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In a recent move to stabilize its executive team during a leadership transition, TriMas Corporation (NASDAQ:TRS) has implemented an executive retention program. On Monday, the company's Board of Directors and its Compensation Committee approved retention awards for key officers, as detailed in an 8-K filing with the Securities and Exchange Commission.
The program includes a cash retention payment and restricted stock units (RSUs). Jodi Robin, General Counsel and Secretary, and Jill Stress, Chief Human Resources Officer, will each receive a lump sum of $150,000 on or about February 20, 2025. This payment is contingent upon their continued employment with TriMas for at least one year from the effective date of February 12, 2025. If either executive departs without a valid reason or is terminated for cause before the one-year mark, they must return the payment to the company.
Additionally, the Board and Committee have granted Special RSU Awards under the company's 2023 Equity and Incentive Compensation Plan. Fabio Salik, President of TriMas Packaging (NYSE:PKG), will receive RSUs valued at $600,000, while Robin and Stress will each receive RSUs worth $250,000. These awards will vest over two years, with 50% vesting on the first anniversary and the remainder on the second anniversary, provided the executives remain with TriMas through each vesting date. Vesting may accelerate under certain conditions, such as death, disability, termination without cause, or a change in company control, subject to the execution and non-revocation of a release of claims in favor of TriMas.
This strategic decision follows the announcement of a CEO transition on January 6, 2025, and is part of TriMas's efforts to ensure a smooth changeover and retain critical leadership talent. The information is based on a press release statement.
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