Business Context and Reporting Period
This Form 8-K Current Report was filed by Cooper-Standard Holdings Inc. on August 28, 2015. The filing reports the appointment of a new senior executive officer effective September 14, 2015.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Jonathan P. Banas as Vice President, Corporate Controller and Chief Accounting Officer. Mr. Banas joins from ZF TRW Automotive Holdings Corp., where he served as Director, Financial Reporting.
Compensation and Management Commentary
- Base Salary: $250,000 annually.
- Annual Incentive: Target of 35% of base salary for 2015.
- Signing Bonus: One-time payment of $100,000 in November 2015, subject to reimbursement if employment is voluntarily terminated prior to the one-year anniversary.
- Retention Payment: One-time payment of $60,000 on the one-year anniversary of employment, subject to continued employment.
- Long-Term Incentives: Eligible to participate in the 2011 Omnibus Incentive Plan (LTIP), with specific award composition to be determined by the Compensation Committee.
Investor Verification Checklist
- Verify the effective start date of Jonathan P. Banas (September 14, 2015).
- Review the full text of the Offer Letter (Exhibit 10.1) for specific performance metrics tied to the LTIP.
- Confirm the reimbursement terms for the $100,000 signing bonus in the event of early voluntary termination.
- Check subsequent filings for any changes to the executive compensation structure or the LTIP allocation.