Gentherm Reports Grant of Previously Announced CEO and CFO Inducement Awards Under Nasdaq Listing Rule
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.
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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.
