Document:

EX-10.1

			
	

	  	 ANNUAL INCENTIVE PLAN

2015

  
  

Exhibit 10.1 
 The Commercial Vehicle Group, Inc.
(the “Company”) 2015 Annual Incentive Plan (the “2015 Plan”) period will be one year, coinciding with the Company’s fiscal year. The performance measures are exclusively financial in nature and will include net sales,
operating profit margin, and operating profit after capital charge (“OPACC”). 
 Participants assigned to a specific Business Unit will have a mix
of consolidated and line of business metrics that promotes high level collaboration and divisional “line of sight” performance. Corporate participants will have consolidated metrics. 

 

																									
	 2015 Annual Incentive Plan Metrics and Weighting
	 
	 	  	Net Sales	 	 	Operating Profit Margin	 	 	OPACC	 	 	TOTAL	 
	  	Corporate	 	 	Business
Unit	 	 	Corporate	 	 	Business
Unit	 	 	All	 	 
	 Corporate Participants
	  	 	20	% 	 				 	 	60	% 	 				 	 	20	% 	 	 	100	% 
	 Business Unit Executives
	  				 	 	15	% 	 	 	60	% 	 	 	10	% 	 	 	15	% 	 	 	100	% 
	 Business Unit Associates
	  				 	 	15	% 	 	 	20	% 	 	 	50	% 	 	 	15	% 	 	 	100	% 

  

			
	 2015 Annual Incentive Plan Performance Payouts

(See Addendum for 2015 Performance Targets)

		
	 Below Threshold
	 	No Payout
		
	 Threshold Performance
	 	25% Payout
		
	 Target Performance (Plan)
	 	100% Payout
		
	 Superior/Maximum Performance
	 	200% Payout

			
	

		 ANNUAL INCENTIVE PLAN

2015

  

  

Payouts for results between the threshold and target levels of performance and between the target and maximum levels of performance will be determined using
straight line interpolation. 
 Participation 
 New
hires selected to participate in the 2015 Plan will be eligible to participate in the first year of employment with the first year’s award pro-rated based on the number of complete calendar months worked in the plan year, unless otherwise
indicated at hire. 
 Plan Payout Approach 
 Awards
under the 2015 Plan shall be paid as wages as a separate line item, or via separate check through the normal payroll process. All awards paid under the 2015 Plan shall be subject to applicable tax withholding requirements. Participants must be
actively employed on the date of payout to receive a payment. Participants who are terminated for any reason prior to the payout date will forfeit their calculated award. The disposition of individual questions, disputes or exceptions will be
determined by the Chief Financial Officer and Chief Executive Officer. Any inquiry or dispute regarding the 2015 Plan, or payments under the 2015 Plan, must be directed in writing to the Chief Human Resources Officer. 

Administration 
 The 2015 Plan will be administered by the
Compensation Committee of the Board of Directors, with support from the Chief Human Resources Officer, the Chief Financial Officer, and the Chief Executive Officer of the Company. The Compensation Committee has the discretion to review, modify and
approve the calculation of the annual performance goals and determine the amount of any bonuses payable under the 2015 Plan for the sole purpose of ensuring that the incentive payments are calculated with the same intentions in which the targets
have been set for the current year, including making adjustments to eliminate the effects of restructuring and other (income) expenses not foreseen at the time the 2015 Plan was established, which may include: 

 

	 	•	 	Significant changes in accounting policies 

  

	 	•	 	Third party costs associated with non-integration, merger & acquisition expense 

  

	 	•	 	Early extinguishment of debt 

  

	 	•	 	Significant gains or losses on the unplanned sale of a business segment or property 

  

	 	•	 	Restructuring costs associated with workforce reductions 

  

	 	•	 	Significant asset impairment charges, excluding reserves made in the normal course of business 

  

	 	•	 	Benefits or expenses associated with significant changes in deferred taxes 

			
	

		 ANNUAL INCENTIVE PLAN

2015

  

 
  

	 	•	 	FX moves against US currency 

  

	 	•	 	Unusual material legal settlements, exclusive of defense or litigation costs 

 In addition, the Compensation
Committee has the discretion to increase or decrease the payouts based on significant differences in individual performance of each of the executive officers or other 2015 Plan participants. 

The existence of a plan does not guarantee a payment under the 2015 Plan and CVG reserves the right to amend or eliminate the 2015 Plan at any time.
Participation in the 2015 Plan is not a guarantee of the right to participate in a plan in future years. Participants must continue to satisfy the requirements of the 2015 Plan in order to participate. Participants shall also be subject to all
applicable conduct and performance standards including, without limitation, the Company’s Code of Ethics, at all times while performing transactions for which awards are payable hereunder. The Chief Executive Officer may cancel an award related
to, or in recognition of, a particular transaction if the Company discovers that the Participant to whom the award may be due has violated any of the above conditions. If the Company discovers such a violation after it has paid an award, the Company
reserves the right to pursue any means allowed by law to recover the amount of such an award. 
 Payments will be calculated under the 2015 Plan utilizing
the published metrics. Calculated payments will be presented to the Compensation Committee for review and approval prior to payment. 
 General 

The 2015 Plan, participation hereunder, and/or receipt of an award shall neither create nor constitute a contract of employment. Neither the 2015 Plan nor
participation hereunder shall guarantee future employment for any period of time. Participants remain employees at will, and either the Company or a Participant may terminate the Participant’s employment at any time for any reason. 

Payments under the 2015 Plan will not be taken into account for purposes of calculating a Participant’s benefits under any of the Company’s other
employee benefit plans or arrangements unless otherwise expressly and specifically provided in such benefit plan or arrangement. 
 The 2015 Plan is
unfunded and a Participant’s rights under the 2015 Plan will be equivalent to that of an unsecured general creditor of the Company. The 2015 Plan is intended to be exempt from Internal Revenue Code section 409A and will be administered
accordingly.EX-10.2

 

 
 Exhibit 10.2 

October 7, 2013 
 Mr. Brent A. Walters 

920 Wootton Rd. 
 Bryn Mawr, PA 19010 

 

			
	Subject:		Employment Offer

 Dear Brent: 
 On behalf of Rich
Lavin, I am pleased to extend the following offer of employment with Commercial Vehicle Group, Inc. (The “Company”). 
  

			
	Job Title		General Counsel, Chief Compliance Officer & Corporate Secretary
		
	Start Date		Monday, October 28, 2013
		
	Reports To		Rich Lavin, President and Chief Executive Officer
		
	Salary		$315,000 if annualized, payable bi-weekly
		
	Relocation		The Company will pay or reimburse all documented, reasonable and customary expenses related to your relocation to Central Ohio. Relocation benefits include home marketing assistance, temporary housing, costs associated with the sale
and/or purchase of a home, and relocation of household goods. Relocation services may be provided by SIRVA on behalf of Commercial Vehicle Group. The maximum budget for your relocation is $100,000. Costs incurred in excess of the budget may be
considered but are subject to specific review and additional approvals as expense overruns are incurred.
		
			All eligible expenses must be incurred and submitted within 12 months of your hire date in order to be eligible for relocation benefits. All relocation expenses paid or reimbursed by the Company are recoverable if you resign or are
terminated for cause within 24 months of your final relocation payment. The amount recoverable will be equal to 1/24th of the reimbursement for each full month left in the repayment period at the time of separation.

  
 7800 Walton Parkway /
New Albany, OH / 43054 / 614.289.5360 

							
							

  

					
	 Equity
 Incentives
		You will be eligible to receive equity and other long-term incentive awards under any applicable plan adopted by the Company during your employment term for which similarly situated employees are generally eligible. The
level of participation in any such plan shall be determined at the sole discretion of the Board from time to time.
			
			(a)		You will be granted, within thirty (30) days of hire, an award of 10,000 shares of restricted stock pursuant to the terms of the Company’s Equity Incentive Plan. Such restricted stock will vest ratably over three years.
The terms and conditions of the award shall be governed in all respects by the definitive documentation related to the grant of such award.
			
			(b)		You shall be eligible, pursuant to the terms of the Company’s long-term incentive plan, to receive an additional discretionary annual restricted stock and/or restricted cash award. The terms and conditions of such awards will
be no less favorable than those awards granted to other senior officers of the Company, except to the extent duplicative of the restricted shares received at hire.
		
	Bonus		You will be eligible for an annual discretionary award targeted at 75% of your base compensation, pro-rated for 2013 based on your start date.
		
			The 2013 Annual Incentive Plan measures are exclusively financial in nature and are tied to corporate and divisional Net Sales, Operating Profit Margin and Return on Average Invested Capital targets. Payouts range from
0% - 200% of target based on performance against plan.
		
	Vacation		Four weeks per calendar year, pro-rated for 2013 at 13.33 hours per month.
		
	Holidays		Ten days, in accordance with annual observation calendar.
		
	Group Benefits		Hospital/Surgical/Medical, Dental and Vision insurance is available for you and all eligible dependents. Coverage is effective on the first day of the month following your date of hire. A bi-weekly payroll deduction will
apply based on the type of coverage you select.
		
			Group life insurance coverage equal to $750,000 is provided at no cost to you and with no medical exam required. This coverage is also effective on the first day of the month following your date of hire.
		
			Short term disability coverage applies after 180 days of employment and provides disability pay at 100% of your base salary for the first two weeks and up to an additional 24 weeks at 60% of base salary.
		
			Long term disability coverage takes effect following the exhaustion of your short term disability coverage.
		
			All associates over the age of eighteen are eligible for enrollment in our 401(k) Savings Plan on the first day of the month following date of hire. Currently, the company matching contribution is fifty cents for every
dollar contributed, up to 6% of annual salary. Matching contributions vest ratably over three years.

  
 7800 Walton Parkway /
New Albany, OH / 43054 / 614.289.5360 

							
							

  

			
			You will also be eligible to enroll in Commercial Vehicle Group’s Deferred Compensation Plan.
		
			Details on our salaried benefit programs are enclosed with this letter. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.
		
	 Stock
 Ownership
		Pursuant to the Company’s Stock Ownership Guidelines published March 7, 2011, executive officers are expected to own and hold shares of the Company’s common stock with a Value (as defined in the Stock Ownership Policy)
equal to two times your annual base salary.
		
	Conditional		This offer is contingent upon you successfully passing a pre-employment background check and drug screen.

 This offer will remain open through close of business on October 10, 2013. If you have any questions, please contact me
directly at 614-289-0253. 
 On behalf of Rich Lavin, and all of us at CVG, we anticipate your positive response and look forward to welcoming you to the
organization soon. 
  

	
	Sincerely,
	
	/s/ Laura Macias
	
	Laura L. Macias
	Vice President Human Resources

  
 7800 Walton Parkway /
New Albany, OH / 43054 / 614.289.5360

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