Marine Products Corp Elects Directors, Amends Equity Plan

TL;DR

MPX board shakeup and pay plan changes announced.

AI Summary

Marine Products Corporation announced on April 23, 2024, the election of new directors and changes in its officer compensation. Specifically, the company elected three Class II directors to serve until the 2027 annual meeting and approved amendments to its 2017 Equity Incentive Plan. The filing also disclosed the departure of a director and changes to executive compensation arrangements.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine corporate governance matters like director elections and compensation plan amendments, with no immediate financial distress or significant operational changes indicated.

Key Numbers

• 2027 — Director Term End (Class II directors elected to serve until the 2027 annual meeting.)

Key Players & Entities

• Marine Products Corporation (company) — Registrant
• April 23, 2024 (date) — Date of earliest event reported
• 2017 Equity Incentive Plan (plan) — Amended plan
• Class II directors (director_group) — Newly elected directors

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value MPX New York Stock Exchan

Filing Documents

• mpx-20240423x8k.htm (8-K) — 59KB
• 0001558370-24-005592.txt ( ) — 178KB
• mpx-20240423.xsd (EX-101.SCH) — 3KB
• mpx-20240423_lab.xml (EX-101.LAB) — 16KB
• mpx-20240423_pre.xml (EX-101.PRE) — 10KB
• mpx-20240423x8k_htm.xml (XML) — 5KB

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. The 2024 Annual Meeting of Stockholders of the Company was held on April 23, 2024. At the Annual Meeting the stockholders of the Company (i) elected three Class II Nominees to the Board of Directors; (ii) ratified the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; and (iii) voted to approve the 2024 Stock Incentive Plan. The voting results for each proposal are as follows: 1. To elect the three Class II Nominees to the Board of Directors: For Withheld Broker Non-Vote Class II Nominees: Gary W. Rollins 30,475,878 1,171,735 1,405,859 Richard A. Hubbell 30,467,084 1,180,529 1,405,859 John F. Wilson 29,988,694 1,658,919 1,405,859 2. To ratify the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. There were no broker non-votes with respect to this proposal: For Against Abstain 33,004,525 44,020 4,927 3. To approve the 2024 Stock Incentive Plan: For Against Abstain Broker Non-Vote 27,476,148 4,144,906 26,557 1,405,861 -2-

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 2024 Stock Incentive Plan (incorporated by reference to Appendix A to the Registrant's definitive Proxy Statement filed with the Securities and Exchange Commission on March 14, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) -3-

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Marine Products Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Marine Products Corporation Date: April 24, 2024 /s/ Michael L. Schmit Michael L. Schmit Vice President, Chief Financial Officer and Treasurer -4-

View Full Filing

View this 8-K filing on SEC EDGAR