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Stock Option Award and Restricted Stock Unit Award Granted as Inducement to Thomas Snyder, New President and Chief Executive Officer of TriMas
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced that, as previously disclosed in a Current Report on Form 8-K filed on June
About this update from Trimas Corporation
[{"type":"text","content":" BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced that, as previously disclosed in a Current Report on Form 8-K filed on June 9, 2025 with the Securities and Exchange Commission, the Company has made an inducement grant to Thomas Snyder, the newly-appointed President and Chief Executive Officer of TriMas. As approved by the Company’s Board of Directors and Compensation Committee pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, the inducement grant was made on June 24, 2025, and consists of: (1) a time-based, premium-priced and non-qualified stock option award to purchase 900,000 shares of the Company’s common stock; and (2) a time-based restricted stock unit award consisting of 152,439 restricted stock units. The stock options and restricted stock units were granted outside of the terms and conditions of the TriMas Corporation 2023 Equity and Incentive Compensation Plan as an inducement to Mr. Snyder’s acceptance of employment with the Company. Each of the inducement grants is generally subject to continued employment and the terms of the respective award agreement for such grant.\n\n\nThe stock option grant consists of five tranches, with the first tranche covering 100,000 shares, and each of the remaining tranches covering 200,000 shares. The five tranches have premium exercise prices of $30, $35, $40, $45 and $50 per share, respectively, and each tranche will generally vest ratably over a five-year period from the date of grant. The stock option grant will generally have a 10-year term from the date of grant, and will be subject to pro-rata vesting (equivalent to another portion of each tranche) for Mr. Snyder’s termination due to death or disability or Mr. Snyder’s involuntary termination without cause or for good reason, as well as double-trigger vesting in the event of a change in control of the Company (or anticipatory termination within 90 days prior to such a change in control).\n\n\nThe restricted stock units will generally vest ratably over a three-year period from the date of grant, subject generally to accelerated vesting for termination due to death or disability or involuntary termination without cause or for good reason, as well as double-trigger vesting in the event of a change in control of the Company.\n\n\nAbout TriMas\n\n\nTriMas manufactures a diverse set...