Beth Cross
Outdoor HoldingAbout Beth Cross
Beth Cross, age 43, joined AMMO (Outdoor Holding Company) in May 2021 following the GunBroker acquisition and was promoted to Chief Operating Officer of GunBroker in May 2022, bringing 20+ years of multi‑channel online and big‑box retail experience across Walmart, Bi‑Mart, and Sportsman’s Warehouse with a track record of analytics‑driven merchandising and sales growth . During her tenure, company performance metrics show Total Shareholder Return of 23.31 in FY2025 vs 46.45 in FY2024, Adjusted EBITDA of $15.3 million in FY2025 vs $24.0 million in FY2024, and Net Income (loss) from continuing operations of $(68.3) million in FY2025 vs $(8.5) million in FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Walmart; Bi‑Mart; Sportsman’s Warehouse | Store operations leadership | 1998–2010 | Visual merchandising, freight management, and customer relationships; drove efficiencies and increased sales |
| Walmart; Bi‑Mart; Sportsman’s Warehouse | Merchandising roles | 2010–2019 | Negotiated contracts; used analytics and marketing to drive record sales |
External Roles
- None disclosed in SEC filings reviewed .
Fixed Compensation
| Metric | FY2024 | Notes |
|---|---|---|
| Base Salary ($) | $250,000 | Increased from scheduled $205,000 to $250,000 in April 2023 due to performance (verbal agreement) |
| Target Bonus % | Not disclosed | Bonuses paid at Board discretion; MBO framework established |
| Actual Bonus Paid ($) | $62,000 | Source of bonus not specified; Board discretionary bonuses permitted |
| Stock Awards ($ fair value) | $168,750 | ASC 718 fair value; accounting expense basis |
| Options Awards ($) | $0 | No option grants disclosed for FY2024 |
| All Other Compensation ($) | $25,979 | Health insurance incremental cost $18,407; 401(k) match $7,572 |
Performance Compensation
| Incentive Plan | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Management by Objective (MBO) | Company EBITDA | 30% | Not disclosed | Not disclosed | $62,000 total cash bonus for FY2024 | Cash; not applicable |
| Management by Objective (MBO) | Division EBITDA | 30% | Not disclosed | Not disclosed | Included in above | Cash; not applicable |
| Management by Objective (MBO) | Personal Goals | 40% | Not disclosed | Not disclosed | Included in above | Cash; not applicable |
| Equity Awards under Employment Agreement | Quarterly stock issuance contingent on performance metrics | N/A | 225,000 shares over initial 3‑year term | Not disclosed | ASC 718 grant values; 75,000 shares vested in FY2024, value realized $168,750 | Vested per quarterly issuance schedule |
Notes:
- MBO targets and Beth Cross’s specific actuals are not disclosed; FY2024 bonus is reported but the filing states only one NEO received an MBO bonus (Mr. Tate); Beth’s $62,000 appears under discretionary framework .
Equity Ownership & Alignment
| Metric | As of 3/31/2024 | As of 7/26/2024 |
|---|---|---|
| Beneficial Ownership (shares) | N/A | 25,466 |
| Shares Outstanding (reference) | 118,756,733 | 118,756,733 |
| Ownership % | N/A | ~0.02% (25,466 / 118,756,733) |
| Unvested Equity Awards (units) | 56,250 | N/A |
| Market Value of Unvested Equity ($) | $154,688 | N/A |
| Shares Acquired on Vesting (FY2024) | 75,000; $168,750 value realized | N/A |
| Pledging/Hedging | Awarded shares cannot be pledged before vesting (Plan restriction) | N/A |
Stock ownership guidelines and pledging of vested shares are not disclosed; form‑level pledging restrictions apply to unvested awards .
Employment Terms
| Term | Provision | Economics / Mechanics |
|---|---|---|
| Agreement Parties and Role | AMMO and SpeedLight Group I, LLC with Beth Cross as COO of GunBroker.com (Outdoors Online, LLC) | Employment agreement dated June 27, 2022; supersedes prior agreement |
| Term Length | Initial 3 years from June 27, 2022; Company may extend up to three additional one‑year terms with 60 days advance agreement | At‑will; defined term construct with extension rights |
| Base Salary Schedule | $185,000 (year 1), $195,000 (year 2), $205,000 (year 3); increased to $250,000 in April 2023 based on performance (verbal agreement) | Subject to annual increases up to 6% at Board discretion |
| Equity Awards | 225,000 shares of Common Stock over initial term; issuable quarterly contingent on performance metrics | In addition to eligibility for cash performance‑based bonuses at Board discretion |
| Covenants | Confidentiality, non‑competition, and non‑solicitation provisions similar to Fred Wagenhals | Non‑competition and non‑solicitation terms incorporated (duration not specified in Cross’s summary) |
| Severance (no CoC) | If terminated without cause or resigns for good reason | One month salary ($20,833 shown in scenario table), plus shares earned through termination date; no bonus |
| Change‑in‑Control (CoC) | Termination without cause or for good reason within 12 months of a CoC | Salary for duration of employment agreement’s term ($312,500 shown), 100% acceleration of remaining unissued/unvested equity ($257,813 shown), bonus through term ($62,000 shown), release from non‑competition |
| Death/Disability | Unpaid salary through date and one month’s pay; benefits owed; pro‑rata commissions/bonuses if applicable | |
| Equity Plan Acceleration | Company‑wide LTIP provisions | Immediate vesting of unvested restricted stock/RSUs upon CoC; acceleration upon death/disability or termination without cause; “Good Reason” triggers RSU vesting where defined |
| Clawback / Gross‑ups | Not disclosed | Tax withholding mechanics and potential 83(b) election addressed in plan documents |
Investment Implications
- Alignment: Equity grants are meaningful but absolute ownership is very low (~0.02% of shares outstanding), limiting direct downside alignment; quarterly performance‑contingent stock issuance provides operating discipline but leaves limited “skin‑in‑the‑game” vs total float .
- Selling pressure risk: Change‑in‑control terms include 100% acceleration of unvested equity for Cross, which can create near‑term supply if a transaction triggers vesting; plan‑level restrictions prohibit pledging of unvested shares, modestly reducing leverage risk .
- Retention: Severance outside CoC is minimal (one month salary), suggesting weaker retention incentives absent equity pacing; under CoC, salary continuation for the agreement’s term plus equity acceleration materially increases retention and/or exit value .
- Performance incentives: Cash bonus frameworks rely on Board discretion and MBO metrics (Company/Division EBITDA and personal goals), but individual targets/actuals are not disclosed—reducing transparency of pay‑for‑performance calibration; FY2024 bonus of $62,000 was paid despite only Mr. Tate being noted under MBO, indicating potential discretionary awards .
- Governance/Risk: No legal or disciplinary proceedings disclosed for executives over the past ten years; say‑on‑pay support was 88% at the Jan 5, 2024 meeting, indicating shareholder acceptance of compensation frameworks at that time .