What changed in this filing

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Item 1. Business

2024-02-22 compared with 2023-02-22 · 95 added, 61 removed, 262 unchanged (37% of the section changed)

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Gentex Corporation (the "Company") was incorporated as a Michigan corporation in 1974.

The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products, including:

The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection technologies, including:

automatic-dimming rearview and non-dimming mirrors and electronics for the automotive industry;

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The Company ships its products to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide.

At its inception, the Company manufactured smoke detectors, a product line that has since evolved to include a variety of fire protection products.

At its inception, the Company manufactured smoke detectors, a product line that has since evolved to include a variety of fire protection technologies.

In the early 1980's, the Company introduced an interior electromechanical automatic-dimming rearview mirror as an alternative to the manual day/night rearview mirrors for automotive applications.

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The teams researched, designed, and rapidly iterated multiple prototypes in order to develop unique features that address major gaps in current surgical lighting solutions.

In 2023, the Company will continue to work on the intelligent medical lighting system in order to assess system performance and work toward obtaining any necessary approvals.

The Company will continue to work on the intelligent medical lighting system in order to assess system performance and work toward obtaining any necessary approvals.

In April 2020, the Company, in the ordinary course of business, acquired Vaporsens, Inc.

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The Vaporsens technology has a wide variety of use cases in various markets and industries, with potential applications for automotive, aerospace, agriculture, chemical manufacturing, military and first responders, worker safety, food and beverage processing, and medical.

In November 2020, the Company announced a partnership, in the ordinary course of business, with PayByCar™, to pursue compatibility between the Company's ITM ® and PayByCar's innovative payment solution that allows drivers to use their smart phones and toll transponder to fuel up at certain gas stations without using cash or a credit card.

Compatibility between these two technologies can help to grow each company's respective consumer base while introducing new users to the benefits of the transactional vehicle.

In January 2021, the Company announced a partnership, in the ordinary course of business, with Simplenight to provide drivers and vehicle occupants with access to enhanced mobile capability for booking personalized entertainment and lifestyle experiences in addition to everyday purchases.

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It is able to detect even slight movements, including heartbeats.

In January 2022, the Company announced a partnership, in the ordinary course of business, with eSight, a leading provider of vision enhancement technology, to develop and manufacture the next generation of mobile electronic eyewear designed to help people living with visual impairments.

The Company plans to utilize its expertise in digital vision, software development and industrial design to help eSight develop the next generation of eyewear, with a focus on reducing device size, enhancing its form factor, and optimizing overall system performance.

In 2022, the Company obtained an approximate 20% equity share in GreenMarbles, in the ordinary course of business.

GreenMarbles is a leading provider of sustainable solutions for integration into properties.

The Company plans to utilize this relationship to promote the HomeLink Connect ® App with property developers and contractors.

The Company intends for this relationship to promote the HomeLink Connect ® App with property developers and contractors.

On May 1, 2023, the Company announced a partnership, in the ordinary course of business, with Adasky Ltd.

("Adasky"), a developer and manufacturer of intelligent, high-resolution thermal sensing systems for vehicle safety and perception applications and smart city roadway solutions.

In addition to the partnership, the Company has obtained an approximate 27% equity share in Adasky.

On November 2, 2023, the Company acquired certain technology assets from eSight Corporation ("eSight"), in the ordinary course of business.

The technology acquired from eSight provides advanced and versatile low-vision smart glasses for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease.

eSight wearables are inspected and registered by

public health officials.

Esight 4, which is the fourth generation of the product, is a Class 1 Medical Device that is registered with the FDA, registered with EUDAMED, and inspected by Health Canada.

The Company has been developing, initially for contract manufacture and now as the owner, the technology, referred to as eSightGo.

Deliveries of eSightGo to customers are expected to begin in calendar year 2024.

On January 8, 2024, the Company announced a partnership, in the ordinary course of business, with Solace Power, an innovative wireless power transfer technology company.

This collaboration is intended to further develop, manufacture, and commercialize Solace Power’s unique wireless power systems for a wide variety of industries.

In addition to the partnership, the Company obtained an approximate 13% equity share in Solace Power.

The Company believes Solace Power’s technology not only has immediate applications in the current Company product portfolio, but can also play an important role in the Company’s continued expansion into new markets.

On January 9, 2024, the Company announced the introduction of a suite of smart home safety products with room-specific functionality called PLACE.

PLACE offers a holistic solution that blends smart home safety, comfort, and security features into one sophisticated system, all controlled from a single, user-friendly app.

The PLACE portfolio of smart-home solutions is designed to address the nuanced safety requirements of various home spaces.

The base Any Space unit provides smart smoke and carbon monoxide detection and Wi-Fi connectivity for space-specific alerts.

The system’s versatility is further demonstrated through specialized units for the kitchen, nursery, and garage, each equipped with additional safeguards like gas and VOC detection, room-monitoring cameras, intercoms, and temperature and humidity sensing, as appropriate to the application.

Automotive revenues represent approximately 98% of the Company's total revenue in 2023, mostly consisting of interior and exterior electrochromic automatic-dimming rearview mirrors and automotive electronics.

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The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products, including:

The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection technologies, including:

automatic-dimming and non-automatic-dimming rearview mirrors and electronics for the automotive industry;

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Automotive Rearview Mirrors and Electronics.

Automotive applications are the largest business segment for the Company, mostly consisting of interior and exterior electrochromic automatic-dimming rearview mirrors and automotive electronics.

Automotive applications are the largest business segment for the Company, consisting primarily of interior and exterior electrochromic automatic-dimming rearview mirrors and automotive electronics.

The Company manufactures interior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver.

These electronic interior mirrors can also include additional electronic features such as compass, microphones, HomeLink ® , interior driver and cabin monitoring systems, lighting assist and driver assist forward safety camera systems, various lighting systems, various telematics systems, ITM ® systems, and a wide variety of displays, including the Full Display Mirror ® product.

The Company also ships interior non-automatic-dimming rearview mirrors with and without features.

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Certain of the Company's newer features can be located either in the rearview mirror or other locations in the vehicle.

Additionally, as the Company expands its Full Display Mirror ® product and the ITM ® system, rearward facing video cameras and integrated toll transponders are being produced and sold.

The Company produces rearview mirrors and electronics globally for automotive passenger cars, light trucks, pickup trucks, sport utility vehicles, and vans for OEMs, automotive suppliers, and various aftermarket and accessory customers.

Additionally, as the Company expands its FDM ® product and the ITM ® system, rearward facing video cameras, digital video recording, and integrated toll transponders are being produced and sold.

The Company produces rearview mirrors and electronics globally for automotive passenger cars, light trucks, pickup trucks, sport utility vehicles, and vans for original equipment manufacturers ("OEMs"), automotive suppliers, and various aftermarket and accessory customers.

Automotive rearview mirrors and electronics accounted for 98% of the Company’s consolidated net sales in 2023.

The Company is the leading manufacturer of electrochromic automatic-dimming rearview mirrors in the world, and is the largest supplier to the automotive industry.

Competitors for automotive rearview mirrors include Magna International, Tokai Rika Company, SMR Automotive, Aolian, Intertech, Kingband, BYD Auto Company, Sincode, Yanfeng Visteon, Xiamen Intertech, Guangdong Yuanfeng, Chongqing Yimei, Murakami, Ultronix, Aizhuo, Alpine Electronics, Inc., Licon, MirrorTech, Ambilight, and others in the Chinese automotive aftermarket.

Competitors for automotive rearview mirrors include Magna International ("Magna"), Fudi Technology, Aolian, Ultronix, Tokai Rika Company, SMR Automotive, Intertech, Adayo, Sincode, Mike Shanghai, Guangdong Yangfeng Electronic Technology Co.

Licon, MirrorTech, Amblilight, and Chongqing Yimei.

The Company also supplies electrochromic automatic-dimming rearview mirrors to certain of these rearview mirror competitors.

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Advanced-feature automatic-dimming mirrors currently being offered by the Company include one or more of the following features:

SmartBeam ® , HomeLink ® , HomeLink Connect ® , frameless mirror designs, LED map lamps, compass displays, telematics, ITM ® systems, hands free communication, Rear Camera Display ("RCD") interior mirrors, FDM ® interior mirrors, digital video recording solutions, exterior turn signals, side blind zone indicators and

various other exterior mirror features that improve safety and field of view.

SmartBeam ® , HomeLink ® , HomeLink Connect ® , frameless mirror designs, compass displays, telematics, ITM ® systems, hands free communication, Rear Camera Display ("RCD") interior mirrors, FDM ® interior mirrors, digital video recording solutions, exterior turn signals, side blind zone indicators and various other exterior mirror features that improve safety and field of view.

Advanced features currently in development include:

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The Company generally supplies automatic-dimming mirrors and mirrors with advanced electronic features to its customers worldwide under annual blanket purchase orders with customers, as well as under long-term agreements with certain customers, entered into in the ordinary course of the Company's business.

The Company is currently supplying mirrors and electronic modules for Aston Martin, BMW Group, Daimler Group, Faraday Future, Ferrari, Ford Motor Co., Geely/Volvo, General Motors, Harley Davidson, Honda Motor Co., Hyundai/Kia, Lucid Motors, Mazda, Mahindra & Mahindra, McLaren, Polaris, Renault/Nissan/Mitsubishi Group, Rivian Automotive, Stellantis, Subaru, Suzuki, Tata Motors, Tesla, TOGG Inc., Toyota Motor Company, Volkswagen Group, VOXX International, as well as shipments to domestic China manufacturers (BYD, Chery, Dongfeng, FAW, Great Wall Motors, Human Horizon, King Long, Lixiang Auto, NIO, SAIC, and Xpeng EV).

The Company is currently supplying mirrors and electronic modules for Aston Martin, BMW Group, Daimler Group, Faraday Future, Ferrari, Ford Motor Co., Geely/Volvo, General Motors, Harley Davidson, Honda Motor Co., Hyundai/Kia, Lucid Motors, Mazda, Maruti Suzuki, Mahindra & Mahindra, McLaren, Polaris, Renault/Nissan/Mitsubishi Group, Rivian Automotive, Stellantis, Subaru, Suzuki, Tata Motors, Tesla, TOGG Inc., Toyota Motor Company, Volkswagen Group, VOXX International, as well as shipments to domestic China manufacturers (BYD, Chery, Dongfeng, FAW, Great Wall Motors, Human Horizon, King Long, Lixiang Auto, NIO, SAIC, and Xpeng EV).

Revenues by major geographic area are disclosed in Note 7 of the Consolidated Financial Statements.

Traditionally, new products and technologies have been restricted to high-end vehicles and premium trim/option packages.

As consumer demand has continued to pursue the adoption of advanced technology, more OEMs have shifted to offer a variety of trim packages and option packages for each of their vehicles, creating a range of available pricing and technologies across their lineups.

Historically, new products and technologies have penetrated high-end vehicles and premium trim/option packages to begin.

As consumer demand increases for such advanced technologies, more OEMs shift to offer a variety of trim packages and option packages for each of their vehicles, creating a range of available pricing and technologies across their lineups.

In some instances, Company products such as the FDM ® appeal to consumers who are interested in new technology, while also resolving rearward vision limitations created by vehicle design changes that increase aerodynamics.

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As more consumers have become familiar with interior and exterior dimming mirrors, HomeLink ® , FDM ® , ITM ® , and other Company technologies, consumers have continued to select these technologies in their subsequent vehicles, driving further market and nameplate penetration as OEMs launch new vehicles and expand into new markets.

Where OEMs had historically used Company technologies only to differentiate from one another, they have now begun to also use Company technologies to differentiate trim lines across their own nameplates.

Where OEMs had historically used Company technologies only to differentiate from one another, they now also use Company technologies to differentiate trim lines across their own nameplates.

In new markets, emerging OEMs have recognized the need to include Company products in their vehicles to compete with global OEMs.

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While the Company believes it will retain a significant position in automatic-dimming rearview mirrors for some time, another U.S.

manufacturer, Magna Mirrors, a division of Magna International ("Magna"), continues to compete for sales to domestic and foreign vehicle manufacturers and is supplying a number of domestic and foreign vehicle models with its versions of auto-dimming mirrors and appears to have considerably more resources available to it.

manufacturer, Magna Mirrors, a division of

Magna, continues to compete for sales to domestic and foreign vehicle manufacturers and is supplying a number of domestic and foreign vehicle models with its versions of auto-dimming mirrors and appears to have considerably more resources available to it.

As such, Magna may present a formidable competitive threat.

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In addition, a Japanese manufacturer (Tokai Rika) is currently supplying a few vehicle models in Japan with solid-state electrochromic mirrors.

There are also a small number of Chinese domestic mirror suppliers that are marketing and selling automatic-dimming rearview mirrors, in low volume, within the domestic China automotive market.

Moreover, other companies have demonstrated products that are competitive to the Company's Full Display Mirror ® system, and a small number of Chinese domestic mirror suppliers have begun marketing and selling these products, in low volume, within the domestic China market.

Further, two Japan manufacturers (Murakami and Panasonic) have begun selling and marketing competitive Full Display Mirror ® type products in Japan.

There are also Chinese domestic mirror suppliers that are marketing and selling automatic-dimming rearview mirrors, primarily within the domestic China automotive market.

Moreover, other companies have products that are competitive to the Company's FDM ® system, and Chinese domestic mirror suppliers have begun marketing and selling these products, within the domestic China market.

Further, two Japan manufacturers (Murakami and Panasonic) have begun selling and marketing competitive FDM ® type products in Japan.

The Company acknowledges that dimming device (e.g., electrochromic) technology is the subject of research and development efforts by numerous third parties.

to use their smartphones and toll transponder to fuel up at certain gas stations without using cash or a credit card and to pay at parking garages.

Compatibility between these two technologies can help to grow each company's respective consumer base while introducing new users to the benefits of the transactional vehicle.

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The platform is unique in that it is designed to seamlessly integrate into automaker infotainment and navigation systems, as well as mobile applications and voice assistants.

The Company plans to integrate Simplenight into its current and future connected vehicle technologies, including HomeLink ® , the automotive industry’s leading car-to-home automation system.

Simplenight can be integrated into the Company's current and future connected vehicle technologies, including HomeLink ® , the automotive industry’s leading car-to-home automation system.

HomeLink ® consists of vehicle-integrated buttons that can be programmed to operate a myriad of home automation devices.

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In 2022, the Company obtained an approximate 20% equity share in GreenMarbles, in the ordinary course of business.

GreenMarbles is a leading provider of sustainable solutions for integration into properties.

The Company plans to utilize this relationship to promote the HomeLink Connect ® App with property developers and contractors.

GreenMarbles is a leading provider of sustainable solutions for integration into real properties.

The Company intends for this relationship to promote the HomeLink Connect ® App with real property developers and contractors.

The Company believes its electrochromic automatic-dimming mirrors and mirrors with advanced electronic features offer significant performance advantages over competing products and the Company makes significant research and development investments to continue to increase and improve the performance advantages of its products and to potentially add new products.

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The Company has also continued to invest in new technologies to improve manufacturing processes.

In 2020, the Company, in the ordinary course of business, completed the acquisition of Argil, Inc., which specializes in electrochromic technology and research and development, which the Company anticipates using to complement and expand its product offerings and leverage for manufacturing efficiencies.

In 2020, the Company, in the ordinary course of business, completed the acquisition of Argil, Inc., an electrochromic technology and research and development company, which the Company anticipates using to complement and expand its product offerings and leverage for manufacturing efficiencies.

While automatic-dimming mirrors using other technologies may eliminate glare, the Company currently believes that each of these other technologies have inherent cost or performance limitations as compared to the Company's technologies.

As the Company continues to expand its automatic-dimming mirror products with additional advanced electronic features and expands the capabilities of its CMOS imager technology for additional features (i.e.

SmartBeam ® , FDM ® , rear video camera, digital video recorder, etc.), as well as continuing to expand the capabilities of the Company's hybrid and fully digital CMS technology, driver and cabin monitoring systems, the Company recognizes that it is competing with considerably larger and more geographically diverse electronics companies that present a formidable competitive threat in the future as new products/features and technologies are brought to market.

As the Company continues to expand its automatic-dimming mirror products with additional advanced electronic features and expands the capabilities of its:

CMOS imager technology for additional features (i.e.

SmartBeam ® , FDM ® , rear video camera, digital video recorder, etc.), hybrid and fully digital CMS technology, and driver and cabin monitoring systems, the Company recognizes that it is competing with considerably larger and more geographically diverse electronics companies that present a formidable competitive threat in the future as new products/features and technologies are brought to market.

Dimmable Aircraft Windows

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Later in 2019, the first production shipments of variably dimmable windows were made to Boeing for the 777X program.

As previously announced, Airbus is now offering, as optional content, the Company's dimmable aircraft windows on its aircraft, with production having begun in 2021.

As previously

announced, Airbus is now offering, as optional content, the Company's dimmable aircraft windows on its aircraft, with production having begun in 2021.

Markets and Marketing.

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The Company’s success with electrochromic technology provides potential opportunities and use cases for other commercial applications, which the Company continues to explore.

including, but not limited to passenger smart-

lighting that automatically optimizes illumination for various in-flight activities like reading, dining, or computer work;

including, but not limited to passenger smart-lighting that automatically optimizes illumination for various in-flight activities like reading, dining, or computer work;

biometric systems for personalizing the in-flight experience;

and in-cabin particulate and chemical sensors for monitoring cabin air quality.

Fire Protection Products

Fire Protection Technologies

The Company manufactures photoelectric smoke detectors and alarms, visual signaling alarms, photoelectric smoke alarms and electrochemical carbon monoxide alarms, electrochemical carbon monoxide alarms and detectors, audible and visual signaling appliances, and bells and speakers for use in fire detection systems in office buildings, hotels, and other commercial and residential establishments.

On January 9, 2024, the Company announced the introduction of a suite of smart home safety products with room-specific functionality called PLACE.

PLACE offers a holistic solution that blends smart home safety, comfort, and security features into one sophisticated system, all controlled from a single, user-friendly app.

The PLACE portfolio of smart-home solutions is being designed to address the nuanced safety requirements of various home spaces.

The base Any Space unit provides smart smoke and carbon monoxide detection and Wi-Fi connectivity for space-specific alerts.

Markets and Marketing.

The Company’s fire protection products are sold directly to fire protection and security product distributors under the Company’s brand name, to electrical wholesale houses, and to original equipment manufacturers of fire protection systems under both the Company’s brand name and private labels.

The Company’s fire protection technologies are sold directly to fire protection and security product distributors under the Company’s brand name, to electrical wholesale houses, and to OEMs of fire protection systems under both the Company’s brand name and private labels.

The Company markets its fire protection products primarily in North America, but also globally through regional sales managers and manufacturer representative organizations.

The Company's PLACE products are being sold to retailers.

The fire protection products industry is highly competitive in terms of both the smoke detectors and signaling appliance markets.

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This technology has a wide variety of use cases in various markets and industries, with potential applications for automotive, aerospace, agriculture, chemical manufacturing, military and first responders, worker safety, food and beverage processing, and medical applications.

Medical Products and Development

In 2020 the Company unveiled an innovative lighting technology for medical applications that was co-developed with Mayo Clinic.

This new lighting concept represents the collaboration of a global, high-technology electronics company with a world leader in health care.

The Company's new intelligent lighting system combines ambient room lighting with camera-controlled, adaptive task lighting to optimize illumination for surgical and patient-care environments.

The Company continues to further develop and work on the intelligent medical lighting system in order to assess system performance and work toward obtaining any necessary approvals.

On November 2, 2023, the Company acquired certain technology assets from eSight.

eSight wearables are inspected and registered by public health officials.

eSight4 is a Class 1 Medical Device that is registered with the FDA, registered with EUDAMED, and inspected by Health Canada.

Deliveries of eSightGo are expected to begin in 2024.

Markets and Marketing.

The Company markets and sells the eSight smart glasses directly to consumers that have visual impairments or eye conditions, The Company also sells the eSight product through authorized distributors.

Trademarks and Patents

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Patent applications, 257 foreign patent applications, and 35 Registered Trademark applications.

The Company continuously seeks to improve its core technologies and apply those

technologies to new and existing products.

The Company continuously seeks to improve its core and acquired technologies and apply those technologies to new and existing products.

As those efforts produce patentable inventions, the Company expects to file appropriate patent applications.

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The Company's DE&I Council is led by Mr.

Joe Matthews, VP of Diversity, Equity, & Inclusion and includes employees from many different parts of the Company.

Joe Matthews, VP of Diversity, Equity, & Inclusion and includes employees from a variety of departments.

The Company's DE&I initiatives are further supported by the DE&I Advisory Board, which is led by Mr.

Matthews, and includes various executives, including the CEO, and members that are not employees of the Company.

Matthews has been honored as a Salute to Diversity Winner by Corp!

As a part of DE&I initiatives, the Company maintains a growing list of business resource groups ("BRGs") comprised of individuals with similar interests or backgrounds that work internally to support one another, develop leadership skills, and enhance cultural awareness.

Among current BRGs are Women at Gentex and Veterans at Gentex.

In 2022, Gentex also established a separate DE&I council in Salt Lake City to serve the Company employees that work at the research and development office located there.

This separate council has supported several organizations in the local Salt Lake City area, including supporting students from diverse backgrounds and sponsoring events to support global causes.

DE&I efforts at the Company extend to the supply base as well, where the Company been recognized for ongoing efforts to increase supplier relationships with certified minority, woman, veteran, and LGBTQ-owned enterprises.

In fact, the Company mentors certain such suppliers to help them develop the business systems and technology improvements necessary to support future growth.

Matthews, and includes various executives, including the CEO, and two external members who are experts in the field of diversity, equity, and inclusion.

As a part of DE&I initiatives, the Company maintains a growing list of business resource groups ("BRGs") comprised of individuals with similar interests or backgrounds who work internally to support one another, develop leadership skills, and enhance cultural awareness.

Among current BRGs are Women@Gentex and Gentex V.E.T.S.

In 2023, the Company received a Pillar Award from the Women’s Resource Center in Grand Rapids for advancing women in the workplace.

The Michigan Veterans Affairs agency awarded the Company a silver-level veteran-friendly employer status in recognition of the support and access to resources that the Company provides for military veterans.

In 2022, the Company also established a separate DE&I council in Salt Lake City to serve the Company employees who work at the research and development office located there.

This separate council has supported students from diverse backgrounds and sponsored events to raise awareness to global causes.

DE&I efforts at the Company extend to the supply base as well, where the Company has been recognized for ongoing efforts to increase supplier relationships with certified minority, woman, veteran, and LGBTQ+-owned enterprises.

In fact, the Company mentors certain such suppliers to help them develop the business systems and technological improvements necessary to support future growth.

The Company is a member of, or otherwise involved in, the Michigan Minority Supplier Development Council, Original Equipment Supplier's Association - Diversity & Inclusion, Board of Governors, Consumer Technology Association - D&I Group, Michigan Diversity Connection, West Michigan Hispanic Chamber of Commerce, and the Great Lakes Women's Business Council.

Hiring rates, voluntary and involuntary turnover rates, internal rates of hiring and promotion, and safety records are considered as measures of the Company's success in human capital management.

While hiring and diversity policies are in place as a means to remain on track in terms of appropriate human resources management, the DE&I efforts have furthered the process of creating a welcoming environment so the Company can hire and retain the best people.

Hiring rates, voluntary and involuntary turnover rates, internal rates of hiring and promotion, and safety records are measures of the Company's success in human capital management.

While hiring and diversity policies are in place to remain on track in terms of appropriate human resources management, the DE&I efforts have furthered the process of creating a welcoming environment so the Company can hire and retain the best people.

The Company produces a Sustainability Report, referenced below, providing more information regarding diversity and corporate responsibility.

In an effort to ensure an excellent and increasingly diverse employment base, the Company has added Spanish speaking manufacturing lines, which involves materials for recruiting, orientation, on-boarding, training, and work in the Spanish language.

The Company is the recipient of an EPIC Diversity Visionary Award presented by a local Chamber of Commerce.

Moreover, the Company's DE&I efforts related to actively developing and using minority, women, and veteran-owned suppliers have been acknowledged and recognized by multiple original equipment manufacturer ("OEM") customers.

To ensure an excellent and increasingly diverse employment base, the Company has added Spanish speaking manufacturing lines, which involve translating materials for recruiting, orientation, on-boarding, training, and work in the Spanish language.

The Company’s Director of Talent Acquisition was honored as one of the 25

Most Influential Latinos in West Michigan for his work to promote the Company’s Limited English Proficiency Program.

The Company was also presented with a DE&I Champion Award from the MEMA Original Equipment Suppliers Association for championing the spirit of DEI within the organization and in the communities where its employees live.

Moreover, the Company's DE&I efforts related to actively developing and using minority, women, and veteran-owned suppliers have been acknowledged and recognized by multiple OEM customers.

In fact, Toyota Motor Engineering & Manufacturing North America, Inc.

has specifically recognized the Company's efforts over the last 10 years to increase supplier relationships with minority business enterprises.

The Company has also won supplier diversity awards from Honda, Nissan, and Toyota, and was the City of Holland, Michigan's Human Relations Commission 2020 Social Justice Award winner.

In 2022, the Company established the Gentex Foundation, which will provide financial grants to organizations across the country in support of economic development, children's services, public health, housing assistance and diversity initiatives — among other causes.

The Gentex Foundation is managed by a board of directors that will review grant applications with a particular focus on communities where Company employees live and work, consistent with the organization's values of integrity, compassion, innovation and diversity.

The Company has also won supplier diversity awards from Honda, Nissan, and Toyota.

In 2022, the Company established the Gentex Foundation, which provides financial grants to organizations across the country in support of economic development, children's services, public health, housing assistance and diversity initiatives among other causes.

The Gentex Foundation is managed by a board of directors that reviews grant applications with a particular focus on communities where Company employees live and work, consistent with the organization's values of integrity, compassion, innovation and diversity.

Employees are encouraged to organize on-site fundraisers and to spend time volunteering at worthy charitable organizations in addition to giving financially.

Support is also provided to a number of minority organizations in keeping with the Company's DE&I efforts and to continue to build an even more diverse and skilled workforce.

The Company's Board of Directors has regular touchpoints with management regarding:

The Company's Board of Directors (the "Board") has regular touchpoints with management regarding:

employee engagement;

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The Board has access to all levels of employees in the Company in its efforts to properly oversee human resources and DE&I issues.

The Company's commitment to DE&I is very apparent by the inclusiveness of the Board of Directors.

The Board of Directors and the Nominating and Corporate Governance Committee have taken concrete actions to increase Board diversity, including use of various resources and environments to identify qualified and diverse director candidates.

The Company's commitment to DE&I is very apparent by the inclusiveness of the Board.

The Board and the Nominating and Corporate Governance Committee have taken concrete actions to increase Board diversity, including use of various resources and environments to identify qualified and diverse director candidates.

Such candidates are contacted and interviewed in order to continue to build an even more diverse, qualified, and capable Board.

In the Company's 2022 Proxy Statement, the Company disclosed Board of Directors diversity information as required by NASDAQ, and will continue to do so in the future.

In the Company's 2023 Proxy Statement, the Company disclosed Board diversity information as required by NASDAQ, and will continue to do so in the future.

The Board has also implemented a Complaint Submission and Handling Policy for concerns to be raised as needed.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business