Eligibility Percentage |
| $48,000,000            | 0%                             |
| $48,200,000            | 10%                            |
| $48,400,000            | 20%                            |
| $48,600,000            | 30%                            |
| $48,800,000            | 40%                            |
| $49,000,000            | 50%                            |
| $49,200,000            | 60%                            |
| $49,400,000            | 70%                            |
| $49,600,000            | 80%                            |
| $49,800,000            | 90%                            |
| $50,000,000            | 100%                           |

In March 2025, the Compensation Committee determined that, because the actual level of EBITDA for fiscal year 2024 was $29,618,000 for purposes of these awards, the Company did not achieve the required performance for any portion

of the restricted stock units to become eligible to vest, and they were thus forfeited. We believe that this demonstrates our commitment to a pay-for-performance philosophy. Certification of Achievement of Vesting of 2023 Performance-Based Awards In April 2023, we granted 35,714 performance-based restricted stock units to Mr. White, representing 50% of his fiscal year 2023 equity award. Such awards were eligible to vest between 0% and 200% of the target number of restricted stock units based on our total return on invested capital and total operating income (as such terms are defined in the award agreements and summarized below), for fiscal years 2023, 2024 and 2025, with one-third of the total target number of restricted stock units subject to each award corresponding to each of those three performance periods. The goals with respect to each of these three performance years were set at the time of grant of the award. While determination of the number of restricted stock units that are eligible to vest with respect to a fiscal year is made following completion of such fiscal year, actual vesting of restricted stock units deemed eligible to vest will not occur until March 15, 2026, subject to the individual remaining in employment with or service to the Company as of such date. Performance-based vesting of the one-third of the total target number of restricted stock