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GNTX > SEC Filings for GNTX > Form 8-K on 21-Jun-2013All Recent SEC Filings

Show all filings for GENTEX CORP

Form 8-K for GENTEX CORP


Change in Directors or Principal Officers

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 Paul Flynn, including oversight of the
                Company's Prototype Department and Advanced Process Group, as
                well as certain other areas, in addition to overall operations
                management. His title remains Vice President - Operations 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. Flynn's increased responsibilities, on June 17, 2013, the Company set Mr. Flynn's annual salary at $190,164 (effective in accordance with Company policies and procedures). He remains eligible for profit-sharing bonuses and discretionary bonuses, which are also available to all salaried employees and officers generally and which, in operation, provide for the same method of allocation of benefits between management and non-management participants. In addition, Mr. Flynn will also receive a 9,170-share stock option grant pursuant to the Company's shareholder approved Employee Stock Option Plan, with such grant to be made at the next regularly scheduled Compensation Committee meeting (in accordance with Company policies and procedures). Finally, Mr. Flynn is to receive a $25,000 discretionary bonus based on safety and cost containment efforts, as well as certain productivity improvements.

Notwithstanding the foregoing, Mr. Flynn does not have a written employment agreement and will continue to be an at-will employee of the Company as is the case with all employees of the Company.

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