Business Context and Reporting Period
This Form 8-K was filed by MCBC Holdings, Inc. (Mastercraft Boat Holdings, Inc.) on August 25, 2016. The report discloses the granting of Performance Stock Units (PSUs) to certain officers under the company's 2015 Incentive Award Plan.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.
Material Changes
On August 25, 2016, the Compensation Committee granted PSUs to named executive officers. The awards are contingent on performance over a three-year period (July 1, 2016, to June 30, 2019) based on Adjusted EBITDA Margin growth, with a final adjustment based on Total Shareholder Return (TSR) relative to a peer group.
Guidance, Outlook, and Risks
The filing outlines the vesting mechanics for the new awards:
- Performance Metric: Increase in Adjusted EBITDA Margin.
- TSR Modifier: Vesting is adjusted based on relative TSR performance:
- 25th percentile or less: -20% multiplier
- 50th percentile: 0% multiplier
- 75th percentile: +20% multiplier
- 90th percentile or greater: +30% multiplier
No specific financial guidance, risk factors, or contingencies regarding the company's operations are detailed in this specific filing.
Important Facts for Investors
- Award Recipients: Terry McNew (President and CEO) received 20,253 PSUs; Timothy M. Oxley (CFO) received 6,392 PSUs.
- Vesting Period: Three years, commencing July 1, 2016.
- Performance Criteria: Awards depend on Adjusted EBITDA Margin growth and relative Total Shareholder Return.
- Exhibit Reference: The full Performance Stock Unit Award Agreement is attached as Exhibit 10.1.