Company: THRM
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001140361-25-010582
Chunk: 44

Company: Gentherm Inc
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 44
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 Pursuant to the terms of her employment contract and in accordance with market     
 practice for executives on international assignment in China, the Company provides Ms. Xu with a Company-leased automobile and the services of a driver.                                                                             |
| Assignment-Related   
 Relocation Benefits  | •Ms. Xu is a United States resident whose primary work location has been Shanghai, China                                                                                                                                             
 since her hiring in August 2019. In June 2023, Ms. Xu received an updated assignment contract to more clearly outline the expatriate benefits she received while on assignment in Shanghai. Pursuant to her updated assignment       
 contract, Ms. Xu received additional benefits during the term of her international assignment, including tax services support and tax equalization, home leave, and full reimbursement of education and housing expenses.            |

Severance And Change In Control Benefits Severance Plan. In 2021, Gentherm implemented a discretionary severance plan for U.S.-based employees to provide financial assistance to help ease the burden that may result from involuntary termination of employment (the “Severance Plan”). The Severance Plan provides for the payment, as determined by the Company in its sole discretion on a case-by-case basis, of certain benefits to active full-time or part-time employees, including the NEOs, whose employment is terminated by the Company without cause or other specified termination events. The Committee believes that the Severance Plan and related agreements create a stable work environment by providing our executive officers with certain economic benefits in the event their employment is terminated not for cause and further considered these benefits important to attract executive talent to the Company. The Committee further believed the change in control benefits provided to the NEOs are appropriate to allay the uncertainty that executive officers can experience while the possibility of a change in control exists, reinforcing their need to operate in the best interests of the Company and shareholders, and provide incentive to remain at the Company through the desired retention period. The right to receive payments and benefits is subject to the NEO’s delivery and, as applicable, non-revocation of a separation agreement that contains a release of claims against the Company and other third parties. Terminations in 2024. In connection with his involuntary separation, not for cause, effective December 31, 2024, Mr. Eyler entered into a Separation and Consulting Agreement that confirmed specified severance and related benefits from his employment agreement. His severance benefits were contingent on compliance with non-competition and non-solicitation restrictive covenants through June 30, 2026,