Company: CVGI
Filing Date: 2025-04-04
Form Type: PRE 14A
Source: 0001628280-25-016847
Chunk: 71

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-04-04
Form: PRE 14A
Chunk 71
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 with the Change-in-Control Agreement.

In the event of a Change in Control and termination within thirteen months, the severance/salary termination benefit for Mr. Ray is equal to two times the amount of his current base salary plus annual bonus.

In the event of a Change in Control and termination within thirteen months, the severance benefit for Messrs. Cheung, Mohamed and Ms. Mathers is equal to the amount of their current annual compensation, which is defined as the total of the base salary in effect at the time of the termination, plus the average annual performance incentive award actually received by the NEO over the last three fiscal years. The current annual compensation does not include the value of any stock options granted or exercised, restricted stock awards granted or vested, or contributions to 401(k) or other qualified plans. One-half of the salary termination benefit is payable as a lump sum payment within 30 days of termination and one-half of the salary termination benefit is payable as severance pay in equal monthly payments commencing 30 days after termination of employment and ending on the date that is the earlier of two and one-half months after the end of the fiscal year in which termination occurred or death, but if the NEO is deemed to be a “specified employee” (within the meaning of Section 409A of the Internal Revenue Code) on the date of termination of his employment, any severance payments that are considered deferred compensation subject to the requirements of 409A will be made on the earlier of the delay period. Upon expiration of the delay period, all payments that would have been paid in the absence of such delay shall be paid to the NEO in a lump sum, and any remaining payments and benefits shall be paid or provided in accordance with the Change-in-Control Agreement.

(3) Payments relating to restricted stock represent the value of unvested restricted stock as of December 31, 2024 that will immediately vest in the trigger event, calculated by multiplying the number of unvested shares of restricted stock as of December 31, 2024 by the closing market price of our common stock on December 31, 2024, which was $2.48. See the "Outstanding Equity Awards at Fiscal 2024 Year-End Table."

(4) For Mr. Ray, the amount represents the amount that would be earned and paid based on our Total Shareholder Return relative to the Total Shareholder Return of companies in the total Shareholder Return Group, for January 1, 2024 to December 31,