MarineMax Employee Stock Purchase Plan (ESPP)

The ESPP is a benefit that MarineMax is pleased to offer to our Team Members. The purpose of this benefit is to allow participants to purchase stock in our company—become an owner—at a significant discount of at least 15%.

Here’s how the plan works:

Team Members are eligible if they have met the one-year eligibility period. There are two enrollment periods each year: April 1 and October 1. Participants can contribute from 1% to 10% of their post-tax income to the ESPP. The deduction is taken out through payroll each payroll for 6 months. In this case, if a Team Member signs up beginning October 1, deductions will be taken through the last payroll in March. The money that’s taken out of the Team Member’s check is set-aside for them and is not interest-bearing. At the end of the six-month period, we take a look at the stock price on the first day that the Team Member participated (10/1/22 in this case) and the last day (3/31/22 in this case). Whichever day’s market price is lower, that’s the price that we use.

Here’s an example:

Let’s say that the stock price on 10/1/21 is $17/share and the stock price on 3/31/22 is $20/share. What we’ll do is take all the money that the participant had deducted from their paychecks during the six-month period and using the lower price of $17, take 15% off that price which would be $14.55 and purchase as many shares as we can with the money that they’ve contributed. So, in this example, you can see that participants will be purchasing $20 shares of stock for $14.55. This is quite a deal!

There are some restrictions on this plan:

1. This is an “all or nothing” benefit. What that means is that a Team Member must contribute the entire six-month period or not at all.

2. If a Team Member starts contributing 10/1, s/he can get their money back dollar for dollar if they desire up until five days before the purchase (3/26 in the above example).

3. If a Team Member leaves MarineMax at any point during the six-month period, s/he will be refunded any contributions made during the six-month period and they will not receive stock.

4. Shares purchased through the ESPP will be placed in an account that you establish at Raymond James. Accounts can be accessed at https://wallstreet.rjf.com/. Account forms are provided.

5. The maximum dollar amount that a Team Member can purchase each year through the ESPP is $25,000 in stock at the market price. The maximum dollar amount of payroll deductions that can be used for the combined 3/31 and 9/30 purchase each year is $21,250.

6. Shares purchased are restricted from sale for one year from the date of purchase.