Gentherm Reports Grant of Previously Announced CEO and CFO Inducement Awards Under Nasdaq Listing Rule
Rhea-AI Summary
Gentherm (NASDAQ:THRM) announced the grant of inducement equity awards to its newly appointed executives. William Presley, President and CEO, received 123,135 restricted stock units (RSUs), while Jonathan Douyard, Executive VP, CFO and Treasurer, received 52,398 RSUs.
The awards, effective February 24, 2025, were granted as material inducements for their employment and will vest equally over three years on the anniversary of the grant date, contingent on continued employment. While the RSUs align with terms in Gentherm's 2023 Equity Incentive Plan, they were granted outside of it under Nasdaq Rule 5635(c)(4).
Positive
- RSU grants align executive compensation with long-term company performance and shareholder interests
- Three-year vesting schedule promotes executive retention
Negative
- Potential dilution of existing shareholders from new RSU issuance
News Market Reaction
On the day this news was published, THRM gained 2.75%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
William Presley and Jonathan Douyard received inducement RSU grants in accordance with their offer letters and pursuant to Nasdaq Rule 5635(c)(4)
NOVI, Mich., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced that the Compensation and Talent Committee (the “Committee”) of the Board of Directors has granted inducement equity awards to newly appointed William Presley, President and Chief Executive Officer, and Jonathan Douyard, Executive Vice President, Chief Financial Officer and Treasurer, each effective February 24, 2025. The awards were made in accordance with the previously announced offer letters entered into between Gentherm and each of Mr. Presley and Mr. Douyard, and were material inducements to the new employees entering into employment with Gentherm.
Mr. Presley and Mr. Douyard were granted awards consisting of 123,135 and 52,398 restricted stock units (“RSUs”), respectively, that vest in equal portions annually on each of the first three anniversaries of the grant date, subject to their respective continued employment with Gentherm. The RSUs generally have terms and conditions consistent with those set forth in the Gentherm Incorporated 2023 Equity Incentive Plan, but were granted outside of such plan. The grants were approved by the Committee in reliance on the employment inducement exemption under Rule 5635(c)(4) of the Nasdaq Marketplace Rules, which requires this public announcement.
Investor Contact
Gregory Blanchette
investors@gentherm.com
248.308.1702
Media Contact
Melissa Fischer
media@gentherm.com
248.289.9702
About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include variable temperature Climate Control Seats®, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities in the United States, Germany, China, Czech Republic, Hungary, Japan, Malta, Mexico, Morocco, North Macedonia, South Korea, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.
FAQ
How many RSUs did Gentherm (THRM) grant to its new CEO William Presley?
What is the vesting schedule for the THRM executive RSU grants announced in February 2025?
How many RSUs did Gentherm grant to new CFO Jonathan Douyard?
Under which Nasdaq rule were THRM's executive inducement awards granted?
