In connection with the walk-away value of your current near term compensation incentives, you will receive signing incentives valued at $400,000. Such incentives will be denominated in the form of an initial vested stock grant valued at $250,000 on or about November 2, 2020; and a second vested stock grant valued at $150,000 on or about March 15, 2021.
The stock price used to determine the number of shares issued will be the average of the closing price of CVGI shares for 20 trading days leading up to the grant dates for each of the awards.
The initial value of these incentives is recoverable if you resign or are terminated for cause within 18 months of the grant. The amount recoverable will be equal to 1/18th of the award value for each full month left in the repayment window at the time of separation.