ESOPApr 28, 2026, 04:58 PM
CVGI Employee Surrenders 85,031 Excess Restricted Shares
AI Summary
Commercial Vehicle Group, Inc. amended and restated a restricted stock agreement with employee James R. Ray. The original grant of 805,031 restricted shares was found to have exceeded the company's Plan Share Limitation by 85,031 shares. To rectify this, Mr. Ray agreed to surrender these 85,031 unvested excess shares for no consideration, resulting in a corrected grant of 720,000 restricted shares. The agreement outlines vesting schedules, transfer restrictions, and includes standard clauses such as confidentiality, non-compete, and intellectual property assignment.
Key Highlights
- Original grant to James R. Ray was 805,031 restricted shares.
- Grant exceeded the Plan Share Limitation by 85,031 shares.
- Grantee surrenders 85,031 unvested shares for no consideration.
- Remaining restricted shares total 720,000.
- Shares vest over three years: 33.33% by March 31, 2026, then 50% of remaining by March 31, 2027, and the rest by March 31, 2028.
- Agreement includes a one-year post-employment non-compete clause.
- Confidentiality and intellectual property assignment clauses are included.
Price Impact
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