0001590976-24-000016.txt : 20240220 0001590976-24-000016.hdr.sgml : 20240220 20240220073033 ACCESSION NUMBER: 0001590976-24-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20240215 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240220 DATE AS OF CHANGE: 20240220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MALIBU BOATS, INC. CENTRAL INDEX KEY: 0001590976 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36290 FILM NUMBER: 24650713 BUSINESS ADDRESS: STREET 1: 5075 KIMBERLY WAY CITY: LOUDON STATE: TN ZIP: 37774 BUSINESS PHONE: 865-458-5478 MAIL ADDRESS: STREET 1: 5075 KIMBERLY WAY CITY: LOUDON STATE: TN ZIP: 37774 FORMER COMPANY: FORMER CONFORMED NAME: Malibu Boats, Inc. DATE OF NAME CHANGE: 20131104 8-K 1 mbuu-20240215.htm 8-K mbuu-20240215
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
  
FORM 8-K
 

 CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 15, 2024
Malibu Boats_jpg.jpg
MALIBU BOATS, INC.
(Exact Name of Registrant as specified in its charter)
Commission file number: 001-36290
Delaware5075 Kimberly Way,Loudon,Tennessee3777446-4024640
(State or other jurisdiction of
incorporation or organization)		(Address of principal executive offices,
including zip code)		(I.R.S. Employer
Identification No.)

(865)458-5478
(Registrant’s telephone number,
including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 MBUUNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 15, 2024, Malibu Boats, Inc. (the “Company”) and Mr. Jack Springer mutually agreed that Mr. Springer will cease to serve as Chief Executive Officer, effective May 17, 2024 or at such earlier time as the Board may determine (the “Transition Effective Time”), and accordingly the Company and Mr. Springer entered into a Transition, Release and Consulting Agreement (the “Transition Agreement”). Mr. Springer also will resign as a member of the Company’s Board of Directors (the “Board”), effective at the Transition Effective Time.
Pursuant to the Transition Agreement, Mr. Springer will serve as a consultant to the Company for two years following the Transition Effective Time. Mr. Springer may also elect to extend the consulting term for an additional two-year period. During the consulting term, Mr. Springer will remain eligible to vest in his outstanding equity awards pursuant to the terms of the Company’s shareholder-approved Long-Term Incentive Plan. Mr. Springer will not be eligible to receive any bonus for the Company’s 2024 fiscal year but will receive continued payment of his base salary for one year as provided for in the termination provisions of his Employment Agreement with the Company. During the initial and any extended consulting term, Mr. Springer has agreed not to compete with the Company, and has agreed to the extension of the non-competition restriction currently contained in his Employment Agreement for the length of the consulting term.
A copy of the Transition Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement.
In connection with the Company and Mr. Springer agreeing to his departure, on February 15, 2024, the Board appointed Mr. Michael Hooks to serve as Executive Chair of the Company and Mr. Ritchie Anderson to serve as President of the Company, in each case effective on February 20, 2024. Additionally, on February 15, 2024, the Board appointed Mr. Mark Lanigan as Lead Director, effective on February 20, 2024.
The Company is undertaking a search for a new Chief Executive Officer. The Company has established an Office of the Chief Executive Officer, comprised of Mr. Hooks and Mr. Anderson, that will assume the duties of the Chief Executive Officer at the Transition Effective Time if a Chief Executive Officer has not been appointed at that time. Mr. Hooks has been a member of the Board of the Company or Malibu Boats Holdings, LLC since 2006 and Mr. Anderson has been the Company’s Chief Operating Officer since 2013, after joining the Company in 2011. Mr. Hooks will also assume the duties of the Company’s principal executive officer at the Transition Effective Time if a new Chief Executive Officer has not been appointed at that time.
Mr. Hooks, age 61, has been a member of the Board since the Company’s initial public offering in February 2014. Mr. Hooks was a director of Malibu Boats Holdings, LLC from May 2006 until the Company’s recapitalization in connection with its IPO in February 2014. He is a co-founder and has been managing partner of Westhook Capital LLC since 2017, and he is a co-founder and has been a managing director of Black Canyon Capital LLC since 2004. Previously, Mr. Hooks was a co-head of the Los Angeles office of Credit Suisse First Boston and a managing director in the Los Angeles office of Donaldson, Lufkin & Jenrette. He previously served on the boards of directors of JDC Healthcare Management, Saunders & Associates, TASI Holdings, Virgin America, Logan’s Roadhouse and Switchcraft, as well as the Supervisory Board of Pfeiffer Vacuum Technology, at the time a public company listed on the New York Stock Exchange. Mr. Hooks received a degree in Economics from Princeton University and an M.B.A. with distinction from the Wharton School of Business.
Mr. Anderson, age 58, has served as the Company’s Chief Operating Officer since September 2013 and joined the Company in July 2011 as its Vice President of Operations. Prior to joining Malibu Boats, Mr. Anderson was Vice President of Operations at MasterCraft Boat Company, where he spent 28 years in production management. While at MasterCraft, he held various roles in operations that included management responsibility for manufacturing, supply chain, quality, customer service, environmental and safety. Mr. Anderson has over 41 years of experience in the boat manufacturing industry.
In connection with Mr. Hooks’ appointment as Executive Chair, Mr. Hooks will receive a monthly fee of $50,000 for the period he serves as Executive Chair and will be eligible for a discretionary bonus of $10,000 for


each month he serves as Executive Chair, with the amount of such discretionary bonus (if any) to be determined and paid following the conclusion of Mr. Hooks’ service as Executive Chair. Mr. Hooks was awarded a one-time grant of fully vested restricted shares having a grant date value equal to $230,000 in consideration for his services as Executive Chair. Mr. Hooks will also remain eligible to receive compensation under the Company’s Directors’ Compensation Policy while he serves as Executive Chair.
In connection with Mr. Anderson’s appointment as President, Mr. Anderson’s annual base salary was increased to $650,000 and his annual target bonus opportunity was increased to 90% of his annual base salary. Mr. Anderson was also awarded a one-time retention grant of restricted stock units. The restricted stock units have a grant date value equal to $4,000,000 and will vest in installments over a four-year retention period, with 25% of the award vesting on each of the second and third anniversaries of the grant date, and the remaining 50% of the award vesting on the fourth anniversary of the grant date. In addition, in the event Mr. Anderson is terminated by the Company without “Cause” (as such term is defined in Mr. Anderson’s employment agreement with the Company), the award will vest in full.
There are no arrangements or understandings between either Mr. Hooks or Mr. Anderson and any other persons pursuant to which either was selected as an officer of the Company. There are also no family relationships between either Mr. Hooks or Mr. Anderson and any director or executive officer of the Company. Other than as previously disclosed in the 2023 Proxy Statement, Mr. Hooks has no direct or indirect material interest in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Anderson has no direct or indirect material interest in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
On February 20, 2024, the Company issued a press release announcing the management transitions discussed above.
A copy of the press release is furnished as Exhibit 99.1 hereto. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits
The following exhibits are being filed or furnished as part of this report:
 
Exhibit No.
Description
Transition, Release and Consulting Agreement dated February 19, 2024, between Malibu Boats, Inc. and Jack Springer
Press Release dated February 20, 2024
Exhibit 104
The Cover Page from this Current Report on Form 8-K formatted in Inline XBRL



SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MALIBU BOATS, INC.
By:/s/ Bruce Beckman
Date: February 20, 2024Bruce Beckman
Chief Financial Officer


 EX-10.1 2 exhibit101transitionreleas.htm EX-10.1 Document

TRANSITION, RELEASE AND CONSULTING AGREEMENT
This Transition, Release and Consulting Agreement (this “Agreement”) is entered into this 19th day of February 2024, by and between Jack D. Springer, an individual (“Executive”), and Malibu Boats, Inc., a Delaware corporation (the “Company”).
WHEREAS, Executive has been employed as the Chief Executive Officer of the Company, pursuant to the terms of Executive’s Employment Agreement with the Company, dated as of February 5, 2014 (the “Employment Agreement”);
WHEREAS, Executive and the Company mutually desire for Executive’s employment with the Company to continue for a transitional period on the terms set forth in this Agreement, and at the end of such period, for Executive to continue providing consulting services to the Company pursuant to the terms set forth herein; and
WHEREAS, the Company and Executive desire to enter into this Agreement upon the terms set forth herein.
NOW, THEREFORE, in consideration of the covenants undertaken, benefits provided and the releases contained in this Agreement, Executive and the Company agree as follows. Capitalized terms used herein that are not otherwise defined shall have the meanings assigned to such terms as set forth in the Employment Agreement.
1.Transition Period. The Company and Executive hereby agree that Executive shall remain employed as the Company’s Chief Executive Officer for the period (the “Transition Period”) beginning on the date hereof and continuing until the earlier of (i) May 17, 2024 or (ii) such date as determined by the Company (the “Separation Date”). During the Transition Period, Executive shall continue to have the same duties set forth in Section 1 of the Employment Agreement and shall continue to comply with Executive’s duties and obligations under the Employment Agreement. During the Transition Period, Executive shall continue to receive the same Salary set forth in Section 3(a) of the Employment Agreement (currently $920,000) and shall be entitled to receive the same benefits set forth in Section 4 of the Employment Agreement. Notwithstanding the foregoing, Executive hereby agrees that he shall not be entitled to an Annual Bonus with respect to the 2024 fiscal year.

2.Bring-Down Release. Effective as of the Separation Date, Executive waives any right or claim to reinstatement as an employee of the Company and each of its affiliates. Effective as of the Separation Date, Executive hereby confirms that Executive does not hold any position as an officer, director or employee with the Company or any of its affiliates. Upon or promptly following the Separation Date (and in any event within twenty-one (21) days following the Separation Date), Executive hereby agrees to execute an additional release in the same form as included in this Agreement (the “Bring-Down Release”). Executive hereby agrees that the Bring-Down Release will require Executive to acknowledge and agree that (subject to the Executive receiving all payments, benefits, and other remuneration the Executive is entitled to under the Employment Agreement, as modified by this Agreement) Executive has received all amounts owed for Executive’s regular and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement of expenses, sick pay and usual benefits. Executive acknowledges that the Company’s obligation to provide benefits in Section 3(A) and (B) below is subject to Executive’s execution of the Bring-Down Release and non-revocation of the Bring-Down Release pursuant to any revocation rights afforded by applicable law.

3.Termination Benefits.

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a.As of the Separation Date, Executive shall be entitled to receive the Severance Payments set forth in Section 5(d)(2) of the Employment Agreement (with the amount of the cash Severance Payment based on Executive’s current annual base salary of $920,000).

b. Executive shall continue to be considered a “Eligible Person” as defined under the Company’s Long-Term Incentive Plan for purposes of his outstanding equity awards through the end of the Consulting Term. Notwithstanding the foregoing, if Executive breaches any of the Protective Covenants described in Section 7, Executive will forfeit (i) any portion of any equity awards that vested during the Consulting Term prior to the date of such breach (and any such award and any proceeds therefrom shall be subject to clawback by the Company) and (ii) all of Executive’s remaining unvested equity awards.

4.Release.

a.General. In exchange for the Company’s promises contained in this Agreement, Executive, on behalf of himself and all of his heirs, successors, and assigns, agrees to irrevocably and unconditionally release any and all Claims Executive may now have against the Company and other parties as set forth in this Section 4.

b.Released Parties. The “Released Parties” are the Company, all related companies, partnerships, subsidiaries, predecessors, and assigns, their parents and subsidiaries, or joint ventures, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past and present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection.

c.Claims Released. Executive understands and agrees that Executive is releasing all claims, wages, demands, rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden which he now owns or holds or he has at any time heretofore owned or held or may in the future hold as against any of said Released Parties (including, without limitation, any Claim arising out of or in any way connected with Executive’s service as an officer, director, employee, member or manager of any Released Party, Executive’s separation from Executive’s position as an officer, director, employee, manager and/or member, as applicable, of any Released Party, or any other transactions, occurrences, acts or omissions or any loss, damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Released Parties, or any of them, committed or omitted prior to the date of this Agreement, including but not limited to any claim under Tennessee law, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement and Income Security Act of 1974, and all other federal, state, or local laws or regulations prohibiting employment discrimination or retaliation or protecting employee rights as well as claims for other tortious or unlawful conduct (the “Claims”); provided, however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant to any of the following: (1) any equity-based awards previously granted by the Company or its affiliates to Executive, to the extent that such awards continue after the termination of Executive’s employment or
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services with the Company in accordance with the applicable terms of such awards, including any vesting provided in Section 3(B) (and subject to any limited period in which to exercise such awards following such termination of employment or services); (2) any right to indemnification that Executive may have pursuant to the Company’s bylaws, its corporate charter or under any written indemnification agreement with the Company (or any corresponding provision of any subsidiary or affiliate of the Company) with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future incur with respect to Executive’s service as an employee, officer or director of the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability insurance policy; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); or (5) any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained by the Company or its affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this Release does not cover any Claim that cannot be so released as a matter of applicable law. For clarity, and as required by law, such waiver does not prevent Executive from filing a whistleblower claim or accepting a whistleblower award from the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. Executive acknowledges and agrees that he has received any and all leave and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act of 1993.

d.Knowing and Voluntary. Executive represents and agrees that Executive has thoroughly considered all aspects of this Agreement, that Executive has had the opportunity to discuss this matter with Executive’s attorney, that Executive has read carefully and understand fully all of the provisions of this Agreement and that Executive is entering into this Agreement voluntarily. Executive further understands and acknowledges that the Company is relying on this and all other representations that he has made herein.

e.Pursuit of Released Claims. Except as specifically identified above, Executive has not filed or caused to be filed any lawsuit, complaint, or charge with respect to any Claim this Agreement purports to waive, and promises never to file or prosecute a lawsuit or complaint based on such Claims (other than whistleblower claims and any other Claims protected by applicable law).

f.Non-Admission of Liability. Executive agrees that this Agreement is not an admission of guilt or wrongdoing by any Released Party and acknowledges that the Released Parties deny that they have engaged in wrongdoing of any kind or nature.

5.ADEA Waiver. Executive expressly acknowledges and agrees that by entering into this Agreement, Executive is waiving any and all rights or Claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), which have arisen on or before the date of execution of this Agreement. Executive further expressly acknowledges and agrees that:
a.In return for this Agreement, the Executive will receive consideration beyond that which the Executive was already entitled to receive before entering into this Agreement;
b.Executive is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;
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c.Executive has voluntarily chosen to enter into this Agreement and has not been forced or pressured in any way to sign it;
d.Executive was given a copy of this Agreement on February 19, 2024 and informed that he had twenty one (21) days within which to consider this Agreement and that if he wished to execute this Agreement prior to expiration of such 21-day period, he should execute the Endorsement attached hereto;
e.Executive was informed that he had seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null and void if Executive elects revocation during that time. Any revocation must be in writing and must be received by the Company during the seven-day revocation period. In the event that Executive exercises Executive’s right of revocation, neither the Company nor Executive will have any obligations under this Agreement;
f.Nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law.
6.Consulting Term.
a.Beginning on the Separation Date and continuing through the two-year anniversary thereof (the “Consulting Term”), Executive agrees to provide such consulting services to the Company as are reasonably requested by the Board of Directors of the Company (the “Board”) from time to time (the “Consulting Services”). Executive shall have the option to renew the Consulting Term for an additional two-year term (the “Renewal Term”). Executive must notify the Company of his intent to renew the Consulting Term in writing at least thirty (30) days prior to the end of the Consulting Term.

b.Executive and the Company agree that in no event will the Company require, nor will Executive perform, a level of services during such period that would result in Executive not having a “separation from service” (within the meaning of Section 409A of the Code) from the Company and its affiliates on the Separation Date. The Consulting Services will be performed at such times as are reasonably requested by the Company after reasonable consultation with Executive. Executive acknowledges and agrees that his status at all times during the Consulting Term shall be that of an independent contractor, and that Executive shall have the right to control and determine the method and means of performing the Consulting Services. Executive hereby waives any rights to be treated as an employee or deemed employee of the Company or any of its affiliates for any purpose during the Consulting Term.

c.Executive may choose to terminate the Consulting Services at any time prior to the end of the Consulting Term, or any renewal thereof, by notice to the Board. The Company may choose to terminate the Consulting Services by notice to the Executive at any time prior to the end of the Consulting Term for Cause. In the event that the Consulting Services are terminated for Cause by the Company or by the Executive for any reason, the Consulting Term shall terminate immediately and Executive shall not be eligible for any additional compensation or benefits hereunder.

7.Compliance with Protective Covenants.

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a.Executive hereby agrees to comply with all of the protective covenants set forth in Sections 6, 7 and 8 of the Employment Agreement following the Separation Date (the “Protective Covenants”). Notwithstanding the foregoing, the noncompetition covenant set forth in Section 7 of the Employment Agreement shall remain in effect (i) through the two-year anniversary of the Separation Date and (ii) should Executive enter into a Renewal Term, through the end of the Renewal Term. To the extent there is any conflict between the terms of this Agreement and the Employment Agreement, this Agreement shall control.

b.For purposes of clarity, Executive understands and acknowledges that nothing in this Agreement or the Protective Covenants is intended to limit Executive’s right (i) to discuss the terms, wages, and working conditions of Executive’s employment to the extent permitted and/or protected by applicable labor laws, (ii) to report Confidential Information in a confidential manner either to a federal, state or local government official or to an attorney where such disclosure is solely for the purpose of reporting or investigating a suspected violation of law (including providing documents to such official or attorney without notice to the Company), or (iii) to disclose Confidential Information in an anti-retaliation lawsuit or other legal proceeding, so long as that disclosure or filing is made under seal and Executive does not otherwise disclose such Confidential Information, except pursuant to court order. Further, pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of Confidential Information that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed in a lawsuit or other proceeding, provided that such filing is made under seal.

8.No Transferred Claims. Executive warrants and represents that the Executive has not heretofore assigned or transferred to any person not a party to this Agreement any released matter or any part or portion thereof and he shall defend, indemnify and hold the Company and each of its affiliates harmless from and against any claim (including the payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed.
9.Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
10.Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as
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the signatories. Photographic or other electronic copies of such signed counterparts may be used in lieu of the originals for any purpose.
11.Successors. This Agreement is personal to Executive and shall not, without the prior written consent of the Company, be assignable by Executive. This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly acquires the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the Company assigns this Agreement by operation of law or otherwise.
12.Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF TENNESSEE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF TENNESSEE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN UNITED STATES FEDERAL LAW AND THE LAW OF THE STATE OF TENNESSEE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF TENNESSEE, WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.
13.Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any provision hereof.
14.Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.
if to the Company:
Malibu Boats, Inc.
5075 Kimberly Way
Loudon, Tennessee 37774
Attn: Board of Directors

if to the Executive, to the address most recently on file in the records of the Company.

15.Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.
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16.Construction. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party.
17.Nouns and Pronouns. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.
18.Legal Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Executive acknowledges and agrees that he has read and understands this Agreement completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and he has had ample opportunity to do so.

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The undersigned have read and understand the consequences of this Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws of the State of Tennessee that the foregoing is true and correct.

EXECUTED this 19th day of February 2024.

“Executive”
/s/ Jack D. Springer    
Print Name: Jack D. Springer    

Malibu Boats, Inc.
a Delaware corporation,
By:     /s/ Bruce Beckman    
Name: Bruce Beckman    
Title: Chief Financial Officer    


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ENDORSEMENT
I, Jack D. Springer, hereby acknowledge that I was given twenty one (21) days to consider the foregoing Agreement and voluntarily chose to sign the Agreement prior to the expiration of the 21-day period.
I declare under penalty of perjury under the laws of the United States and the State of Tennessee that the foregoing is true and correct.

EXECUTED this 19th day of February 2024.
/s/ Jack D. Springer    
Print Name: Jack D. Springer    
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 EX-99.1 3 exhibit991ceotransitionpre.htm EX-99.1 Document

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Malibu Boats, Inc. Announces Leadership Changes
Jack Springer will depart as Chief Executive Officer in May 2024;
Ritchie Anderson appointed to President;
Michael Hooks appointed to Executive Chair

LOUDON, Tenn., February 20, 2024 (Globe Newswire) – Malibu Boats, Inc. (Nasdaq: MBUU) announced today that Jack Springer will be departing as Chief Executive Officer (“CEO”) on or before May 17, 2024.
The Company also announced today that Ritchie Anderson, the Company’s current Chief Operating Officer (“COO”), has been promoted to President, effective immediately. Michael Hooks, Malibu’s current Chair, will assume the role of Executive Chair, effective immediately, until a new CEO is announced.
“For more than 15 years, I have had the honor of serving as Malibu’s CEO. During that time, we have experienced explosive growth, margin expansion and cash flow generation. We have also acquired five companies, including the addition of three premium brands – Cobalt, Pursuit and Maverick Boats – to become one of the largest producers of fiberglass power boats in the world,” commented Jack Springer, Chief Executive Officer and Director of Malibu Boats Inc.
“With all of our success, the greatest accomplishment has been the team we have amassed at Malibu from our leadership to our production line and every person in between. We have held each other accountable and demanded excellence from one another, and for that, I am deeply grateful and proud. We have been, and will continue to be, recognized for our culture of cutting-edge innovation and operational excellence that is executed with pride and passion. I will hold close the relationships I formed during my time at the Company from our employees to dealers and suppliers to our investors and analysts. I have every confidence that Malibu will continue to grow, be better, and be stronger, as I continue to cheer this team on from the sidelines,” concluded Mr. Springer.
Mr. Springer will resign as a Director of Malibu’s Board of Directors upon his departure as CEO. If a new CEO has not been appointed at the time of Mr. Springer’s departure, an interim Office of the CEO, including Mr. Anderson and Mr. Hooks, has been established and will assume the role of CEO.
Mr. Anderson has over 41 years of experience in the marine industry and has served as the Company’s COO since 2013, after joining Malibu in 2011. Mr. Hooks has been a member of the Company’s board since 2006. He was a co-founder of Black Canyon Capital LLC, which acquired the assets of Malibu from its founder in 2006.
“On behalf of the Board, I want to thank Jack for his countless efforts over the last 15 years, and we wish him well in his next chapter. During his tenure, Jack’s vision and operational leadership have been integral to growing Malibu Boats into the powerhouse it is today. Through a steadfast


commitment to innovation, operational excellence and vertical integration, the Company is positioned to enter its next phase of growth poised for further value creation,” commented Michael K. Hooks, Chair of Malibu Boats’ Board of Directors.
“Malibu has a talented and deep leadership team, which will be further bolstered by the appointment of Ritchie to President. I am thrilled to announce this promotion, which reflects Ritchie’s continued leadership and contributions to Malibu and this team,” continued Mr. Hooks. “The Board will run a comprehensive search for its next CEO, considering both internal and external candidates. In the interim, I look forward to working more closely with Ritchie and the entire Malibu team to ensure a seamless transition as we maintain our track record of delivering the most innovative, highest quality boats in the marine industry.”
Fiscal 2024 Guidance
The Company today reaffirmed its fiscal year 2024 guidance that it provided on January 30, 2024, as part of its second fiscal quarter earnings release.
For the full fiscal year 2024, Malibu anticipates net sales decline ranging from the mid-to-high thirties percentage, year-over-year, and Adjusted EBITDA margin down 800 to 900 basis points, year-over-year.
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, or www.maverickboatgroup.com.
Non-GAAP Financial Measures
This release refers to Adjusted EBITDA margin, which is a non-GAAP financial measure. This measure has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with U.S. generally accepted accounting principles (“GAAP”). The use of this non-GAAP measure should also not be construed as an inference that the Company’s results will be unaffected by unusual or non-recurring items. The Company’s computation of Adjusted EBITDA margin may not be comparable to other similarly titled measures of other companies.
The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net sales. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation, amortization and non-cash, non-recurring or non-operating expenses, including certain professional fees and non-cash compensation expense. Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP. Management believes


Adjusted EBITDA and Adjusted EBITDA margin allow investors to evaluate the Company’s operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. Management uses Adjusted EBITDA margin to assist in highlighting trends in the Company’s operating results without regard to its financing methods, capital structure, and non-recurring or non-operating expenses. The Company excludes the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the Company’s industry depending upon accounting methods and book values of assets, capital structures, the methods by which assets were acquired and other factors. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets.
The Company has not provided a reconciliation of guidance to net income margin for Adjusted EBITDA margin, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop net income for fiscal year 2024. These items include costs related to the Company’s vertical integration initiatives that are difficult to predict in advance in order to include in an estimate of net income.
Cautionary Statement Concerning Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding the Company’s guidance for net sales and Adjusted EBITDA margin, future changes in the Company’s management team and the Company’s ability to grow and create value. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: general industry, economic and business conditions; the Company’s large fixed cost base; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in the Company’s suppliers’ operations; the Company’s reliance on third-party suppliers for raw materials and components and any interruption of the Company’s informal supply arrangements; the Company’s reliance on certain suppliers for our engines and outboard motors; the Company’s ability to meet its manufacturing workforce needs; the Company’s ability to grow its business through acquisitions and integrate such acquisitions to fully realize their expected benefits; the Company’s growth strategy which may require it to secure significant additional capital; the Company’s ability to protect its intellectual property; disruptions to the Company’s network and information systems; risks inherent in operating in foreign jurisdictions; a natural disaster, global pandemic or other disruption at the Company’s manufacturing facilities; increases in income tax rates or changes in income tax laws; the Company’s dependence on key personnel; the Company’s ability to enhance existing products and market new or enhanced products; the continued strength of the Company’s brands; the seasonality of the Company’s business; intense competition within the Company’s industry; increased consumer preference for used boats or the supply of new boats by competitors in excess of demand; competition with other activities for consumers’ scarce leisure time; changes in currency exchange rates; inflation and increases in


interest rates; an increase in energy and fuel costs; the Company’s reliance on its network of independent dealers and increasing competition for dealers; the financial health of the Company’s dealers and their continued access to financing; the Company’s obligation to repurchase inventory of certain dealers; the Company’s exposure to claims for product liability and warranty claims; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; the Company’s variable rate indebtedness which subjects it to interest rate risk; the Company’s obligation to make certain payments under a tax receivables agreement; and other factors affecting us detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside the Company’s control, and there may be other risks and uncertainties which the Company does not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although the Company believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that its expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation (and the Company expressly disclaims any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise.
Contacts

Malibu Boats, Inc.
InvestorRelations@MalibuBoats.com

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Cover Page
Feb. 15, 2024
Cover [Abstract]  
City Area Code (865)
Entity Registrant Name MALIBU BOATS, INC.
Amendment Flag false
Title of 12(b) Security Class A Common Stock, par value $0.01
Written Communications false
Entity Incorporation, State or Country Code DE
Entity File Number 001-36290
Document Type 8-K
Document Period End Date Feb. 15, 2024
Entity Address, Address Line One 5075 Kimberly Way,
Entity Address, City or Town Loudon,
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37774
Entity Tax Identification Number 46-4024640
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Trading Symbol MBUU
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001590976
Local Phone Number 458-5478

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