Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

Executive Officer Compensation

In accordance with a previously disclosed Performance-Based Compensation Agreement (the "Agreement") dated January 23, 2008, between Chaparral Boats, Inc. ("Chaparral") and James A. Lane, Jr., Mr. Lane receives a base salary of $67,841 per year and an annual cash bonus of 10 percent of pre-tax profits (as defined) of Chaparral. On July 28, 2009, the Compensation Committee of the Board of Directors of Marine Products Corporation (the "Company") approved modifications of the Agreement effective August 1, 2009, resulting in (1) an increase in Mr. Lane's base salary to $250,000 per year, and (2) corresponding reductions in potential future bonus payments. Under these modifications, the Company will reduce any future bonuses under the Agreement which may otherwise be payable to Mr. Lane by the cumulative amount of increase in the base salary paid to Mr. Lane.

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