Company: CVGI
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0001628280-25-017895
Chunk: 55

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 55
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 includes equity-based awards in the form of time-based restricted stock, which vests ratably over three years or cliff vests 180 days after the grantee reaches the "Rule of 70", which is the date the grantee reaches at least 60 years of age and when that grantee's age and total years of employment with the Company equals 70. The Committee continues to believe restricted stock is an appropriate element of long-term compensation because it serves as a retention incentive for the current management team whose skills and experience are desirable and sought after within the industry. Restricted stock also aligns the NE Os' interests directly with those of the stockholders, as the NEOs will realize greater or lesser value based on stock price changes during the vesting period which will parallel the interests of our stockholders over the same period. The restricted share component of the LTIP represented 50% of the total opportunity for plan participants in 2024, except for Mr. Ray for whom the restricted share component represented 45% of the total opportunity For 2025 grants, the restricted share component for all NEOs will represent 40% of the total opportunity.

On March 6, 2024, the Committee approved awards for each NEO. The target for Mr. Ray was set at $3,200,000. The target for Mr. Cheung was set at 150% of base salary. The target for Mr. Mohamed was set at 100% of base salary. The target for Mr. Tajer was set at 100% of base salary. The target for Ms. Mathers was set at 90% of base salary.

The LTIP award for Messrs. Cheung, Mohamed, Tajer and Ms. Mathers was equally weighted between time-based restricted stock and cliff vested restricted cash awards under the original plan design as described above. Ms. Mathers and Messrs. Mohamed and Cheung were also eligible for a restricted cash award for the LTI period commencing January 1, 2022 and vesting on December 31, 2024. The vested award was 0% of target, based on relative TSR performance

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measured against the comparator group in place at the time the 2022 awards were established. There was no payment to Ms. Mathers nor Messrs. Mohamed and Cheung and this is reflected in the Summary Compensation Table. Mr. Tajer's cliff vesting cash awards were forfeited with his not for cause termination of