Outdoor Holding settles litigation, appoints founder Steve Urvan as CEO/Chairman; issues $51M notes, 7M share warrant

Outdoor Holding Co

Steve Urvan becomes CEO and Chairman effective May 30; founder Jared Smith resigns with $625K severance and full equity vesting.
Settlement includes $12M note at 6.5% (12-yr term) and $39M note at AFR (10-yr); Urvan gets warrant for 7M shares at $1.81.
Company may prepay $39M note within 1 year with additional warrant for 13M shares at $1.00, subject to stockholder approval.
Litigation related to GunBroker.com acquisition dismissed with prejudice; parties release claims and agree to standstill provisions.
Company regains Nasdaq compliance after filing delayed Q1 and Q2 fiscal 2025 reports.

item 1.01item 5.02item 2.03item 3.02item 7.01item 8.01item 9.01

Executive movements

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Appointed

Steve Urvan

Chief Executive Officer

POWW · Outdoor Holding Co

Filed: May 28, 2025 23:59 UTC

New Chief Executive Officer Biographical Information and Arrangements The Settlement Agreement provides that the Board will direct its Compensation Committee to develop a compensation plan for Urvan that contemplates a base salary of $1.00 for the first year of his employment as Chief Executive Officer.

Departed

Jared Smith

Chief Executive Officer

POWW · Outdoor Holding Co

Successor: Steve Urvan
Filed: May 28, 2025 23:59 UTC

The information set forth in Item 1.01 regarding the resignation of Mr. Smith and the appointment of Urvan is incorporated by reference into this Item 5.02.

Source: SEC EDGAR

accession 0001641172-25-012690

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