Gary Kolstad

About Gary Kolstad

Gary Kolstad was appointed as an Independent Director of Marine Products Corporation (MPX) effective July 14, 2025; at appointment, he was not assigned to any board committees and will be compensated on the same basis as other non‑employee directors . He holds a B.S. in Petroleum Engineering from Montana Technological University and studied Psychology and Engineering at Montana State University–Bozeman . The company disclosed no related‑party transactions involving Mr. Kolstad under Item 404(a) and no arrangements or understandings pursuant to which he was selected as a director .

Past Roles

External Roles

Board Governance

RED FLAGS

• Concentrated control: A controlling stockholder group (Rollins family and affiliates) holds a majority of voting power, which can determine director elections and significant transactions; post‑declassification changes increase the controlling group’s ability to remove directors and call special meetings if charter/bylaw amendments are in effect .

Fixed Compensation (Non‑Employee Directors – Structure applicable to Kolstad)

• Equity grant cadence and proration: Equity retainers are granted on the third business day following the Annual Meeting and vest immediately; directors elected in the latter half of a year do not receive an equity retainer for that year (Kolstad was appointed July 14, 2025) .

Performance Compensation

Other Directorships & Interlocks

• MPX disclosures at appointment did not identify any other current public company directorships for Kolstad; prior roles include CARBO Ceramics and Accuscribe leadership, and senior roles at Schlumberger .
• MPX reported no related‑party transactions involving Kolstad under Item 404(a) as of his appointment, reducing conflict‑of‑interest concerns .

Expertise & Qualifications

• Petroleum engineering background (B.S., Montana Technological University) with additional studies in Psychology and Engineering (Montana State University–Bozeman) .
• Extensive CEO/Chairman experience in capital‑intensive industries (energy, advanced materials) and senior operating/commercial roles at Schlumberger; expected to contribute to operational rigor, risk oversight, and capital allocation discipline on MPX’s board .

Equity Ownership

Governance Assessment

• Positive signals

  • Independent appointment with explicit confirmation of no Item 404(a) related‑party transactions or selection arrangements—supportive of board independence in a controlled company context .
  • Relevant operating and CEO experience likely additive to Audit and strategy oversight once committee assignments are made .
  • Clear director compensation framework and stock ownership guidelines align director interests with shareholders over time .

• Watch items for investors

  • Committee placement and engagement: At appointment, no committee assignments; monitor subsequent 8‑Ks or the 2026 proxy for committee roles (Audit, HCM & Compensation, Nominating) and meeting attendance .
  • Controlled company dynamics: Following declassification, the controlling group’s ability to remove directors and call special meetings (subject to charter/bylaw changes approved in 2025) increases governance concentration risk; monitor shareholder rights and any changes to bylaws/charter that affect minority investor protections .
  • Equity alignment timing: Directors elected in the latter half of a year do not receive the annual equity retainer that year; Kolstad’s first equity grant under the annual program may therefore occur after the next Annual Meeting, impacting near‑term ownership alignment pace .

Sources:

• MPX 8‑K (July 14, 2025) announcing Gary Kolstad appointment and independence/compensation/committees ; press release .
• MPX 8‑K (Apr 24, 2025) declassification implementation ; MPX 2025 Proxy on controlled company status and governance proposals .
• Director compensation program and stock ownership/insider trading policies (MPX 2025 Proxy) .
• Background references: CARBO Ceramics and prior roles .