Other Information
+Added: Company Severance Plan
+Added: On July 26, 2023, our Board approved certain revisions to the Garrett Motion Inc.
+Added: Severance Plan for Designated Officers, effective as of May 1, 2023, pursuant to which certain officers and other senior leadership employees of the Company designated by the Talent Management and Compensation Committee of the Board are eligible for severance payments and benefits upon a qualifying termination of employment (as amended, the “2023 Severance Plan”).
+Added: Pursuant to the 2023 Severance Plan, upon an involuntary termination of employment by the Company, designated officers are entitled to receive cash severance equal to 18 months’ base salary (24 months for the Company’s Chief Executive Officer), plus a pro-rated bonus payment (based on actual performance, or target performance if required by applicable local law) for the year in which the executive experiences a qualifying termination not occurring in connection with a “change in control” (as defined in the 2023 Severance Plan).
+Added: Additionally, upon termination without “cause” or resignation for “good reason” (each as defined in the 2023 Severance Plan) within the two-year period following a “change in control”, a designated officer would be entitled to receive cash severance equal to 18 months’ base salary (24 months for the Company’s Chief Executive Officer), plus one-and-one-half times such officer’s target bonus (two times for the Company’s Chief Executive Officer) plus a pro-rated bonus payment (based on actual performance, or target performance if required by applicable local law) for the year in which the executive is terminated.
+Added: The 2023 Severance Plan also revises certain definitions and reflects certain non-material technical, conforming and other amendments.
+Added: The foregoing summary of the terms of the 2023 Severance Plan is qualified by reference to the 2023 Severance Plan, which is attached as an exhibit to this Quarterly Report on Form 10-Q.
+Added: Certificates of Retirement
+Added: On July 26, 2023, the Company filed certificates with the Secretary of State of the State of Delaware effecting the retirement and elimination of the Company’s Series A Preferred Stock (the “Series A Certificate of Retirement”) and the Company’s Series B Preferred Stock (the “Series B Certificate of Retirement”), to eliminate from the Company’s Amended and Restated Certificate of Incorporation all references to the Series A Preferred Stock and Series B Preferred Stock, respectively, including without limitation the Certificates of Designations governing the Series A Preferred Stock and the Series B Preferred Stock, respectively.
+Added: As previously disclosed, all outstanding shares of Series A Preferred Stock were converted into shares of Common Stock in connection with the Transaction, and the Company had previously completed the early redemption of all shares of Series B Preferred Stock.
+Added: Accordingly, no shares of Series A Preferred Stock or Series B Preferred Stock are currently outstanding.
+Added: Pursuant to Section 243 of the General Corporation Law of the State of Delaware, once the Series A Certificate of Retirement and Series B Certificate of Retirement became effective, each had the effect of amending the Company’s Amended and Restated Certificate of Incorporation to eliminate all references to the Series A Preferred Stock and the Series B Preferred Stock, respectively.
Incorporated by Reference
6 unchanged sentences
10-Q 001-38636 3.1 04/28/2022
+Added: 3.3 Amended and Restated Certificate of Designations of Series A Cumulative Convertible Preferred Stock of Garrett Motion Inc.
+Added: (redline version )
+Added: DEF14C 001-38636 Appendix B-2 05/15/2023
+Added: 3.4 Certificate of Elimination with respect to Series A Preferred Stock
+Added: 3.5 Certificate of Elimination with respect to Series B Preferred Stock
3.6 Third Amended and Restated Bylaws of Garrett Motion Inc., dated October 27, 2021
7 unchanged sentences
8-K 001-38636 10.2 04/14/2023
+Added: 10.3 Amendment No.
+Added: 3, dated April 27, 2023, to the Credit Agreement, dated April 30, 2021, among Garrett Motion Inc., Garrett LX I S.à r.l., Garrett Motion Holdings, Inc., Garrett Motion Sàrl, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent
+Added: 8-K 001-38363 10.1 05/01/2023
+Added: 10.4† 2023 Garrett Motion Inc.
+Added: Severance Plan for Designated Officers2023 Garrett Motion Inc.
+Added: Severance Plan for Designated Officers
31.1 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
16 unchanged sentences
Garrett Motion Inc.
−Removed: April 24, 2023
+Added: July 27, 2023
/s/ Olivier Rabiller
1 unchanged sentence
President and Chief Executive Officer
−Removed: April 24, 2023
+Added: July 27, 2023
/s/ Sean Deason
1 unchanged sentence
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.