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    Marine Products Corporation filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders

    4/24/25 4:02:12 PM ET
    $MPX
    Marine Transportation
    Industrials
    Get the next $MPX alert in real time by email
    false 0001129155 0001129155 2025-04-22 2025-04-22 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

     

     

    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): April 22, 2025

     

    MARINE PRODUCTS CORPORATION

    (Exact name of registrant as specified in its charter)
    _________________________

     

    Delaware 1-16263 58-2572419
    (State or Other Jurisdiction
    of Incorporation)
    (Commission File Number) (IRS Employer
    Identification No.)

     

    2801 Buford Highway NE, Suite 300, Atlanta, Georgia 30329
    (Address of principal executive offices) (zip code)

     

    Registrant's telephone number, including area code: (404) 321-7910

     

    N/A

    (Former name or former address, if changed since last report.)

     

     

    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 class   Trading Symbol(s)   Name of each exchange on which registered
    Common Stock, $0.10 par value   MPX   New York Stock Exchange

     

    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 April 22, 2025, in order to facilitate the declassification of the Company’s Board of Directors, each of Richard A. Hubbell, John F. Wilson, Timothy C. Rollins, Susan R. Bell, Amy R. Kreisler, and Stephen E. Lewis tendered his or her resignation from the Board of Directors effective immediately following the filing of the Marine Products Corporation (the “Company”) Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware that effected the declassification, solely for the purpose of shortening their terms as directors of the Company in order that each such director could then be reappointed to the Board for a one-year term that would expire at the 2026 Annual Meeting. The Amended and Restated Certificate of Incorporation was approved by the stockholders at the 2025 Annual Meeting, and it was filed with the Secretary of State of Delaware on April 22, 2025. The resignations described above were tendered on April 22, 2025 and became effective on that date. Subsequently, on April 22, 2025, the remaining directors re-elected Richard A. Hubbell, John F. Wilson, Timothy C. Rollins, Susan R. Bell, Amy R. Kreisler, and Stephen E. Lewis to fill the vacancies on the Board and to serve a one-year term expiring at the 2026 Annual Meeting of Stockholders or until their successors are elected. Their Board committee assignments remain unchanged. No committee assignments have been made yet for Mr. Lewis.

     

    Item 5.07.  Submission of Matters to a Vote of Security Holders.

     

    The 2025 Annual Meeting of Stockholders of the Company was held on April 22, 2025. At the Annual Meeting the stockholders of the Company (i) elected four Class III 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, 2025; (iii) voted to amend our Certificate of Incorporation to declassify the Board; (iv) voted to remove a provision from our Certificate of Incorporation specifying the requirements to call a special meeting of stockholders; (v) voted to remove a provision from our Certificate of Incorporation requiring a 66.7% stockholder vote to remove directors; and (vi) voted to remove a provision from our Certificate of Incorporation requiring a 66.7% stockholder vote to amend our Bylaws.

     

    The voting results for each proposal are as follows:

     

    1.To elect the four Class III Nominees to the Board of Directors:

     

        For     Withheld     Broker
    Non-Vote  
     
    Class III Nominees:                        
    Susan R. Bell     30,485,918       187,244       1,676,518  
    Amy R. Kreisler     29,673,990       999,172       1,676,518  
    Stephen E. Lewis     30,491,430       181,732       1,676,518  
    Timothy C. Rollins     29,130,456       1,542,706       1, 676,518  
                             

        

    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, 2025. There were no broker non-votes with respect to this proposal:

     

    For  Against  Abstain
    32,318,282  21,269  10,129

     

    -2-

     

     

    3.To amend our Certificate of Incorporation to declassify the Board:

     

    For  Against  Abstain  Broker
    Non-Vote
    30,568,954  95,887  8,321  1,676,518

      

    4.To remove a provision from our Certificate of Incorporation specifying the requirements to call a special meeting of stockholders:

     

    For  Against  Abstain  Broker
    Non-Vote
    29,473,099  1,187,386  12,675  1,676,520

     

    5.To remove a provision from our Certificate of Incorporation requiring a 66.7% stockholder vote to remove directors:

     

    For  Against  Abstain  Broker
    Non-Vote
    26,610,393  4,006,073  56,695  1,676,519

     

    6.To remove a provision from our Certificate of Incorporation requiring a 66.7% stockholder vote to amend our Bylaws:

     

    For  Against  Abstain  Broker
    Non-Vote
    26,591,746  4,024,881  56,531  1,676,522

     

    -3-

     

     

    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, 2025 /s/ Michael L. Schmit
      Michael L. Schmit
      Vice President, Chief Financial Officer and Treasurer

     

    -4-

     

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