The company said its board appointed Steven O. Vondran as President and Chief Executive Officer on October 26, 2023, effective February 1, 2024.

1. 01

   The company said its board appointed Steven O. Vondran as President and Chief Executive Officer on October 26, 2023, effective February 1, 2024.

2. 02

   The company said its Compensation Committee approved a base salary of $1,000,000 and a target cash bonus of $2,000,000, or 200% of base salary, for Vondran for the year ending December 2024, as of February 5, 2024. The changes take effect on February 1, 2024.

3. 03

   The company said the committee approved an equity award for Vondran with an award value of $10 million, allocated 70% to performance-based restricted stock units (PSUs) and 30% to restricted stock units (RSUs). It also said annual cash bonus incentives may be increased by the committee to up to 200% of Vondran's bonus target.

4. 04

   The company said each PSU is based on a 3-year performance period, and each RSU vests in 1/3 installments annually over 3 years, starting 1 year after the grant date. It also said compensation for Thomas A. Bartlett, advisor to the Chief Executive Officer, will remain unchanged from his prior role, and he did not receive an equity grant for 2024.

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