Companies MARINE PRODUCTS GROUP, LLC
MARINE PRODUCTS (MPX): executive pay, fiscal 2025
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CEO pay, last three years
- $1,463,400FY2023
- $1,327,875FY2024
- $1,871,415FY2025
CEO total pay was $1,871,415 in fiscal 2025, up from $1,327,875 in fiscal 2024.
FY2025: salary $463,500 · bonus $0 · stock awards $1,046,259 · option awards $0
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Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Ben Palmer | $463,500 | $0 | $1,046,259 | $0 | $361,656 | $0 | $0 | $1,871,415 |
| President and Chief Executive Officer | ||||||||
| Richard Hubbell | 309,000 | 0 | 539,065 | 0 | 241,104 | 0 | 0 | 1,089,169 |
| Executive Chairman of the Board | ||||||||
| Michael Schmit | 164,800 | 0 | 295,895 | 0 | 90,012 | 0 | 0 | 550,707 |
| Vice President, Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Ben Palmer | $1,871,415 | $1,327,875 | $1,463,400 | ↑ +543,540 |
| Richard Hubbell | 1,089,169 | 837,225 | 909,600 | ↑ +251,944 |
| Michael Schmit | 550,707 | 456,120 | 501,000 | ↑ +94,587 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's compensation philosophy is designed to attract and retain qualified executives, motivate performance to achieve Company objectives, and align the interests of executives with the long-term interests of stockholders. Total compensation is primarily composed of base salary, annual performance-based cash incentive compensation, and stock-based awards such as restricted stock and performance share units.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Mercer, LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Ben Palmer | PSU | 2025-01-28 | 13,689 | 27,377 | — | 54,754 | $279,246 |
| Michael Schmit | PSU | 2025-01-28 | 3,863 | 7,726 | — | 15,452 | 78,805 |
| Richard Hubbell | PSU | 2025-01-28 | 7,096 | 14,192 | — | 28,384 | 144,759 |
| Richard Hubbell | RSU | 2025-01-28 | — | — | 42,720 | — | 394,306 |
| Ben Palmer | RSU | 2025-01-28 | — | — | 83,100 | — | 767,013 |
| Michael Schmit | RSU | 2025-01-28 | — | — | 23,520 | — | 217,090 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Ben Palmer | $767,013 | $279,246 | $0 | 26.7% |
| Michael Schmit | 217,090 | 78,805 | 0 | 26.6% |
| Richard Hubbell | 394,306 | 144,759 | 0 | 26.9% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michael Schmit | PSU | 9,809 | — | $85,927 |
| Richard Hubbell | PSU | 17,942 | — | 157,172 |
| Ben Palmer | PSU | 33,627 | — | 294,573 |
| Michael Schmit | RSU | 47,382 | — | 415,066 |
| Richard Hubbell | RSU | 93,744 | — | 821,197 |
| Ben Palmer | RSU | 159,433 | — | 1,396,633 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Ben M. PalmerEmployee director · Executive | $463,500 | $1,046,259 | — | $361,656 | $0 | $1,871,415 |
| Richard A. HubbellEmployee director · Board Chair · Executive (Chair) | 309,000 | 539,065 | — | 241,104 | 0 | 1,089,169 |
| Jerry W. NixIndependent · Lead Independent Director · Human Capital Management and Compensation (Chair) | 107,000 | 50,000 | 0 | — | — | 157,000 |
| Patrick J. GunningIndependent · Human Capital Management and Compensation | 100,000 | 50,000 | 0 | — | — | 150,000 |
| John F. WilsonIndependent · Human Capital Management and Compensation | 86,000 | 50,000 | 0 | — | — | 136,000 |
| Susan R. BellIndependent · Audit | 81,000 | 50,000 | 0 | — | — | 131,000 |
| Timothy C. RollinsNot independent · Nominating and Corporate Governance | 77,000 | 50,000 | 0 | — | — | 127,000 |
| Amy R. KreislerNot independent · Nominating and Corporate Governance | 77,000 | 50,000 | 0 | — | — | 127,000 |
| Stephen E. LewisIndependent · Audit · Newly elected | 51,923 | 50,000 | 0 | — | — | 101,923 |
| Gary A. KolstadIndependent · Audit · Newly elected | 34,851 | 39,400 | 0 | — | — | 74,251 |
| Gary W. RollinsNot independent · Not standing for re-election | 23,283 | 0 | 0 | — | — | 23,283 |
| Pamela R. RollinsNot independent · Nominating and Corporate Governance · Not standing for re-election | 23,283 | 0 | 0 | — | — | 23,283 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | $50,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 10,000 / 6,000 |
| Stock ownership guideline | $3 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,433,840 |
| Equity awards (grant-date value) | $1,974,724 |
| All other compensation | $0 |
| Total cost of the board | $3,408,564 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names MARINE PRODUCTS as a peer
Companies that benchmark against MPX
4 companies name MPX as a compensation peer
- JOHNSON OUTDOORS INCJOUTFY2025
- Latham Group, Inc.SWIMFY2025
- MALIBU BOATS, INC.MBUUFY2026
- MasterCraft Boat Holdings, Inc.MCFTFY2025
- SMITH & WESSON BRANDS, INC.SWBIFY2026
Each company listed discloses MPX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MPX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | MARINE PRODUCTS GROUP, LLC | 2025 | Ben Palmer | $463,500 | $1,046,259 | $0 | $361,656 | $1,871,415 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2023 | 2023-04-25 | 30,932,887 | 208,591 | 121,994 | 98.94% | Passed |
| 2020 | 2020-04-28 | 31,518,531 | 198,869 | 44,348 | 99.37% | Passed |
| 2017 | 2017-04-25 | 32,300,684 | 255,764 | 11,469 | 99.21% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2023 | 2023-04-25 | 98.94%a |
| 2020 | 2020-04-28 | 99.37%b |
| 2017 | 2017-04-25 | 99.21%c |
a. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against this proposal.”.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (28 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Ben Palmer. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 1,871,415. View filing ↗
- Section 01, Richard Hubbell. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 1,089,169. View filing ↗
- Section 01, Michael Schmit. DEF 14A, filed 2026-04-29. Section “Executive Compensation”. As printed: 550,707. View filing ↗
- Section 03, Ben Palmer PSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Schmit PSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Richard Hubbell PSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Richard Hubbell RSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Ben Palmer RSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Schmit RSU. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, Ben M. Palmer. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 1,871,415. View filing ↗
- Section 08, Richard A. Hubbell. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 1,089,169. View filing ↗
- Section 08, Jerry W. Nix. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 157,000. View filing ↗
- Section 08, Patrick J. Gunning. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 150,000. View filing ↗
- Section 08, John F. Wilson. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 136,000. View filing ↗
- Section 08, Susan R. Bell. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 131,000. View filing ↗
- Section 08, Timothy C. Rollins. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 127,000. View filing ↗
- Section 08, Amy R. Kreisler. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 127,000. View filing ↗
- Section 08, Stephen E. Lewis. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 101,923. View filing ↗
- Section 08, Gary A. Kolstad. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 74,251. View filing ↗
- Section 08, Gary W. Rollins. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 23,283. View filing ↗
- Section 08, Pamela R. Rollins. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 23,283. View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-04-27. Item 5.07 · say-on-pay result. As reported: 98.94% (votes for as printed: 30,932,887). View filing ↗
- Section 06, 2020 vote. Form 8-K, filed 2020-04-29. Item 5.07 · say-on-pay result. As reported: 99.37%. View filing ↗
- Section 06, 2017 vote. Form 8-K, filed 2017-04-27. Item 5.07 · say-on-pay result. As reported: 99.21%. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 1,433,840 + equity 1,974,724 + all other 0 = 3,408,564, summed across the director compensation table rows.
- MARINE PRODUCTS GROUP, LLC (subject), Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in MARINE PRODUCTS GROUP, LLC's own proxy. As printed: 1,871,415. View filing ↗