Company: CVGI
Filing Date: 2025-04-04
Form Type: PRE 14A
Source: 0001628280-25-016847
Chunk: 58

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-04-04
Form: PRE 14A
Chunk 58
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 Cheung is party to a Change in Control Agreement executed in December 2022. With the Company effecting a not for cause involuntary termination of Mr. Tajer from being President of Electrical Systems, effective October 31, 2024, and as an employee effective December 31, 2024, the Company agreed to pay Mr. Tajer less than contractual amounts. The Company will not pay Mr. Tajer twenty-four months of severance base pay; instead, the Company will pay Mr. Tajer twelve-months of severance base pay from January 1, 2025 to December 31, 2025, and all unvested equity grants, as of December 31, 2024, were forfeited by Mr. Tajer. Additionally, Mr. Tajer was not paid a bonus for the year ended December 31, 2024.

The Change-in-Control Agreements specify severance payments in the event of certain employment termination scenarios both before and following a Change-in-Control of the Company. The agreements generally provide the following:

Mr. Ray

• Termination without Cause or by the executive for Good Reason in the absence of a Change-in-Control: Any annual incentive based on actual performance earned with respect to the previous calendar year but unpaid as of the employment termination date; a prorated amount of the annual incentive for the calendar year in which the termination occurs; and salary continuation severance pay at the base salary rate for an additional 24 months.

• Termination without Cause or by the executive for Good Reason within 13 months of a Change-in-Control: Any annual incentive based on actual performance earned with respect to the previous calendar year but unpaid as of the employment termination date; a prorated amount of the annual incentive for the calendar year in which the termination occurs; the amount of any earned but unpaid portion of any incentive compensation, or any other fringe benefit to which the executive is entitled under the agreement through the date of the termination as a result of the Change-in-Control; an amount equal to the base salary rate for an additional 24 months plus target annual bonus plus COBRA payments for 18 months and immediate vesting of all restricted stock awards.

• Non-compete and non-solicitation provisions that continue for 12 months following termination of employment.

• The agreement does not provide for any tax gross up payments.

Messrs. Cheung, Mohamed, and Ms. Mathers,

• Termination without Cause or by the executive for Good Reason in the absence of a Change