Superior Industries International (NYSE:SUP) Awards Retention Bonuses to Key Executives

On February 5, 2025, Superior Industries International, Inc. filed a Form 8-K with the Securities and Exchange Commission announcing the awarding of retention bonuses to key executives within the company. The awards are structured to motivate and secure the continued dedication of these executives in driving the company’s operational strategies forward.

Michael Dorah, the Executive Vice President and Chief Operating Officer, was granted a one-time retention award totaling $1,000,000, known as the “Retention Award.” The purpose of this bonus is to incentivize Mr. Dorah to remain in his current role until January 31, 2026, with the goal of ensuring his continued leadership during the successful implementation of the company’s operational improvement plans. The specifics of the Retention Award are outlined in a formal Retention Award Letter dated February 5, 2025, between Mr. Dorah and the company.

Furthermore, an amendment to the Executive Employment Agreement of Superior Industries International’s Chief Executive Officer, Majdi B. Abulaban, was also disclosed in the filing. This amendment, effective February 5, 2025, adjusts the terms post a change in control scenario as defined in the company’s 2018 Equity Incentive Plan. In the event of a change in control, if Mr. Abulaban’s employment is terminated without “cause” or if he resigns for “good reason,” and meets the conditions set forth in the agreement, he will be entitled to a severance package equivalent to three times his current annual base salary along with his target annual bonus for the year of his departure. This enhancement aims to reinforce long-term retention strategies and align Mr. Abulaban’s interests with the company’s shareholders in the event of significant corporate changes.

The decisions surrounding these bonus arrangements were made to secure key leadership roles within the organization and ensure continuity in executing the company’s strategic plans. The details of these awards shed light on Superior Industries International’s commitment to retaining top talent and sustaining leadership stability amidst operational transformations.

This news release was brought to public attention on February 7, 2025, duly signed by David M. Sherbin, Senior Vice President, General Counsel, Secretary, and Chief Compliance Officer of Superior Industries International, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Superior Industries International’s 8K filing here.

About Superior Industries International

Superior Industries International, Inc, together with its subsidiaries, designs, manufactures, and sells aluminum wheels to the original equipment manufacturers and aftermarket distributors in North America and Europe. It offers its products under the ATS, RIAL, ALUTEC, and ANZIO brand names. The company was founded in 1957 and is headquartered in Southfield, Michigan.