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Aebi Schmidt Holding AG announced Wednesday that its Board has approved retention stock awards for executives ahead of its pending merger with The Shyft Group. According to the SEC filing, the company will grant stock awards for up to 250,000 shares to members of its executive board and senior management.
The retention awards are designed to reward executives for their performance during recent months, incentivize continued service following the merger, and align their interests with shareholders by increasing their equity stake in the combined company.
Of the total awards, 110,000 shares will be distributed among three named executive officers: CEO Barend Fruithof will receive 30,000 shares, Steffen Schewerda will receive 50,000 shares, and Thomas Schenkirsch will receive 30,000 shares.
The stock awards will be subject to a three-year lockup and clawback period. If a recipient resigns or is terminated for gross misconduct before the lockup period ends, they must forfeit and surrender the awarded shares. However, if the company terminates an executive for reasons other than gross misconduct, the shares will vest upon termination.
The awards will be granted prior to the closing of Aebi Schmidt’s merger with The Shyft Group, which was announced on December 16, 2024. Under the merger agreement, Shyft will become a wholly-owned subsidiary of Aebi Schmidt.
The share numbers reflect a planned 1-to-7.5 stock split of Aebi Schmidt common stock that will occur before the merger closes. The company indicated that the full terms of the retention awards will be filed with its first Quarterly Report on Form 10-Q after the grants are made.
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