MarineMax, Inc. has approved a $100 million USD stock repurchase plan, with shares expected to be used to mitigate the dilutive effect of restricted stock. The announcement comes after the company’s annual shareholder meeting, where directors were re-elected and a stock-based compensation plan amendment was approved.

MarineMax Fort Myers at Deep Lagoon Marina. MarineMax

The repurchase plan allows the company to buy shares over time, depending on the stock price, market conditions, available cash and other investment opportunities. Shares repurchased may also be reserved for use in employee benefit plans or other corporate purposes.

Under the previous plan authorised in March 2024, MarineMax could repurchase up to $100 million of stock through March 2026. By 3 March 2026, about 1.4 million shares had been repurchased. At that time, the company had 22,027,414 shares of common stock outstanding.

At the annual meeting on 3 March 2026, shareholders re-elected three directors, William Brett McGill, Odilon Almeida and Daniel Schiappa, each for a three-year term ending in 2029. There were 2,408,357 broker non-votes for each nominee. The vote counts for each director are:

  •  William Brett McGill: 13,942,834 in favour, 4,266,909 against, 2,942 abstentions
  •  Odilon Almeida: 15,866,497 in favour, 2,300,069 against, 46,119 abstentions
  • Daniel Schiappa: 16,016,030 in favour, 2,190,405 against, 6,250 abstentions

Other matters addressed at the meeting included an amendment to the 2021 stock-based compensation plan. Shareholders also ratified KPMG LLP as the company’s independent auditor for the fiscal year ending 30 September 2026 and conducted an advisory vote on executive compensation.

In the weeks prior to the annual meeting, MarineMax had been involved in public exchanges regarding a potential acquisition. On 3 February 2026, Donerail, an investment firm holding more than four percent of the company’s shares, confirmed it had submitted a non-binding proposal to acquire MarineMax for $35 per share in cash, subject to due diligence and definitive documentation.

Donerail also issued an open letter urging shareholder support, and MarineMax responded to reaffirm the board’s focus on enhancing shareholder value.

Around the same time, Levin Capital Strategies, one of MarineMax’s top ten shareholders, called on the board to review alternatives. On 23 February, Donerail restated its offer and encouraged shareholders to vote against the chief executive’s re-election.