OneWater Marine Inc.
09/30/2025 | Press release | Distributed by Public on 09/30/2025 14:10
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 25, 2025, OneWater Marine Inc. (the "Company") entered into amended and restated employment agreements with Philip Austin Singleton, Jr., Anthony Aisquith, and Jack Ezzell, effective as of February 12, 2024. Under the agreements, Mr. Singleton serves as Executive Chairman (having previously served as Chief Executive Officer through August 14, 2025), Mr. Aisquith serves as Chief Executive Officer (having previously served as Chief Operating Officer through August 14, 2025), and Mr. Ezzell continues to serve as Chief Financial Officer and, beginning August 15, 2025, also serves as Chief Operating Officer. Each agreement provides for an initial multi-year term with automatic one-year renewal provisions and sets forth the executive's eligibility for base salary, annual bonus opportunities, equity grants, and participation in Company benefit plans, in each case as determined by the Compensation Committee of the Board of Directors.
Each agreement may be terminated by the Company with or without "Cause" or by the executive with or without "Good Reason," as those terms are defined in the agreements. In the event of a qualifying termination by the Company without Cause or by the executive for Good Reason, the agreements provide for severance benefits consisting of continued compensation, bonus eligibility, benefit continuation, and treatment of outstanding equity awards, subject to the terms and conditions of the agreements. In the event of termination due to disability or death, the agreements provide for continued compensation and benefits, bonus payments, and treatment of equity awards, with additional payments to the executive or his estate as set forth in the agreements. At the end of the term, and to the extent such amounts are not duplicative of severance, the agreements also provide for prorated bonus payments and prorated vesting of outstanding equity awards, with performance award vesting based on actual performance.
The agreements further provide that, upon any termination of employment, each executive will be deemed to have resigned from all positions as an officer and/or director of the Company and its affiliates. In addition, the agreements contain customary restrictive covenants, including a post-employment non-competition restriction of limited duration and a longer-term covenant prohibiting the solicitation of Company employees.
The foregoing description of the employment agreements are not complete and are qualified in their entirety by reference to the full text of the agreements which are filed as Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and are incorporated in this Item 5.02 by reference.
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