Performance Awards

Awards, defined as cash, shares or other awards, may be granted to employees under the Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (the “2014 EIP”). The cash award is earned and payable based upon the Company’s relative total shareholder return in terms of ranking as compared to the peer group over a three-year period (the “Performance Period”). Total shareholder return is determined by the percentage change in value (positive or negative) over the applicable measurement period as measured by dividing (A) the sum of the cumulative value of dividends and other distributions paid on the Common Stock for the applicable measurement period and the difference (positive or negative) between each such company’s starting stock price and ending stock price, by (B) the starting stock price. The award is payable at the end of the Performance Period in cash if the employee is employed through the end of the Performance Period. If the employee is not employed during the entire Performance Period, the award is forfeited. These grants are accounted for as cash settlement awards for which the fair value of the award fluctuates based on the change in total shareholder return in relation to the peer group.

The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in November 2018, 2017 and 2016:



Grant Date	Grant Amount		Adjustments			Forfeitures			Payments			Adjusted Award Value at December 31, 2019		Vesting Schedule	Remaining Periods (in Months) to Vesting
November 2016	$	1,434	—			$	(88	)	$	(1,346	)	$	—	November 2019	0
November 2017	1,584		(16		)	(195		)	$	—		1,373		November 2020	9
November 2018	1,590		(37		)	(200		)	—			1,353		November 2021	21
	$	4,608	$	(53	)	$	(483	)	$	(1,346	)	$	2,726

The Company generally grants performance awards in November of each year. However, there were no performance awards granted in November 2019. The next cash award under the 2014 EIP will be granted in the three months ended March 31, 2020. Unrecognized compensation expense was $1.1 million and $2.6 million as of December 31, 2019 and 2018, respectively.