Four executives at Vista Outdoor were granted $500,000 retention bonuses on Aug. 7 to complete the company’s strategic review of its options when it comes to separating its ammunition arm, The Kinetic Group, and its outdoor gear branch, Revelyst, according to documents filed with the SEC.
One-quarter of the bonus was paid out, and the rest will be awarded “on completion of a strategic alternative, subject to the executive officer’s continued employment through such date,” according to the update.
Vista Outdoor’s board said it still recommends shareholders vote in favor of selling The Kinetic Group to Czechoslovak Group (CSG) on the company’s earnings call last week, but that it was also expecting a higher offer from MNC Capital to buy the company outright. It is also evaluating other options, such as a potential offer from CSG and partners to acquire Revelyst as well. Multiple large shareholder groups have indicated they will not vote in favor of the board’s recommendation at a meeting scheduled for Sept. 13, and one group filed a lawsuit against Vista’s board.
Read our guide to Vista Outdoor’s long, tortured sale saga here.
The four execs who will receive the retention bonuses are:
- Revelyst CFO Andrew Keegan.
- Vista Outdoor Controller and Chief Accounting Officer Mark Kowalski.
- Jeff Ehrich, general counsel and corporate secretary, The Kinetic Group.
- Jung Choi, general counsel and corporate secretary, Revelyst.
