Schmit Michael 4
4 · MARINE PRODUCTS GROUP, LLC · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
MPX Former CFO Michael Schmit Sells 100,577 Shares
What Happened
Michael Schmit, former Chief Financial Officer and Corporate Secretary of Marine Products Group, reported two merger-related transactions on 2026-05-15. He received 22,339 shares as the vesting of performance share units (no cash price reported). He also disposed of 100,577 shares at $8.18 per share, generating reported proceeds of $822,720. Both actions were tied to the company’s Agreement and Plan of Merger with MasterCraft Boat Holdings.
Key Details
- Transaction dates: May 15, 2026 (reported on Form 4 filed May 19, 2026).
- Award/acquisition (code A): 22,339 shares acquired (price N/A) — performance share units vested at target plus dividend equivalents (Footnote F1).
- Disposition (code J): 100,577 shares disposed at $8.18/share for $822,720 (Footnote F2). Under the merger terms each MPX share converted into the right to 0.232 MasterCraft shares plus $2.43 in cash, less taxes.
- Shares owned after the transactions: not specified on the reported Form 4.
- Filing: Form 4 dated/entered May 19, 2026 (no late-filing flag noted).
Context
These were corporate-merger driven events (vesting of PSUs and conversion/settlement of restricted stock under the Merger Agreement) rather than open-market purchases or discretionary sales. Such transaction codes and footnotes indicate administrative conversion and payout tied to the merger consideration, not necessarily a personal market-timing decision.
Insider Transaction Report
- Award
Common Stock, $.10 Par Value
[F1]2026-05-15+22,339→ 100,577 total - Other
Common Stock, $.10 Par Value
[F2]2026-05-15$8.18/sh−100,577$822,720→ 0 total
Footnotes (2)
- [F1]The reported securities were acquired of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of February 5, 2026, by and among MasterCraft Boat Holdings, Inc., a Delaware corporation ("MasterCraft"). Immediately prior to effectiveness of the merger, each outstanding performance share unit vested at target performance and dividend equivalents.
- [F2]The reported securities were disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of February 5, 2026, by and among MasterCraft Boat Holdings, Inc., a Delaware corporation ("MasterCraft"). Immediately prior to effectiveness of the merger, each outstanding share of restricted stock vested in full. Upon effectiveness of the merger, in exchange for each share of Common Stock, the reporting person received the right to receive 0.232 shares of MasterCraft Common Stock, par value $0.01 per share and $2.43 in cash, without interest and less applicable withholding taxes.