GENTEX CORP

Under our equity-based grant practices, we make annual equity-based grants to certain officers, including NEOs, in the first quarter of the calendar year at a meeting of the Board, which follows the public release of fourth quarter and year-end financial results. The exercise price, in the case of any stock options, or the value in the case of PSAs or RS, is the average closing price of our common stock on the NASDAQ for the twenty (20) trading days preceding the day of the grant for NEOs, officers, and non-employee directors. The Compensation Committee approves all equity-based grants, though the Board also approves all NEO compensation.