UNITED STATES
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Financial Officer
On February 13, 2023, the Board of Directors of YETI Holdings, Inc. (the “Company” or “YETI”) appointed Michael McMullen, age 49, to serve as Senior Vice President, Chief Financial Officer and Treasurer. In this capacity, Mr. McMullen will also serve as the Company’s principal accounting officer. Mr. McMullen has served as YETI’s interim Chief Financial Officer since October 2022. Mr. McMullen joined YETI as Head of Financial Planning & Analysis in February 2016 and served as Vice President of Finance from March 2017 until his appointment as interim Chief Financial Officer. Prior to joining YETI, Mr. McMullen served for twelve years with Dell Inc. in various financial roles and for five years with PricewaterhouseCoopers. Mr. McMullen holds a B.B.A. in Accounting from Texas A&M University and an M.B.A. from Northwestern University Kellogg School of Management.
In connection with Mr. McMullen’s appointment as Senior Vice President, Chief Financial Officer and Treasurer, the Compensation Committee (the “Committee”) determined that Mr. McMullen’s annual base salary will increase to $450,000 and he will receive an annual grant of restricted stock units valued at $1,575,000, with the number of units to be determined based on the closing price of the Company’s common stock on February 24, 2023. Fifty percent of such units vest over a three-year period, and the other fifty percent vest at the end of a three-year period, if the Company achieves certain performance objectives during such time period. Mr. McMullen will also be eligible for an annual target cash bonus of 75% of his base salary based upon achievement of certain Company objectives. Mr. McMullen is also a participant under YETI’s Senior Leadership Severance Benefits Plan and is eligible to participate in the Company’s benefit plans that are available to executive officers of the Company generally.
There is no arrangement or understanding with any person pursuant to which Mr. McMullen is being appointed as Senior Vice President, Chief Financial Officer and Treasurer. There are no family relationships between Mr. McMullen and any director or executive officer of the Company, and he is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
SIGNATURE
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.
| YETI Holdings, Inc. | ||
| Date: February 16, 2023 | By: | /s/ Bryan C. Barksdale |
| Bryan C. Barksdale | ||
| Senior Vice President, | ||
| General Counsel and Secretary | ||