Commercial Vehicle Group Inc
For the period ended Dec 31, 2023. Filed Apr 19, 2024.
View on SEC.govAbout this filing
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.
Dec 31, 2023 · Filed Apr 19, 2024
Contents
Summary Compensation Table
The following table summarizes the compensation of the NEOs for the years ending December 31, 2023, 2022 and 2021. The NEOs are the Company’s president and chief executive officer; former interim president and chief executive officer; former president and chief executive officer; chief financial officer; chief legal officer, compliance officer and corporate secretary; president of electrical systems; chief human resource officer; and, if applicable, the next most highly compensated executive officer, as detailed in the table below.
| 2023 Summary Compensation Table | ||||||||
|---|---|---|---|---|---|---|---|---|
| Name and Principal Position | Year | Salary ($) | StockAwards ($) (2) | Incentive PlanCompensation($) (3) | DiscretionaryBonus($) (4) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) (5) | All Other Compensation ($) (6) | Total ($) |
| Ray R. James (1) | 2023 | 10,385 | 1,521,843 | — | — | — | 362,359 | 1,894,587 |
| President and Chief Executive Officer and Director | ||||||||
| Robert C. Griffin (1) | 2023 | 720,000 | 631,827 | — | — | — | 153,200 | 1,505,027 |
| Former Interim President and Chief Executive Officer and Director | ||||||||
| Harold C. Bevis (1) | 2023 | 343,750 | 1,626,811 | — | — | — | 23,102 | 1,993,663 |
| Former President and Chief Executive Officer and Director | 2022 | 550,000 | 1,717,957 | 415,500 | — | — | 48,427 | 2,731,884 |
| 2021 | 536,539 | 1,638,097 | 660,000 | 1,350,000 | — | 45,078 | 4,229,714 | |
| Andy Cheung (1) | 2023 | 450,000 | 388,199 | 506,903 | — | — | 13,200 | 1,358,302 |
| Chief Financial Officer | 2022 | 95,192 | 220,000 | 292,500 | 100,000 | — | — | 707,692 |
| Aneezal H. Mohamed (1) | 2023 | 367,904 | 182,734 | 552,887 | — | — | 13,200 | 1,116,725 |
| Chief Legal Officer, Compliance Officer and Secretary | 2022 | 357,455 | 180,864 | 289,494 | — | — | 12,200 | 840,013 |
| 2021 | 309,920 | 160,000 | 335,450 | — | — | 11,600 | 816,970 | |
| Richard Tajer (1) | 2023 | 374,154 | 191,705 | 507,191 | — | — | 13,200 | 1,086,250 |
| President of Electrical Systems | 2022 | 331,000 | 150,731 | 315,991 | — | — | 12,200 | 809,922 |
| 2021 | 316,949 | 120,000 | 278,556 | — | — | 11,600 | 727,105 | |
| Kristin S. Mathers (1) | 2023 | 357,143 | 141,912 | 312,703 | — | — | 13,200 | 824,958 |
| Chief Human Resource Officer | 2022 | 347,000 | 183,386 | 36,435 | — | — | 22,290 | 589,111 |
| 2021 | 110,773 | 299,999 | 197,790 | — | — | 127,765 | 736,327 | |
(1) Mr. Ray was designated as an NEO in December 2023. Mr. Griffin was designated as an NEO from May 2023 to December 2023. Mr. Bevis was NEOs in 2023 (until May 19, 2023), 2022 and 2021. Mr. Cheung was designated as an NEO in November 2022. Messrs. Mohamed and Tajer and Ms. Mathers were designated as NEOs in 2023, 2022 and 2021.
(2) The amounts shown for Ms. Mathers and Messrs. Bevis, Cheung, Mohamed, and Tajer for 2023 represents the closing stock price of CVGI stock on the grant date of March 31, 2023, or $7.30. The 2023 awards for Messrs. Bevis, Mohamed, Tajer, and Ms. Mathers, were based on the average closing price of CVGI stock for twenty (20) trading days prior to the grant on March 31, 2023, or $7.14.
Mr. Bevis received awards of performance rights granted on March 23, 2023, March 31, 2022 and March 31, 2021 of 123,456, 75,848 and 64,038 shares, respectively, that have all being forfeited due to his resignation on May 19, 2023. If Mr. Bevis had remained an employee through the vesting date, the performance rights would have converted to CVGI stock following the end of the respective three-year performance period that would have concluded or concludes on December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Amounts were based on grant date fair value of $6.69, $14.20 and $15.70,respectively.
The amount shown for Ms. Mathers, and Messrs. Bevis, Mohamed and Tajer for 2022 represents the closing stock price on the grant date of March 30, 2022, or $8.61. The 2022 awards for Ms. Mathers and Messrs. Bevis, Mohamed and Tajer, were based on the average closing price of CVGI stock for twenty (20) trading days prior to the grant on March 30, 2022, or $8.35.
The amount shown for Messrs. Bevis, Mohamed and Tajer for 2021 represents the closing stock price on the grant date of March 30, 2021, or $9.88. The amount shown for Ms. Mathers for 2021 represents the closing stock price on the grant date of October 1, 2021, or $9.94.
(3) The amounts shown for Messrs. Cheung, Mohamed, Tajer and Ms. Mathers for 2023 represent an incentive earned in 2023 and paid in 2024 under the Commercial Vehicle Group Bonus Plan. For 2023, Mr. Bevis did not earn an incentive due to his resignation on May 19, 2024, before such bonus payment date in 2024. The amounts shown for Messrs. Mohamed and Tajer, includes the LTIP amounts of $69,701, and $52,278, respectively, earned in 2023 and paid in 2024 for the award period January 1, 2021 through December 31, 2023.
The amounts shown for Messrs. Bevis, Cheung, Mohamed and Tajer for 2022 represent an incentive earned in 2022 and paid in 2023 under the Commercial Vehicle Group Bonus Plan. The amount shown for Messrs. Mohamed and Tajer includes LTIP amounts of $233,195, and $267,334, respectively, earned in 2022 and paid in 2023 for the award period April 1, 2020 through December 31, 2022.
The amount shown for Mr. Mohamed for 2021 represent an incentive earned in 2022 under the Commercial Vehicle Group Bonus Plan, which includes an LTIP payment of $56,513 made in 2021 for the award period October 1, 2018 through September 30, 2021. .
(4) The amount shown for Mr. Bevis for 2021 represents a discretionary incentive bonus of $115,500 paid in 2022 at the sole discretion of the Committee. The amount shown for Mr. Cheung represents a sign-on bonus paid in 2022.
(5) Messrs. Ray, Griffin, Bevis, Cheung, Mohamed, Tajer and Ms. Mathers elected not to participate in the Deferred Plan in 2023.
(6) For our NEOs, All Other Compensation total includes company contributions to retirement plans, relocation and temporary travel/lodging expenses, and Director fees paid in 2023, as detailed in the 2023 All Other Compensation Table table below.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.