TPI Composites Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 13, 2025, the Compensation Committee (the “Committee”) of the Board of Directors of TPI Composites, Inc. (the “Company”) approved retention bonuses (the “Retention Bonuses”) for certain executive and non-executive employees of the Company (“Recipients”) to be awarded pursuant to the terms of retention bonus agreements (the “Retention Bonus Agreements”).
Pursuant to the Retention Bonus Agreements, the Company will pay the Retention Bonuses to the Recipients in a lump sum cash payment within thirty (30) days following their execution in the amount specified in their respective Retention Bonus Agreements, including the following amounts to be paid to the Company’s named executive officers: (i) $1,225,459 to William E. Siwek, the Company’s President and Chief Executive Officer; (ii) $518,155 to Ryan Miller, the Company’s Chief Financial Officer; (iii) $487,500 to Charles Stroo, the Company’s Chief Operating Officer; and (iv) $435,170 to Steven Fishbach, the Company’s General Counsel and Secretary. For the named executive officers and certain other executive officers, the Retention Bonus Agreements will provide for the recoupment of the gross amounts of the Retention Bonuses if the Recipient does not remain employed with the Company (or if the Recipient provides or receives a notice of termination), in each case, other than in the event of a Qualified Termination (as defined in and subject to the terms of the Retention Bonus Agreements), through the earlier of March 31, 2026 or the date that is sixty (60) days following the occurrence of a Restructuring Event (as defined in the Retention Bonus Agreement). Pursuant to the Retention Bonus Agreements, the Retention Bonus will replace the named executive officers’ and certain other executive officers’ right to receive certain other compensatory payments, as described in their Retention Bonus Agreements. The Committee also approved the creation of a discretionary cash retention bonus pool in an aggregate amount of $250,000 from which additional cash retention bonuses may be granted and paid from time to time to one or more eligible non-executive employees of the Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TPI Composites, Inc. | ||
| Date: June 20, 2025 | By: | /s/ William E. Siwek |
| William E. Siwek | ||
| President and Chief Executive Officer | ||