TMCnet News
GENTEX CORP FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) Gentex Corporation (the "Company") has increased the overall responsibilities of Mark Newton. His title is Senior Vice President and Secretary and he is already an executive officer with reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended. In connection with Mr. Newton's increased responsibilities, on August 21, 2014, the Company set Mr. Newton's annual salary at $379,550 (effective in accordance with Company policies and procedures). In addition, Mr. Newton will also receive a 23,780-share stock option grant pursuant to the Company's shareholder approved Employee Stock Option Plan (in accordance with Company policies and procedures). Moreover, Mr. Newton is to receive a $57,000 discretionary bonus. Also, effective that same date, the Company has increased the overall responsibilities of Steve Downing. His title is Chief Financial Officer and Vice President, Finance and Treasurer and he is already an executive officer with reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended. In connection with Mr. Downing's increased responsibilities, on August 21, 2014, the Company set Mr. Downing's annual salary at $200,000 (effective in accordance with Company policies and procedures). In addition, Mr. Downing will also receive a 11,250-share stock option grant pursuant to the Company's shareholder approved Employee Stock Option Plan (in accordance with Company policies and procedures). Moreover, Mr. Downing will receive a $62,000 discretionary bonus. Notwithstanding the foregoing, neither Mr. Newton nor Mr. Downing have written employment agreements, and will continue to be at-will employees of the Company as is the case with all employees of the Company. -------------------------------------------------------------------------------- |