Date: 8/28/2020 Form: 8-K/A - Current report
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K/A

 

 

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 26, 2020

 

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 office) (zip code)

 

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

 

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

 

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))

 

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. ¨

 

 

 

 

 

  

EXPLANATORY NOTE

 

Marine Products Corporation is filing this Amendment No. 1 on Form 8-K/A solely to correct the previously submitted 8-K filed on August 26, 2020 reporting Class and election dates for the two new board members appointed to the Marine Products Corporation Board of Directors.

 

  Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On August 26, 2020, the Board of Directors of Marine Products Corporation (the "Company”) announced the appointment of Gary W. Rollins as Non-Executive Chairman of the Board of Marine Products Corporation. Additionally, Jerry W. Nix and Harry J. Cynkus have been appointed as Directors. Mr. Cynkus will stand for election by the stockholders in 2021 as a Class II Director and has been appointed to the Audit Committee. Mr. Nix will stand for election by the stockholders in 2023 as a Class I Director. Messrs. Nix and Cynkus will be compensated on the same basis as the other non-employee directors. There are no transactions between Messrs. Nix or Cynkus and the Company that would be reportable under Item 404(a) of Regulation S-K, and no arrangements or understandings with any persons pursuant to which either was selected as a director.

 

Item 9.01Financial Statements and Exhibits.

 

  (d) Exhibits.

 

Exhibit 99 – Press Release dated August 26, 2020

 

 

 

  

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:  August 28, 2020 /s/ Ben M. Palmer  
  Ben M. Palmer  
  Vice President and Chief Financial Officer  

 

 

 

 

 

Exhibit 99

 

 

 

Marine Products Corporation Board of Directors

Appoints Gary W. Rollins as Chairman of the Board

and New Directors Harry J. Cynkus and Jerry W. Nix

 

ATLANTA, August 26, 2020 – Marine Products Corporation (NYSE: MPX) today announced yesterday’s appointment of Gary W. Rollins as Chairman of its Board of Directors. Rollins, who joined the Marine Products Corporation Board in 2001, succeeds R. Randall Rollins, who served as Chairman since inception of the organization in 2001 until his passing on August 17, 2020.

 

Rollins has extensive industry and operations knowledge holding positions ranging from general management and operations, President and Chief Operating Officer, Chairman of the Board of Orkin, and Vice Chairman of the Board of Rollins, Inc.

 

During his career, Rollins has served on the boards of numerous other companies. He currently serves as the Chairman of the Board of Directors and member of the Executive Committee of RPC, Inc. and previously served as a member of the Board of Directors, the Executive Committee and the Compensation Committee for Genuine Parts Company.

 

Gary Rollins is a former member of the Emory University Board of Trustees and its Executive Committee. He was a Founding Director of the Tuxedo Park Civic Association, a member of the Atlanta High Museum of Art, and a member of the United Way de Tocqueville Society. He is a past member of the Board of Trustees of Egleston Hospital for Children and a former Trustee at The Westminster School.

 

In addition, Harry J. Cynkus and Jerry W. Nix have been appointed to the Board of Directors of the Company.

 

Cynkus is the former Senior Vice President, Chief Financial Officer and Treasurer of Rollins, Inc., holding various positions from 1998 to 2015. After beginning his career with Arthur Andersen & Co., he held financial positions with several companies including Tyco International, ARAMARK Services, Brach & Brock Confections and Mayer Electric Supply Co., Inc. Harry Cynkus currently serves on the Board of Directors of RPC, Inc. and as the Vice Chairman, Trustee and Head of the Audit Committee of the Utica College Board of Trustees. His professional memberships include the American Institute of Certified Public Accountants and the Financial Executives Institute.

 

Nix is the former Vice Chairman, Executive Vice President and Chief Financial Officer of Genuine Parts Company. Prior to retiring in March 2013, Nix served as Chief Financial Officer for over 13 years and served in various other capacities with Genuine Parts before that time, including Senior Vice President, Finance. In addition to previously serving as a director of Genuine Parts, Nix was a director of Synovus Financial Corp. Currently, he serves on the Board of Directors of RPC, Inc. and on various civic and non-profit boards, including Young Harris College, Cobb County Chamber of Commerce, Cobb-Marietta Coliseum and Exhibit Hall Authority, John and Mary Franklin Foundation, and on the Executive Committee for the Atlanta Area Council and Boy Scouts of America. Prior to joining Genuine Parts in 1978, Jerry Nix was an auditor with Ernst & Young and a pilot in the U.S. Air Force.

 

 

 

 

Marine Products Corporation (NYSE: MPX) is a leading manufacturer of fiberglass boats under three brand names: Chaparral, Robalo and Vortex. Chaparral’s sterndrive models include SSi and SSX, along with the Chaparral Surf Series. Chaparral’s outboard offerings include various models, such as OSX Luxury Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models. Chaparral also offers jet powered boats under the Vortex brand name.  The Company continues to diversify its product lines through product innovation.  With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value.  For more information on Marine Products Corporation visit our website at MarineProductsCorp.com.

 

For information contact:

 

BEN M. PALMER

Chief Financial Officer

(404) 321-7910

irdept@marineproductscorp.com

 

JIM LANDERS

Vice President Corporate Services

(404) 321-2162

jlanders@marineproductscorp.com