Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 8, 2018, the Compensation Committee of the Board of Directors of Commercial Vehicle Group, Inc. (the “Company”) approved the Commercial Vehicle Group, Inc. Annual Incentive Plan (the “Bonus Plan”). Each executive officer is eligible to participate in the Bonus Plan. The Bonus Plan is based solely on Company-wide financial performance metrics and weightings for each plan year established by the Compensation Committee of the Board of Directors (the “Compensation Committee”).
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 Bonus Plan for the sole purpose of ensuring that the incentive payments are calculated with the same intentions in which the targets were set for the year, including making adjustments to eliminate the effects of certain unforeseen events at the time the Bonus Plan was established.
In addition, the Compensation Committee has the discretion to increase or decrease the payouts based on significant differences in individual performance for each of the executive officers.
A copy of the Commercial Vehicle Group, Inc. Annual Incentive Plan is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
Description |
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Commercial Vehicle Group, Inc. Annual Incentive Plan |
Commercial Vehicle Group, Inc. ExhibitEX-10.1 2 incentiveplanfinal.htm EXHIBIT 10.1 Exhibit Annual Incentive Plan The plan year for purposes of the Commercial Vehicle Group,…To view the full exhibit click here
About Commercial Vehicle Group, Inc. (NASDAQ:CVGI)
Commercial Vehicle Group, Inc. is a supplier of a range of cab-related products and systems. The Company operates through two segments: the Global Truck and Bus Segment (GTB Segment) and the Global Construction and Agriculture Segment (GCA Segment). The GTB Segment manufactures and sells products, which include Seats, Trim, sleeper boxes, cab structures, structural components and body panels, and mirrors and wiper systems. The GCA Segment manufactures and sells the products, which include Electronic wire harness assemblies and Seats, Wiper systems, Office seating, and Aftermarket seats and components. It supplies products for the commercial vehicle market, including the medium-and heavy-duty truck market, the medium-and heavy-construction vehicle market, and the military, bus, agriculture, mining, industrial equipment and off-road recreational markets. It has manufacturing operations in the United States, Mexico, the United Kingdom, Czech Republic, Ukraine, China, India and Australia.
