Amendment No. 1 to Summary of Non-Employee Director Compensation (Gentherm Incorporated)
This amendment, effective from the 2020 to 2021 annual shareholder meetings, changes how Gentherm Incorporated compensates its non-employee directors. Instead of receiving their annual cash retainers, directors will now receive restricted stock of equivalent value. The total annual equity retainer is increased to include the former cash amount, and all restricted stock will vest one year after it is granted, provided the director continues to serve or retires.
Exhibit 10.8
Gentherm incorporated
AMENDMENT NO. 1 TO SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
For the period commencing on the date of the 2020 annual meeting of shareholders and ending on the date of the 2021 annual meeting of shareholders, the non-employee directors of the Company shall receive their annual cash retainers, calculated as provided in the Summary of Non-Employee Director Compensation that was effective starting with the 2019 annual meeting of shareholders, in the form of restricted stock instead of cash. Accordingly, the value of the annual equity retainer will be increased by the value of the annual cash retainer, with all restricted stock vesting on the first anniversary of the date of grant, subject to the applicable director’s continued service or retirement.
