Gentherm Inc
For the period ended May 14, 2026. Filed Apr 1, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 14, 2026 · Filed Apr 1, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
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| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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| ☒ | Definitive Proxy Statement |
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| ☐ | Definitive Additional Materials |
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| ☐ | Soliciting Material under §240.14a-12 |
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Gentherm Incorporated
(Name of registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required |
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| ☐ | Fee paid previously with preliminary materials |
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| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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April 1, 2026
Dear Gentherm Shareholders:
On behalf of the Board of Directors, I invite you to attend the 2026 annual meeting of shareholders on Thursday, May 14, 2026, at 8:30 a.m., Eastern Daylight Time. The annual meeting will be held in a virtual-only format to provide broad access for shareholders and employees. We encourage you to submit your proxy vote in advance of the meeting by following the instructions on the accompanying proxy card.
In 2025, the Board delivered on its commitment to a seamless leadership transition with its planned succession welcoming Bill Presley as the new President, CEO and Board Director, and Jon Douyard as the new Executive Vice President, Chief Financial Officer and Treasurer. Bill and Jon hit the ground running within the organization and beyond through a concerted effort with external stakeholders.
One of the Board’s most important responsibilities is to oversee the development and execution of the Company’s long-term strategy, and during 2025, we were highly engaged in the refinement of the corporate strategy. Throughout the year, the Board played a role in reviewing strategic plans, assessing capital allocation priorities, and evaluating major business development opportunities, including mergers and acquisitions. We unanimously support the Company’s long-term strategy and acquisition of Modine Performance Technologies. We believe this will position the Company as a truly differentiated supplier with a stronger product portfolio, broader end-market diversification, and an enhanced platform for profitable growth. The transaction is expected to close by the end of 2026. We will continue to work closely with management to drive the Company’s success on its transformational growth journey.
On behalf of the Board and Gentherm’s global team, thank you for your continued investment and support of Gentherm. We respectfully request you to vote in accordance with our recommendations at the 2026 annual meeting.
Sincerely,
Ron Hundzinski
Chair, Gentherm Board of Directors
NOTICE OF 2026 ANNUAL MEETING OF SHAREHOLDERS
| Meeting Date | Time | Virtual Location | Record Date |
| Thursday, May 14, 2026 | 8:30 a.m. Eastern Daylight Time | www.virtualshareholdermeeting.com/THRM2026 | March 17, 2026 |
| PROPOSAL · BOARD OF DIRECTORS RECOMMENDATION · PROPOSAL PAGES | |||
|---|---|---|---|
| 01 | Election of Nine Directors. To elect nine directors named in the accompanying proxy statement, each to serve for a one-year term until the 2027 annual meeting of shareholders and until a successor has been duly elected and qualified, or until such director’s earlier resignation, retirement or other termination of service. | FOR each nominee | 2 – 13 |
| 02 | Say-on-Pay. To approve (on an advisory basis) the compensation of our named executive officers. | FOR approval | 32 - 33 |
| 03 | Ratify Appointment of Ernst & Young for 2026. To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2026. | FOR ratification | 73 - 74 |
| 04 | Amendment to Gentherm Incorporated 2023 Equity Incentive Plan. Approval of an Amendment to the Gentherm Incorporated 2023 Equity Incentive Plan to increase by 1,700,000 the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2023 Equity Incentive Plan. | FOR approval | 78 - 87 |
We will also transact any other business that may properly come before the meeting or any postponement or adjournment of the meeting. We are not aware of any such business. Only holders of our common stock at the close of business on March 17, 2026, the record date, are entitled to receive this notice and to attend and vote at the annual meeting.
We have designed the format of the annual meeting to provide our shareholders with similar rights and opportunities to participate to what they would have at an in-person meeting. If you encounter any difficulties accessing the virtual meeting website, please call the technical support number that will be posted on the meeting log-in page.
By Order of the Board of Directors
Wayne Kauffman
Senior Vice President, General Counsel and Secretary
Novi, Michigan
April 1, 2026
Your vote is very important. Whether or not you plan to attend the meeting, we urge you to vote promptly. If you virtually attend the annual meeting, you may revoke your proxy in accordance with the procedures set forth in the accompanying proxy statement and vote online during the meeting.
Important Notice: Regarding the availability of proxy materials for the shareholder meeting to be held May 14, 2026. The Notice of 2026 Annual Meeting of Shareholders, the accompanying Proxy Statement, and the 2025 annual report to shareholders are available at www.proxyvote.com.
| Technology to the next degree™ | www.gentherm.com |
|---|
| PROPOSAL NO. 1—ELECTION OF DIRECTORS | 2 | |
|---|---|---|
| Board Leadership | 4 | |
| Director Skills, Experience and Qualifications | 5 | |
| Director Recruitment and Board Refreshment | 7 | |
| 2026 Director Nominees | 8 | |
| Director Independence | 13 | |
| DIRECTOR COMPENSATION | 14 | |
| CORPORATE GOVERNANCE | 16 | |
| Additional Resources | 17 | |
| Key Policies and Practices | 18 | |
| Standing Committees of the Board | 20 | |
| Key Oversight by Board and Board Committees | 26 | |
| Shareholder Engagement | 29 | |
| Shareholder Communication with the Board | 29 | |
| EXECUTIVE OFFICERS | 30 | |
| PROPOSAL NO. 2—ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION | 32 | |
| COMPENSATION DISCUSSION AND ANALYSIS | 34 | |
| Executive Summary | 35 | |
| 2025 Compensation Determinations | 39 | |
| 2026 Initial Compensation Decisions | 48 | |
| Process for Making Compensation Determinations | 48 | |
| Additional Compensation Policies | 49 | |
| COMPENSATION AND TALENT COMMITTEE REPORT | 52 | |
| NAMED EXECUTIVE OFFICER COMPENSATION TABLES | 53 | |
| Summary Compensation Table for 2025, 2024 and 2023 | 53 | |
| Grants of Plan-Based Awards in 2025 | 56 | |
| Outstanding Equity Awards at December 31, 2025 | 58 | |
| Option Exercises and Stock Vested in 2025 | 59 |
| Nonqualified Defined Contribution and Other Nonqualified Deferred Compensation Plans for 2025 | 59 | |
| Potential Payments Upon Termination or Change in Control at December 31, 2025 | 60 | |
| Pay Versus Performance | 65 | |
| CEO Pay Ratio | 69 | |
| RELATED PERSON TRANSACTIONS | 71 | |
|---|---|---|
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 72 | |
| PROPOSAL NO. 3—RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR | 73 | |
| AUDIT COMMITTEE REPORT | 75 | |
| AUDIT COMMITTEE MATTERS | 77 | |
| PROPOSAL NO. 4—AMENDMENT TO THE GENTHERM INCORPORATED 2023 EQUITY INCENTIVE PLAN | 78 | |
| Proposed Amendment | 79 | |
| Summary of the 2023 Equity Plan, as Proposed to be Amended | 81 | |
| Federal Income Tax Consequences | 85 | |
| Equity Compensation Plans | 87 | |
| Interests of Directors and Executive Officers; New Plan Benefits | 87 | |
| ABOUT THE ANNUAL MEETING | 88 | |
| ADDITIONAL INFORMATION | 92 | |
| Forward-Looking Statements | 92 | |
| Delinquent Section 16(a) Reports | 92 | |
| Solicitation by Board; Expenses | 92 | |
| Requirements for Submission of Shareholder Proposals and Nominations for 2027 Annual Meeting | 92 | |
| Householding for Shareholders Sharing the Same Address | 93 | |
| APPENDIX A—FIRST AMENDMENT TO 2023 EQUITY PLAN | 94 | |
| APPENDIX B—2023 EQUITY PLAN, AS AMENDED | 95 |
Non-GAAP Financial Measures. This proxy statement includes non-GAAP financial measures that excludes the impact of certain amounts. For their definitions, supplemental information and reconciliations to the most directly comparable GAAP financial measure, see our earnings release issued on February 19, 2026 that was furnished to the SEC on a Form 8-K as of such date.
INDEX OF FREQUENTLY REQUESTED INFORMATION
| Topic | Page |
|---|---|
| Audit Fees | 77 |
| Board Leadership | 4 |
| CEO Pay Ratio | 69 |
| Clawback Policy | 50 |
| Director Attendance | 20 |
| Director Independence, Age and Tenure | 6; 13 |
| Director Nominee Backgrounds | 8 |
| Director Skills and Experience | 6 |
| Elements of Compensation | 38 |
| Pay Versus Performance | 65 |
| Topic | Page |
|---|---|
| Peer Group | 49 |
| Required Approvals for Proposals | 92 |
| Risk Oversight of Board | 26 |
| Securities Trading Policy; No Hedging and Pledging | 20; 50 |
| Standing Committees of the Board | 20 |
| Stock Ownership Guidelines – Directors | 15 |
| Stock Ownership Guidelines – Officers | 49 |
| Succession Planning and Board Refreshment | 7 |
| Target Pay Mix | 37 |
2026 PROXY STATEMENT
PROXY STATEMENT │ ANNUAL MEETING OF SHAREHOLDERS │MAY 14, 2026
GENERAL INFORMATION ABOUT THE ANNUAL MEETING
This proxy summary does not contain all of the information that you should consider. You should read the entire proxy statement before voting. For more complete information regarding the 2025 performance of Gentherm Incorporated (“Gentherm”, “we”, “us”, “our” or the “Company”), review our 2025 annual report to shareholders.
ATTEND AND VOTE AT ANNUAL MEETING
| Meeting Date | Time | Virtual Location | Record Date |
|---|---|---|---|
| Thursday, May 14, 2026 | 8:30 a.m. Eastern Daylight Time | www.virtualshareholdermeeting.com/THRM2026 | March 17, 2026 |
PLEASE VOTE TODAY
Your vote is important. Whether or not you plan to attend the 2026 annual meeting of shareholders (the “annual meeting”) via live webcast, we urge you to vote promptly to save us the expense of additional solicitation. Please carefully review the proxy materials and follow the instructions below to cast your vote on all of the proposals.
VOTING METHODS IN ADVANCE OF ANNUAL MEETING
Make sure to have your Notice of Internet Availability of Proxy Materials, proxy card or voting instruction card and follow the instructions. If you are a record holder, you may vote using one of the following methods. If you are a beneficial owner, you may vote using one of the methods listed on your voting instruction card.
| Online | By Phone | By Mail |
|---|---|---|
| www.proxyvote.com | 1-800-690-6903 | Request a printed copy of the proxy materials and complete, sign and return your proxy card |
| 1 | 2026 PROXY STATEMENT |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.