SPORTSMANS WAREHOUSE HOLDINGS INC

On April 1, 2024, our Compensation Committee approved a cash-based long-term incentive program (the “Cash LTIP”) pursuant to which each of our executive officers and two other officers were granted the right to earn between 0% and 200% of a specified target cash award. The ultimate payout (if any) with respect to the award will be based on our Adjusted EBITDA Margin and Leverage Ratio (each as defined in the Cash LTIP) for fiscal years 2024, 2025, and 2026, with one-third of the target award corresponding to each of those three performance periods. Performance-based vesting of the one-third of the total target award that corresponds to each fiscal year’s performance period will be determined based as follows: (a) 50% of that portion of the target award will become eligible to vest based on our Adjusted EBITDA Margin for each of fiscal years 2024, 2025 or 2026, and (b) 50% of that portion of the target award will become eligible to vest based on our Leverage Ratio for each of fiscal years 2024, 2025 or 2026. Each year’s performance will be determined independently. No cash award will be paid with respect to any of the performance periods until the third anniversary of the date of grant, and the executive must remain in our service through that anniversary date in order to receive any payment under the Cash LTIP.